Bi-Week Recap: Seed Funding and Launch on BEVM Mainnet

We are excited to share a recap of our progress over the past two weeks (March 16th — April 2nd). The past fortnight has been a busy one for Satoshi Protocol, with key developments unfolding.

We’ve achieved major milestones, including closing our seed round of funding and launching our mainnet. Let’s dive in.

What is Satoshi Protocol

Satoshi Protocol is the first Collateralized Debt Position (CDP) protocol within the BEVM ecosystem, aimed at providing liquidity for BTC through the SAT dollar stablecoin, expanding the scenarios of BTCFi.g

This move unlocks the potential trillion-dollar liquidity within the Bitcoin ecosystem, offering users a way to maintain Bitcoin holdings while gaining liquidity.

Milestones

Here’s what we’ve accomplished:

March 18th: Testnet Event Concluded Successfully
March 24th: Double Security Audits Passed
March 26th: Seed Funding Secured
March 27th: Content creation campaign
March 28th: Satoshi Protocol Launched on Mainnet
March 30th: Leaderboard — — Referral Program

March 18th: Testnet Event Concluded Successfully

Satoshi Protocol concluded its two-week testnet trial on March 18, 2024. The testnet was a resounding success, achieving several key milestones:

More than 80,000 Genesis Spark NFTs were minted.
All 25,000 limited OATs were distributed.
The testnet saw participation exceeding 100,000 addresses!

We extend a heartfelt thank you to the entire community for your participation and support throughout the testnet phase. Your contributions were invaluable in testing and refining the protocol.

March 24th: Double Security Audits Passed

The Satoshi Protocol contract has successfully undergone two independent security audits. These audits were conducted by industry-leading security firms: Scalebit and Supremacy. Their comprehensive assessments ensure the secure handling of your assets within the Satoshi Protocol.

This focus on security demonstrates Satoshi Protocol’s commitment to providing a safe and reliable platform for its users. We will continue to prioritize security and encourage transparency.

View the detailed Audit report.

March 26th: Seed Funding Secured

We’ve reached a major milestone — the successful closing of our Seed funding round!

This round was led by Web3Port Foundation and Waterdrip Capital, with additional participation from BEVM Foundation, Cogitent Venture, Satoshi Lab, MH Venture, Movebit, and Supremacy. The capital raised will fuel our product development efforts, expand the Satoshi ecosystem, and help us grow our vibrant community.

Financial backing is just the beginning. Our investors also pledged technical and financial resources to ensure a smooth integration of Satoshi Protocol into the Bitcoin ecosystem.

March 27th: Content creation campaign

We hosted a Twitter content creation campaign from March 20th to 27th, with a total prize pool of $4,000. This campaign generated seas of creative entries by March 27th. Thank you to our community for showcasing DeFi expertise!

10 awards of $300 were distributed: 5 editor’s picks, 3 most-liked/retweeted, and 2 community voted. Special thanks to @Jain & @Monkey D. Zoro for their clear video explanations. We also gave out 10 bonus prizes of $100 worth of Bitcoin to other great entries.

All prizes were distributed in BTC on the BEVM mainnet. We appreciate your participation and look forward to future events!

March 28th: Satoshi Protocol Launched on Mainnet

Satoshi Protocol has officially launched on the BEVM mainnet. This significant milestone follows a thriving testnet with over 100,000 participants, two comprehensive security audits, and secured seed funding.

This launch on the mainnet signifies the beginning of a new era for Satoshi Protocol. We are grateful for the support from our community throughout this journey.

March 30th: Leaderboard — — Referral Program

After Satoshi Protocol went live on the BEVM mainnet, we launched a referral program. Users can earn points by creating positions or inviting friends to participate in the program. And these points will be redeemed for OSHI tokens in the future airdrop.

We’ve also set up a Leaderboard, showing top 100 point earners.

Visit this post for detailed event rules: Leaderboard — Referral Program

Conclusion

We’re incredibly excited about the momentum we’ve built over the past two weeks. With a successful testnet, robust security audits, and a supportive funding round, we’re well-positioned to unlock the true potential of Bitcoin DeFi.

As we move forward, we’ll continue to focus on product development, community engagement, and fostering a vibrant ecosystem around Satoshi Protocol. Stay tuned for further updates and exciting announcements in the weeks to come!

About Satoshi Protocol

Satoshi Protocol is the first CDP protocol built on BEVM, users could deposit BTC as collateral to borrow stablecoin SAT. This serves as the cornerstone for BTCFi to unleash trillions worth of Bitcoin.