Over the past two weeks, Satoshi Protocol has launched on the BOB mainnet, integrated with the Omni Network, and made a strong presence at Bitcoin 2024.
These milestones signify our dedication to expanding $SAT's utility and enhancing cross-chain compatibility within the Bitcoin ecosystem.ShareRewrite
Satoshi SDK Released
Empowering developers to integrate Satoshi Protocol's functionalities directly, expanding the reach of $SAT.
Integration with Omni Network
Creating a "universal stablecoin" by enabling cross-chain collateralization and minting of $SAT.
Sponsorship of Bitcoin 2024
Strengthening industry presence and engaging with key players in the Bitcoin ecosystem.
Launch on BOB Mainnet
Expanding $SAT's utility through integration with BOB's Layer 2 solution and offering diverse collateral options for minting.
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, unlocking trillion-dollar liquidity in Bitcoin.
The operation of SAT involves over-collateralization, liquidation, and arbitrage mechanisms. To mint 100 SAT, users need to deposit BTC worth at least 110% above the loan amount as collateral.
If BTC's price changes, it will trigger liquidation to keep SAT stable.Satoshi Protocol also has a native token, OSHI, focused on ecosystem utility and revenue sharing for OSHI Token holders.
Milestones
Here's what we've accomplished in the past two weeks:
- July 17: MCR Adjustment for LST Assets
- July 18: Partnership with Zulu Network
- July 19: Partnership with APRO Oracle
- July 20: Satoshi SDK Release
- July 22: Tech Integration with Omni Network
- July 25: Sponship of Bitcoin2024
- July 27: Launches on BOB Mainnet
- July 31: Partnership with Sovryn to Enhance SAT Liquidity on BOB
July 17: Minimum Collateral Ratio (MCR) Adjustment for LST Assets
We announced an increase in the Minimum Collateral Ratio (MCR) for wstBTC and stBTC to 120%, effective July 24th, 2024. This change aims to improve risk management for the platform and facilitate future collaborations with new Bitcoin Liquid Staking Token (LST) projects.What this means for users:
- wstBTC and stBTC depositors: Ensure your collateral ratio is above 150% to avoid potential liquidation. The new MCR may affect your liquidation price.
- The wider cryptocurrency community: This update highlights Satoshi Protocol's commitment to responsible risk management within the DeFi space.
This MCR increase strengthens the financial health of Satoshi Protocol. A stronger risk management framework allows for the secure integration of new LST projects, potentially expanding the overall usability and reach of the protocol.Check this blog for more details: Adjustment to Minimum Collateral Ratio (MCR) for LST Assets
July 18: Partnership with Zulu Network
We announced a strategic partnership with Zulu Network, a Bitcoin ZK-powered protocol. This collaboration integrates Satoshi's stablecoin, $SAT, into the Zulu ecosystem, enabling users to deposit BTC, mint SAT, and borrow SAT at 0% interest.What this means for users:
- SAT holders: Increased utility for $SAT through integration with Zulu's DEX and lending platforms.
- Bitcoin holders: Efficient ways to leverage their BTC holdings through minting and borrowing SAT at 0% interest.
July 19: Partnership with APRO Oracle
We announced a partnership with APRO Oracle to integrate their decentralized price feed service.This integration aims to ensure accurate asset prices and enhance the stability and reliability of Satoshi Protocol's infrastructure.What this means:
- Improved Accuracy and Reliability: APRO's price feed service will provide Satoshi Protocol with reliable data, crucial for the proper functioning of the platform.
- Enhanced Infrastructure: Integration with APRO strengthens the overall stability of Satoshi Protocol's infrastructure.
July 20: Satoshi SDK Release
We announced the official launch of our Software Development Kit (SDK). This developer toolkit empowers other platforms to integrate Satoshi's functionalities directly, allowing users to mint the $SAT stablecoin and unlock BTCFi within their own interfaces.Check out the SDK document at: Introduction | Satoshi Protocol
July 22: Integration with Omni Network
We announced a strategic integration with Omni Network, a chain abstraction platform. This collaboration aims to create a "universal stablecoin" by allowing users to deposit collateral on any supported blockchain and mint the $SAT stablecoin across multiple networks.What this means:
- Cross-chain compatibility: Users can leverage diverse collateral types from various blockchains to mint $SAT.
- Increased liquidity: By aggregating liquidity from different networks, the integration enhances the overall utility of $SAT.
July 25: Satoshi Protocol at Bitcoin 2024
We attended Bitcoin 2024 in Nashville as an active participant in the Bitcoin ecosystem. The team engaged with industry leaders, including Michael Saylor and Cathie Wood, to discuss the future of money and the role of Satoshi Protocol in the evolving cryptocurrency landscape.This event provides an opportunity for Satoshi Protocol to increase its visibility and gain exposure to a wider audience within the Bitcoin community.
July 27: Satoshi Protocol Launches on BOB Mainnet
We announced our official launch on BOB (Build on Bitcoin) mainnet. This collaboration marks a significant step towards the goal of becoming the universal stablecoin for the Bitcoin ecosystem.What this means for users:
- Mint $SAT with diverse collateral: Users can now mint SAT stablecoins using wrapped Bitcoin (wBTC), wrapped tBTC, or wrapped Ethereum (wETH) as collateral on the BOB chain.
- Low minimum debt: The minimum amount of SAT that can be borrowed is set at just 10 SAT, making it accessible to a wider user base.
July 31: Partnership with Sovryn to Enhance SAT Liquidity on BOB
We announced a collaboration with Sovryn, the leading DeFi platform on the BOB chain. This partnership introduces the first SAT-wBTC liquidity pool on BOB, aiming to boost the utility and trading options for $SAT within the BOB ecosystem.What this means for users:
- Increased Liquidity: The SAT-wBTC pool will facilitate easier and more efficient trading of $SAT on Sovryn.Users can seamlessly swap between SAT and various other tokens available on the platform.
- Enhanced Utility: Integration with Sovryn's DeFi ecosystem expands the use cases for $SAT, providing users with more opportunities to leverage their assets.
Conclusion
The past two weeks have been transformative for Satoshi Protocol. We've launched on the BOB Mainnet, integrated with the Omni Network, and participated in Bitcoin 2024.
These milestones, along with our partnership with Sovryn, solidify our position as a leading BTC-backed stablecoin protocol, enhancing flexibility, accessibility, and value for users.
Thanks for being on this journey with us, and stay tuned for more updates.
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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