We're thrilled to announce that Satoshi Protocol has officially launched on the BOB (Build on Bitcoin) mainnet. This integration marks a significant milestone in our mission to become the universal stablecoin for the Bitcoin ecosystem.
Multiple Collateral Options
Users can now mint SAT stablecoins using wBTC, tBTC, or wETH as collateral on the BOB chain.
Low Minimum Debt
We've set the minimum SAT debt at just 10 SAT, making our product accessible to a wide range of users.
What is BOB
BoB (Build on Bitcoin) is an innovative hybrid L2 solution that aims to bridge the gap in Bitcoin's ecosystem by combining the security of Bitcoin with the versatility of Ethereum.
It utilizes Ethereum's smart contracts and EVM (Ethereum Virtual Machine) capabilities, employing rollup technology to enhance transaction processing capacity and scalability while maintaining Bitcoin's robust security.
BOB’s Fusion Program
BOB Fusion is a points program for users on the BOB blockchain. By participating in BOB Fusion activities, users can earn Spice points. These Spice points represent a user's contribution to the BOB ecosystem.There are two main ways to earn Spice points:
Lock up assets
Users can lock up whitelisted assets on BOB for a set period to earn Spice points. The amount of Spice points earned is based on the total value locked (TVL) of the assets.
Interact with dApps
Users can earn Spice points by using dApps built on the BOB network. The amount of Spice points earned depends on the specific dApp and the user's activity on the dApp.
There are currently two seasons of BOB Fusion. Season 1 ran from March 27, 2024 to May 1, 2024. Season 2 is currently live and started on May 1, 2024. Season 2 requires more effort and interaction from users than Season 1, but it also offers more opportunities to earn Spice points.
Unleashing BTCfi Potential on BoB
Satoshi Protocol's integration with BOB opens up exciting DeFi possibilities for Bitcoin holders. This alliance combines BOB's secure Layer 2 solution with our capital-efficient stablecoin, SAT, creating unprecedented opportunities:
Maximize Your Bitcoin's Potential
- Unlock Liquidity: Convert idle BTC into productive assets without selling.
- Diversify: Use SAT to access various DeFi protocols on BOB.
- Engage in DeFi: Lend, borrow, and yield farm while maintaining Bitcoin exposure.
Capital Efficiency with Satoshi Protocol
- Flexible Collateralization: Use BTC as collateral to mint SAT stablecoins.
- Strategic Management: Mint SAT stablecoin against BTC during market highs, repay during lows.
- Reduce Opportunity Cost: Participate in DeFi without missing BTC price appreciation.
Getting Started with Satoshi Protocol on BOB
To leverage the power of Satoshi Protocol on BOB, follow these simple steps:
- Bridge your assets to BOB via official bridge
- Visit the Satoshi Protocol
- Navigate to Position page
- Select your preferred collateral (wBTC, tBTC, or wETH)
- Choose your desired SAT minting amount (minimum 10 SAT)
Video Tutorial : https://www.youtube.com/watch?v=d6mH4jSDhds
Considerations for Using Satoshi Protocol on BoB
Satoshi Protocol is a revolutionary "universal" stablecoin protocol backed by Bitcoin. It allows users to deposit BTC/tBTC/wETH as collateral to mint the stablecoin $SAT on BOB chain.
Liquidation and Collateral Ratio (CR)
Satoshi Protocol uses a Collateral Ratio (CR) to manage risk. If the value of your collateralized BTC falls below a certain threshold (liquidation ratio, currently 110%), your position will be liquidated.
In this case, your BTC will be sold to cover the outstanding SAT debt.To avoid liquidation, it’s crucial to maintain a healthy CR. We recommend keeping your CR at least 150% (meaning your BTC collateral value is 1.5x your borrowed SAT). Regularly monitor market conditions and adjust your position as needed.
Supported Collateral
Currently, we support wBTC, tBTC and ETH as collateral for minting SAT on BOB.
Minimum Borrowing Amount
The minimum borrowing amount on BOB is 10 SAT.
Gas Compensation
A gas compensation fee of 2 SAT is applied to all liquidation on BOB.
This fee covers the network costs associated with processing transactions. When minting SAT, the actual debt amount is slightly higher than the minted amount due to gas fees and one-time minting fee. For example, if a user mint 10 SAT, the actual debt amount will be approximately 12.05 SAT.
Embrace BTCFi with Satoshi Protocol on BoB
This integration positions BoB and Satoshi Protocol as a powerful force in the BTCFi space. With its user-friendly interface and clear instructions, Satoshi Protocol makes it easy for users to get started and unlock the potential of this innovative synergy.
We encourage you to explore the possibilities offered by Satoshi Protocol on BoB and embark on a journey of secure and efficient DeFi exploration with your Bitcoin holdings.
Welcome to the future of BTFi!
About BoB
BOB is a Bitcoin Layer2 that merges Bitcoin's security with EVM's liquidity, enabling a seamless DeFi experience. Backed by industry leaders like Castle Island and Coinbase Ventures, BoB's mainnet is live, empowering users to explore innovative DeFi applications.
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About Satoshi Protocol
Satoshi Protocol is a universal stablecoin protocol built specifically for Bitcoin. It empowers users to deposit their BTC/Staked-BTC as collateral to mint stablecoins SAT, on both Bitcoin mainnet and L2s.
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