In the dynamic BTCFi world, Satoshi Protocol continues to push boundaries and deliver exceptional value to our users.
Over the past two weeks, we have made substantial strides in expanding the utility of $SAT, enhancing user engagement, and strengthening our position within the broader cryptocurrency ecosystem.
Let’s delve into the highlights of our recent achievements!
Highlights
Joined the BEVM DeFi Olympics (August 6 to September 6)
In this high-profile event, we offered users the opportunity to earn substantial rewards through SAT minting (3x Points + 1000 Points Bonus), fostering increased engagement within the BEVM ecosystem.
Launched the BOB Spice Program
In this incentive program, we reward users for various actions, including depositing BTC, tBTC, ETH, minting SAT, and swapping USDT/USDC for SAT with extra spices and multipliers (up to 5x).
Introduced the Nexus Yield Module (NYM)
This development empowers users to swap USDT and USDC for $SAT, unlocking a new realm of earning potential. NYM's integration into the BOB mainnet significantly enhances the utility of $SAT, positioning it as a key player within the DeFi landscape.
Tech Integration with Babylon
We collaborate with Babylon to enhance Bitcoin’s utility. By combining Bitcoin staking with $SAT, users can unlock liquidity, earn rewards, and improve blockchain security. This collaboration is a significant step forward for Bitcoin Ecosystem.
What is Satoshi Protocol
Satoshi Protocol is a universal stablecoin protocol built specifically for Bitcoin. It empowers users to deposit their Bitcoin as collateral to borrow a stablecoin called SAT, on both Bitcoin mainnet and multiple L2s.
Users can deposit BTC/Staked-BTC/USDC as collateral to mint the SAT stablecoin pegged to $1, it will unlock trillion-dollar liquidity in Bitcoin.
The operation of SAT involves over-collateralization, liquidation, and peg mechanisms. To mint 1000 $SAT stablecoin, users need to deposit BTC worth at least 110% above the loan amount as collateral.
Milestones
Here's what we've accomplished in the past two weeks:
- Aug 6: Joined the BEVM DeFi Olympics
- Aug 7: Participated in All-Star Panel on Crypto Mining
- Aug 8: Launched BOB Spice Program to Reward User Participation
- Aug 12: BOB Stablecoin Carnival Kicks Off
- Aug 13: Nexus Yield Module (NYM) on the BOB mainnet
- Aug 15: Partners with Segment Finance for $SAT Lending
- Aug 16: Tech Integration with Babylon
Aug 6: Joined the BEVM DeFi Olympics
We participated in the BEVM DeFi Olympics, offering users a chance to earn extra rewards by minting its stablecoin, SAT, from August 6th to September 6th, 2024. Here's a breakdown of the key details:
3x Points Boost for Minting SAT
Users will receive a multiplier on points earned by minting SAT throughout the DeFi Olympics.
1000 Active Points Bonus
The first time a user mints SAT during the event, they will receive a one-time bonus of 1000 Active Points.
These points can be converted into future OSHI airdrops, with a higher point total leading to a larger share of the rewards.
Read more: Satoshi Protocol Joins BEVM DeFi Olympics with Bonus Points Offer!
Aug 7: Participated in All-Star Panel on Crypto Mining
We joined an all-star panel discussion on crypto mining and new industry trends, hosted by Miners Club (@MinersClub77) on August 8th, 2024.The discussion covered two main themes:
- Bitcoin Halving & The Future of Mining Technology
- New Trends in Web3 and Integration with the Crypto Mining Industry
This event signifies Satoshi Protocol's continued engagement within the broader cryptocurrency ecosystem, particularly the mining sector.
Aug 8: Launched BOB Spice Program to Reward User Participation
We launched the BOB Spice Program, a new initiative to incentivize user engagement within the BOB ecosystem. This program rewards users with BOB Spice for specific actions taken on the Satoshi Protocol platform.
- Users can earn Spice through various activities, including depositing BTC, tBTC, ETH, minting SAT, and swapping USDT/USDC for SAT.
- Different weight multipliers are applied to each action, with depositing BTC, tBTC, and ETH offering the highest potential rewards (50% of total Spice with a 5x multiplier).
- A reserved pool of Spice tokens (20%) is allocated for significant SAT holders, incentivizing users to mint more SAT
Aug 12: BOB Stablecoin Carnival Kicks Off
Satoshi Protocol is participating in the BOB Stablecoin Carnival, a collaborative event aimed at boosting stablecoin liquidity and user engagement within the BOB ecosystem. The carnival, which commenced on August 12th, brings together a diverse group of DeFi projects to offer exciting opportunities for users.
Aug 13: Nexus Yield Module (NYM) on the BOB mainnet
We introduced the Nexus Yield Module (NYM) on the BOB mainnet, allowing users to easily swap USDT and USDC for its native stablecoin, $SAT.
This development marks a significant step towards expanding the utility and adoption of $SAT within the BOB ecosystem.By holding $SAT, users can earn increased BOB Spice rewards (1.3x multiplier), leverage $SAT to participate in various DeFi activities, and generate passive income through liquidity pools and lending protocols
Aug 15: Partners with Segment Finance for $SAT Lending
We formed a strategic partnership with Segment Finance, a lending protocol on the BOB ecosystem. This collaboration enables users to supply their $SAT stablecoin on Segment Finance, earning both BOB Spice and interest.
Aug 16: Tech Integration with Babylon
We have partnered with Babylon to unlock Bitcoin’s full potential.
Babylon’s innovative Bitcoin staking protocol offers users the ability to earn rewards by staking their BTC, while Satoshi Protocol’s $SAT stablecoin provides a bridge to DeFi.
By integrating Babylon’s technologies, we aim to create a seamless user experience where Bitcoin holders can effortlessly transition from staking to DeFi participation. This integration is expected to boost Bitcoin’s liquidity and utility, expanding its role beyond a simple store of value.
Read this X article for more details: Tech Integration: Satoshi Protocol Meets @babylonlabs_io
Conclusion
The achievements of the past two weeks serve as a foundation for Satoshi Protocol’s future growth. The BOB Spice Program, BEVM DeFi Olympics participation, Nexus Yield Module, and tech Integration with Babylon are just the beginning.
We remain committed to delivering innovative solutions and expanding the utility of $SAT to create long-term value for our community.
About Satoshi Protocol
Satoshi Protocol is a universal stablecoin protocol built for Bitcoin. It empowers users to deposit their Bitcoin and LST as collateral to mint stablecoins SAT, on both Bitcoin mainnet and multiple L2s.
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