On April 4th, Satoshi Protocol, a BTC Layer 2 stablecoin project, announced that it has launched on Binance Web3 Wallet and initiated a special airdrop campaign. It is reported that Satoshi Protocol has received support from the BEVM official foundation and has completed a seed round financing led by Web3port and Waterdrio Capital.
The current round of the Binance Wallet joint ecological activity will continue until May 4th. During the event, users only need to complete BTC cross-chain transactions and successfully lend out the USD stablecoin SAT to qualify for a share of approximately 10.5 million BEVM official tokens and 500,000 project native tokens OHSI.
In addition to distributing 500,000 OHSI tokens, which is 0.5% of the total supply, to Binance Web3 Wallet users, Satoshi Protocol has also launched an invitation referral program, where accumulated points will be periodically snapshot for future airdrop weight.
How to Participate in the Binance Wallet Airdrop
Definite Opportunities in the Current Bull Market: Bitcoin Ecosystem
Expansion of the Bitcoin Ecosystem
BEVM: BTC Layer 2 Solution Supporting EVM
Satoshi Protocol: Unlocking Bitcoin Liquidity
Satoshi Protocol Airdrop Mission Interactive Guide
1. Visit the landing page of the event and connect to Binance Web3 Wallet
2. Cross-chain BTC to the BEVM mainnet
3. Deposit BTC in Satoshi Protocol and borrow SAT
4. Claim the airdrop rewards
In conclusion, in this event, users need to cross-chain BTC to the BEVM mainnet and establish a position with at least 10 SAT in Satoshi Protocol to qualify for the airdrop. The OSHI tokens will be airdropped before the second quarter of 2024 and will be distributed to all qualifying addresses. Users can go to the designated page on Satoshi Protocol to claim their rewards.
Event Period: Starting from April 4th, 16:00, and ending on May 4th, 16:00
Total Rewards: 10.5M $BEVM token airdrop, 500k OSHI token airdrop
Task 1: Cross-chain BTC to the BEVM mainnet (recommended at least 0.0004 BTC, approximately $25)
Task 2: Establish a position on Satoshi Protocol and borrow at least $10 worth of the USD stablecoin SAT
Eligibility: Must use the MPC wallet created in Binance Wallet for interaction to qualify for the airdrop. Non-Binance Wallet addresses cannot participate in this airdrop.
BEVM × Binance Web3 Wallet Joint Ecological Activity
In December 2022, Casey introduced the Ordinals protocol, bringing a new narrative to Bitcoin. In May and November of last year, the two rounds of market trends ignited comprehensive discussions about the Bitcoin ecosystem. With multiple positive factors such as the gradual entry of the Federal Reserve into an interest rate cut cycle, the official approval of spot ETFs, and the upcoming halving of mining rewards, the Bitcoin ecosystem may become the biggest alpha opportunity in this bull market.
Compared with smart contract-supporting smart public chains like Ethereum, Bitcoin has been slower in terms of ecosystem development. However, with the completion of upgrades such as Segwit and Taproot, it has become possible to gradually build various complex ecosystem projects on the Bitcoin blockchain. According to statistics from the BitEVM community, there are currently more than 20 BTC Layer 2 projects in the market, covering sidechains, rollups, state channels, and other different technical solutions. In this cycle, it is expected to generate 3 to 5 leading BTC Layer 2 public chains, fully expanding the use cases of Bitcoin and reshuffling the entire Web3 ecosystem.
Among the many BTC Layer 2 solutions currently on the market, BEVM undoubtedly has distinctive technical characteristics. BEVM uses BTC as network gas, with transaction data stored on the BTC mainnet and transaction verification conducted on BTC light nodes. With the technical solutions of Taproot consensus + Schnorr Signature + MAST + Bitcoin SPV, BEVM has become the most decentralized and secure BTC Layer 2 solution.
The overall design concept of BEVM is to achieve decentralized BTC Layer 2 using Musig2 aggregated multi-signature + BTC light nodes without changing the original technical framework of Bitcoin, providing comprehensive smart contract support for the Bitcoin ecosystem. In addition, due to its full compatibility with EVM, Ethereum ecosystem applications can be easily migrated to the BEVM mainnet.
Due to its technical support for the legitimacy of the Bitcoin mainnet, BEVM has gained certain support in the Bitcoin community. In addition, on March 25th, BEVM announced the completion of seed and part of Series A financing, with the participation of nearly 20 institutions including RockTree Capital and Waterdrip Capital, with a post-investment valuation of $200 million.
On April 4th, as the first BTC Layer 2 project to cooperate with Binance Web3 Wallet, BEVM announced the joint ecological airdrop campaign, with Satoshi Protocol as the first CDP (Collateralized Debt Position) project to participate in the BEVM ecosystem.
Satoshi Protocol aims to provide liquidity for BTC and expand the application scenarios of BTCFi through the USD stablecoin SAT. Users can use BTC as collateral and borrow the stablecoin SAT, which is pegged to 1 USD, for free use. This move is expected to unlock the potential trillion-dollar liquidity in the Bitcoin ecosystem and provide users with a way to further improve capital efficiency while holding Bitcoin.
The project consists of two tokens: SAT and OSHI. SAT is an over-collateralized stablecoin with BTC as the reserve asset, and it maintains price stability through a combination of liquidation and arbitrage mechanisms. OSHI is the utility token of the protocol, used for incentivizing ecosystem development and user participation. Users who stake OSHI can share 97.5% of the protocol’s revenue. For more details, please refer to the official documentation.
On March 28th, Satoshi Protocol officially launched on the BEVM mainnet and initiated a referral invitation campaign to reward early participants and community builders. Users can earn points in the campaign by lending out SAT and inviting others to participate and receive OSHI token rewards based on the number of points held at the end of the campaign.
Regarding the referral invitation campaign, please refer to the official Medium article:
Leaderboard – Referral Program
In this BEVM × Binance Web3 Wallet joint ecological activity, Satoshi Protocol will airdrop 0.5% of the total supply of OSHI tokens. The following article will provide detailed information on how to participate in the activity and receive token airdrops.
Binance Web3 Wallet is a self-custodial wallet launched by Binance, built into the Binance exchange application.
As the exchange with the largest user base and trading volume, Binance has long occupied over 50% of the market share. In addition to its core exchange business, Binance has been continuously expanding its DeFi ecosystem, and Binance Web3 Wallet is an MPC wallet product that balances asset security and ease of use. Currently, Binance Web3 Wallet supports the storage and withdrawal of assets on 20+ public chains, and BEVM is the first Bitcoin Layer 2 project supported.
To participate in this event, users need to download Binance Web3 Wallet. Only by using Binance Web3 Wallet for interaction can users qualify for the airdrop.
After connecting to Binance Web3 Wallet, switch to the BEVM mainnet to start the tasks.
Landing Page
Video Tutorial
To complete the tasks, users need to cross-chain a certain amount of BTC to the BEVM mainnet for interaction. It is recommended to cross-chain at least 0.0004 BTC at a time. There are two ways to cross-chain BTC to BEVM:
One way is to use the BEVM official bridge (BEVM Bridge), and the confirmation time for cross-chain transactions is about 30 minutes. The other way is to use OmniBTC to cross-chain from the BNB Chain to BEVM, which has relatively lower network fees.
1. Go to the Position page on the Satoshi Protocol Web App
2. Click on Connect Binance Web3 Wallet and select Create Position
Deposit BTC and borrow SAT – Ensure that the Collateral Ratio is above 110% and borrow at least 10 SAT.
Enter the referral address (additional 150 Referral Points)
Satoshi Protocol referral address: 0xb69058a93fC3B0F098F8D43895452745D9535d39
Click Approve, then click Create Position
Once the above steps are completed, you will be eligible to participate in the airdrop of OSHI tokens in this event. After the event, the 500,000 OSHI tokens will be evenly distributed to all addresses that have completed the tasks and meet the requirements. You can go to the official airdrop confirmation page to check the amount of OSHI airdrop you can claim and claim the corresponding rewards when the airdrop occurs. The airdrop confirmation page is expected to be launched on April 10th.
As a leading cryptocurrency, the development of the Bitcoin ecosystem has always attracted attention. Since 2023, with the introduction of the Ordinals protocol, the booming market trends, and the approaching Bitcoin halving cycle, the Bitcoin ecosystem has shown vigorous development.
BEVM, as a BTC Layer 2 solution that combines compatibility and security, is undoubtedly one of the projects worth paying attention to in this bull market. Satoshi Protocol, as the first CDP project in the BEVM ecosystem, is committed to providing liquidity for BTC and unlocking the trillion-dollar potential value in the Bitcoin ecosystem.
This joint ecological activity of BEVM × Binance Web3 Wallet × Satoshi Protocol not only provides users with the opportunity to participate in high-quality projects but also contributes to the prosperous development of the Bitcoin ecosystem.
This article is provided by the official source and does not represent the position or investment advice of this website. Readers must conduct their own careful evaluation.
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