From June 16th to June 30th, Satoshi Protocol made significant strides in expanding the reach and utility of the SAT stablecoin, fostering a thriving community, and solidifying their position within the DeFi landscape.
Get ready to dive into a jam-packed recap of Satoshi Protocol's latest achievements, including a wildly successful trading competition, a game-changing fee reduction, and a series of strategic partnerships that unlock exciting new possibilities for SAT and Bitcoin holders alike!
Highlights
Bybit Web3 x BEVM Airdrop Ended on June 28th
This successful airdrop campaign concluded, rewarding over 11,300 addresses for completing tasks and engaging with the BEVM ecosystem.
Satoshi Protocol Announced 0% Borrowing Fees for SAT
A groundbreaking move by Satoshi Protocol to eliminate borrowing fees for SAT. This initiative aims to empower Bitcoin holders, unlock new DeFi opportunities, and revitalize the BTCFi space.
Deposit Assets to Earn Extra Points to Climb the Leaderboards
The referral program gets a revamp, introducing a new points system with multiple ways to earn points and climb the leaderboard for the upcoming OSHI token airdrop.
Trading competition with Macaron (June 19th - 24th)
A highly successful competition on Macaron DEX that incentivized trading and liquidity provision for the SAT/WBTC pair. Over $810,000 in liquidity was added, and the competition saw a significant number of trades (81,000+), showcasing strong community interest in SAT.
Strategic Partnerships
Satoshi Protocol broadens its reach through key collaborations:
- Ordict (June 19th): Partnering to leverage Ordict's secure digital identity solutions for potential DeFi applications on Bitcoin.
- Portal (June 21st): Expanding trading opportunities for SAT with its integration into Portal's DEX network.
- Polyflow (June 23rd): Enabling real-world use cases for SAT through Polyflow's "Tap and Go" crypto spending platform.
- Anome (June 29th): Unlocking NFT lending functionalities for users within DeFi, NFTFi, and GameFi ecosystems through this collaboration.
- BitPartyTech (June 30th): Introducing gamified SAT staking, offering an engaging way for users to interact with their SAT holdings.
What is Satoshi Protocol
Satoshi Protocol is a universal stablecoin protocol built specifically for Bitcoin. It empowers users to deposit their BTC as collateral to mint a stablecoin called SAT, on either Bitcoin Layer 1 or Layer 2. $SAT stablecoin pegged to $1, unlocking trillion-dollar liquidity in Bitcoin.
The operation of SAT involves over-collateralization, liquidation, and peg mechanisms.To borrow 100 $SAT, users need to deposit BTC worth at least 110% above the loan amount as collateral. If BTC's price falls, it will trigger liquidation to keep SAT stable.
Learn how Satoshi Protocol maintains SAT’s dollar peg and enhances the Bitcoin ecosystem in our article Satoshi Protocol: The First CDP on BEVM , Unleash BTCFi for everyone
Milestones
Here's what we've accomplished in the past two weeks:
- June 19th - 24th: 60,000 USDT Trading Competition with Macaron
- June 19th: The Voice of Bitlayer - EP7 Twitter Space
- June 19th: Partnership with Ordict
- June 20th: $2,000 USDT Giveaway with Macaron DEX
- June 21st: Partnership with Portal to Bitcoin
- June 22nd: 0% Borrowing Fees for SAT
- June 23rd: Partnership with Polyflow
- June 27th: 500 USDT giveaway for Voting with Blend
- June 28th: Conclusion of Bybit Campaign
- June 28th: Introduced by Binance Research
- June 29th: Partnership with Anome
- June 30th: Partnered with BitPartyTech for Gamified $SAT Staking
June 19th - 24th: Macaron 60,000 USDT Trading Competition
Satoshi Protocol partnered with Macaron DEX to host a trading competition with a total prize pool of $60,000 USDT. The competition aimed to incentivize swapping and providing liquidity for the SAT/WBTC pair on the Macaron DEX platform.
This event offered users the opportunity to earn rewards in USDT by either actively trading SAT/WBTC or contributing liquidity to the pair. The competition structure rewarded both frequent traders and liquidity providers, fostering a more vibrant trading environment for the SAT token.
On June 20th, The SAT/WBTC pool offered a remarkable 237% APR throughout the competition, further incentivizing participation and driving liquidity.On June 24th, this campaign successfully concluded!
The competition saw a staggering 81,000+ trades on the SAT/WBTC pair, indicating significant user interest in trading the SAT token.
Over $810,000 in liquidity was added to the SAT/WBTC pair on Macaron DEX, signifying strong community participation and a commitment to building a robust market for SAT.
June 19th: The Voice of Bitlayer - EP7 Twitter Space
Satoshi Protocol participated in a Twitter Space discussion hosted by Bitlayer Labs titled "The Voice of Bitlayer - EP7." The event featured representatives from Bitlayer Labs, Macaron DEX, Enzo Finance, and Satoshi Protocol.
June 19th: Partnership with Ordict
Satoshi Protocol announced a strategic partnership with Ordict, the developer of the first Soulbound Inscription Protocol on the Bitcoin network!
Ordict's protocol, powered by Runes, enables the creation of secure and verifiable digital credentials. These credentials are immutable and permanently linked to a user's Bitcoin address, essentially creating an on-chain identity.
June 20th: $2,000 USDT Giveaway with Macaron DEX
We partnered with Macaron DEX to host a $2,000 USDT giveaway on Galxe.
The giveaway aimed to incentivize users to swap SAT on the Macaron DEX platform, and 100 winners would be randomly selected to receive $20 USDT each.
June 21st: Partnership with Portal
Satoshi Protocol entered into a strategic partnership with Portal to integrate their SAT stablecoin into the Portal DEX Network. This integration aims to expand trading opportunities for the SAT token and unlock new possibilities within the Bitcoin ecosystem.
By integrating with Portal's DEX network, SAT will gain wider exposure to a new user base interested in Bitcoin-backed stablecoin trading. This could significantly increase trading volume and liquidity for SAT, potentially enhancing its price stability.
June 22nd: 0% Borrowing Fees for SAT
Satoshi Protocol slashed its borrowing fees for the SAT stablecoin to 0%. This unprecedented move eliminates interest charges for users borrowing SAT against their Bitcoin collateral, effectively offering interest-free leverage on Bitcoin holdings.This move is a boon for Bitcoin holders. They can now:
- Become DeFi players: Unlock a universe of DeFi applications previously inaccessible with locked Bitcoin.
- Boost returns: Earn on Bitcoin without interest dragging down profits.
- Stay flexible: Borrow SAT for expenses or investment opportunities without selling Bitcoin.
- Gain an edge in the OSHI airdrop: Earn points towards the upcoming OSHI token by borrowing SAT at the lowest cost possible.
This initiative goes beyond immediate benefits. It's a strategic move to:
- Empower all Bitcoiners: Make DeFi participation more inclusive by removing the financial hurdle of borrowing fees.
- Unleash Bitcoin's potential: Inject new liquidity into DeFi, fueling innovation and propelling Bitcoin to the forefront.
- Revitalize BTCFi: Attract new users and projects with a more dynamic BTCFi ecosystem through reduced borrowing costs.
Satoshi Protocol's vision extends beyond their platform. This fee structure lays the groundwork for a future where Bitcoin becomes a DeFi powerhouse, frictionless DeFi participation with Bitcoin is a reality, and a thriving BTCFi ecosystem fosters groundbreaking innovation.
To learn more about the Zero Borrowing Fees Update, visit: Satoshi Protocol Slashes Borrowing Fees to 0%! Unlock Bitcoin Liquidity with Unprecedented Efficienc
June 23rd: Partnership with Polyflow
Satoshi Protocol partnered with Polyflow, a DeFi payment solutions provider, to integrate the SAT stablecoin with Polyflow's "Tap and Go" crypto spending platform. This collaboration aims to streamline DeFi payments and unlock real-world use cases for SAT.
June 26th: Twitter Space Discussion - Satoshi x Lorenzo
We hosted a Twitter Space with Lorenzo Protocol to delve into the implications of 0% interest fees for the $SAT stablecoin. The conversation explored the benefits for users who can leverage stBTC yield & holding.
June 26th: Deposit BTC to Earn points
Users can now earn "Position Points" based on the total value of their deposited assets (BTC, stBTC, wstBTC) in addition to borrowing SAT. A weekly snapshot captures both Position Points and deposited collateral for accurate point calculations.
The Referral Program offers various points categories:
- Position Points (depositing assets & borrowing SAT)
- Referral Points (inviting new users)
- Stability Pool Points (contributing SAT to the pool)
June 27th: 500 USDT giveaway for Voting with Blend
We teamed up with Blend to launch a community onboarding campaign. This initiative aims to attract new users to both platforms through a giveaway on the TaskOn.
June 28th: Bybit Web3 Campaign Concluded
BEVM hosted the BEVM airdrop with Bybit Web3 wallet, joined by ecosystem projects including Bido, oooo_money, and BEVMSwap. A total of 55k participants, with over 11.3k users joining Satoshi's tasks.
June 28th: Introduced by Binance Research
Exciting updates from @BinanceResearch!
The Satoshi Protocol is featured in the latest Bitcoin Ecosystem report as a stablecoin project. Our protocol aims to unleash liquidity for the Bitcoin ecosystem. It empowers users' BTC holdings with the universal stablecoin $SAT.
June 29th: Partnership with Anome
Strategic partnership with Anome, a leading NFT lending platform. This collaboration aims to unlock new possibilities for users to leverage their NFT holdings within DeFi, NFTFi, and GameFi.
Partnered with BitPartyTech for Gamified $SAT Staking
Satoshi Protocol capped off the month with a partnership announcement alongside BitPartyTech. This collaboration introduces a novel way for users to interact with their SAT stablecoin: gamified staking.
Conclusion
Satoshi Protocol's bi-weekly achievements from June 16th to June 30th showcase a project in rapid growth. By strategically engaging the community, expanding the utility of SAT, and forging key partnerships, Satoshi Protocol has solidified its position within the DeFi landscape.
The elimination of borrowing fees for SAT has unlocked new DeFi possibilities for Bitcoin holders, while strategic partnerships with Ordict, Portal, Polyflow, Anome, and BitParty position SAT to play a more prominent role in Bitcoin ecosystem.
With a clear vision for the future of BTCFi, Satoshi Protocol is demonstrably committed to empowering Bitcoin holders and fostering a vibrant and dynamic financial landscape.
About Satoshi Protocol
Satoshi Protocol is a revolutionary "universal" stablecoin protocol backed by Bitcoin. It allows users to deposit BTC/stBTC as collateral to mint the stablecoin $SAT on both Bitcoin mainnet and multiple L2s.
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