Satoshi Protocol is officially live on @BTCLayer2 Testnet, offering you the chance to be among the first to experience a revolutionary DeFi on the Bitcoin Ecosystem.
We are thrilled to announce Satoshi APP is the official launch on BEVM testnet. This is your chance to be among the first to experience our APP, don’t forget to follow @SatoshiBEVM , there’s a more exciting update coming.
What Is the Satoshi Protocol ?
Users can deposit Bitcoin as collateral to borrow stablecoin — SAT, and deposit into the stability pool to maintain protocol liquidity for liquidation.
There’s more functions under development, we’ll release them on testnet gradually, and deplay on BEVM mainnet when it is available.
How to setup BEVM Canary TestNet
We recommend you install Metamask wallet, cause it allows you to setup testnet manually.
If you haven’t set up BEVM Canary TestNet, no worries. when you connect to satoshi APP, it will ask you to approve “add BEVM Canary TestNet” and switch to testnet without manually setting.
If it’s not working, please follow this tutorial Testnet Setup Guide — by BEVM to setup testnet in your Metamask.
How to use Satoshi APP
After complete network setting, you need to get testnet BTC on BEVM discord first.
Create Position
Create Position, it allows you to deposit BTC as collateral, and borrow stablecoin SAT. Be aware of keeping your collateral ratio above 110% to prevent liquidation.
- Find Create Position on Navigation
- Click Create Position
- Click Approve and confirm
- Input BTC, borrow SAT amount
- Confirm transaction
Stability Pool ( SP )
After creating a position, you will receive the SAT you borrowed. Please head to the Stability Pool page, deposit SAT into the pool. You’re helping maintain this protocol by providing liquidity for liquidation events.
If a borrower’s collateral ratio falls below the 110% threshold or TCR < 150%, it will allow protocol to trigger liquidation. Please read our docs for details.
The liquidated collateral is then sold at a discount to Stability Pool providers, who provide SAT into the system to repay the debt.
How to claim OAT ?
Satoshi also host a OAT event on Galxe at the same time. Offering participants the chance to earn OATs ( Onchain-Achievement Tokens ).
Engage in tasks such as following @SatoshiBEVM and @BTCLayer2, quoting retweets, and tagging friends to claim OAT.
- 28th Feb ~ 20th Mar
- Each address is eligible for 1 OAT
These OAT represent future benefits within the ecosystem, shrouded in mystery for now 🤫
Join Galxe 👉🏻 https://galxe.com/YwrNUBkpFyTpkRJTcKmZcX/campaign/GCsCSt48f7
Conclusion
Satoshi Protocol poised to unleash the true potential of the Bitcoin Ecosystem.
As the first CDP protocol on BEVM, it lays the groundwork for BTCFi, serving as the cornerstone of this burgeoning ecosystem.
There are more updates on the way, as teams prepare for audits, fundraising, and the mainnet launch.
Don’t forget to follow @satoshiBEVM to get latest update.
