The BTC L2 stablecoin project Satoshi Protocol has launched an airdrop event for Binance Wallet, distributing 500,000 OSHI and 10.5 million BEVM tokens

How to Participate in the Binance Wallet Airdrop Event

In this event, users will cross-chain BTC to the BEVM mainnet and establish a position of no less than 10 SAT on Satoshi Protocol to qualify for the airdrop. The OSHI tokens will be airdropped before the second quarter of 2024, distributed evenly to all qualified addresses. At that time, users can go to the designated page of Satoshi Protocol to claim their rewards.

Event Duration: April 4, 16:00 ~ May 4, 16:00
Total Rewards: 10.5M $BEVM token airdrop, 500k OSHI token airdrop
Task 1: Cross-chain BTC to BEVM mainnet (recommended at least 0.0004 BTC, about $25)
Task 2: Establish a position on Satoshi Protocol, lending at least $10 of the USD stablecoin SAT
Participation Eligibility: Must use an MPC wallet created in the Binance wallet to interact and participate in the event to qualify for the airdrop. Non-Binance wallet addresses cannot participate in this airdrop event.

Image: BEVM × Binance Web3 Wallet Joint Ecological Event

Certainty Opportunities in This Bull Market: Bitcoin Ecosystem

In December 2022, Casey launched the Ordinals protocol, bringing a new narrative to Bitcoin; followed by the explosive discussions about the Bitcoin ecosystem during the inscription market surges in May and November last year. With the Federal Reserve gradually entering a rate-cutting cycle, the official approval of spot ETFs, and the upcoming halving of mining rewards, the Bitcoin ecosystem may become the biggest certain Alpha opportunity in this bull market.

Expansion of the Bitcoin Ecosystem

Compared to smart public chains like Ethereum that natively support smart contracts, Bitcoin has previously developed its ecosystem relatively slowly. However, with the completion of upgrades like Segwit and Taproot, it has become possible to gradually build various complex ecological projects on the Bitcoin chain.
According to BitEVM community statistics, there are currently over 20 BTC Layer 2 projects in the market, covering multiple different technical solutions such as sidechains, Rollups, and state channels. In this cycle, it is expected that 3 to 5 leading BTC Layer 2 public chains will emerge, fully expanding Bitcoin use cases and reshaping the entire Web3 ecosystem.

BEVM: Native BTC Layer 2 Solution Supporting EVM

Among the many BTC Layer 2 solutions currently available, BEVM undoubtedly stands out with its distinctive technical features. BEVM uses BTC as network gas, stores transaction data on the BTC mainnet, and changes the way transactions are verified to operate on BTC light nodes. With the technical solutions of Taproot consensus + Schnorr Signature + MAST + Bitcoin SPV, BEVM has become the most decentralized and secure BTC Layer 2 solution available.
The overall design philosophy of BEVM is to create a decentralized BTC Layer 2 using Musig2 aggregated multi-signatures + Bitcoin light nodes without altering the original technical framework of Bitcoin, providing complete smart contract support for the Bitcoin ecosystem. Additionally, due to its full compatibility with EVM, Ethereum ecosystem applications can also be easily migrated to the BEVM mainnet.

Due to its technical maintenance of the orthodoxy of the Bitcoin mainnet, BEVM has gained some support within the Bitcoin community. Furthermore, on March 25, BEVM announced the completion of a multi-million dollar seed round and part of Series A financing involving nearly 20 institutions, with a post-investment valuation of $200 million.

Satoshi Protocol: Unlocking Bitcoin Liquidity

On April 4, BEVM, as the first BTC Layer 2 project to cooperate with the Binance Web3 wallet, announced the launch of an ecological airdrop event, with Satoshi Protocol participating as the first CDP (Collateralized Debt Position) project in the BEVM ecosystem.
Satoshi Protocol aims to provide liquidity for BTC, expanding the application scenarios of BTCFi through the SAT USD stablecoin. Users can use BTC as collateral to borrow the stablecoin SAT, which is pegged to $1, for free use. This move is expected to unlock potential trillions of dollars in liquidity within the Bitcoin ecosystem, providing users with a way to further enhance capital efficiency while holding Bitcoin.
The project includes two types of tokens: SAT and OSHI. SAT is an over-collateralized stablecoin based on BTC as a reserve asset, combined with liquidation and arbitrage mechanisms to maintain the price stability of SAT. OSHI is the protocol's functional token, which, in addition to incentivizing ecological development and user participation, allows users who stake OSHI to share in a total of 97.5% of the protocol's revenue. For more details, you can read the official documentation OSHI & sOSHI.

On March 28, Satoshi Protocol officially launched on the BEVM mainnet and initiated a referral invitation program aimed at rewarding early participants and community builders. Users can earn points in the event by lending SAT and inviting others to participate, and at the end of the event, they will receive project native token OSHI rewards based on the number of points held.
For more information on the referral invitation program, you can refer to the official Medium article released earlier: Leaderboard --- Referral Program
In this BEVM × Binance Web3 wallet joint ecological event, Satoshi Protocol will airdrop a total supply of 0.5% of OSHI tokens. Below, this article will detail how to participate in the event and obtain token airdrops.

Satoshi Protocol Airdrop Task Interaction Guide

1. Visit the Event Landing Page and Connect Binance Web3 Wallet

The Binance Web3 wallet is a self-custodial wallet launched by Binance, integrated within the Binance exchange application.
As the exchange with the largest user base and trading volume, Binance has long held over 50% of the market share. In addition to its core exchange business, Binance continues to expand its DeFi ecosystem; the Binance Web3 wallet is a MPC wallet product that balances asset security and ease of use. Currently, the Binance Web3 wallet supports the deposit and withdrawal of assets from over 20 public chains, with BEVM being the first Bitcoin Layer 2 project supported.
To participate in this event, users need to download the Binance Web3 wallet. Only by interacting with the Binance Web3 wallet can they qualify for the airdrop.
After connecting to the Binance Web3 wallet, switch to the BEVM mainnet to start the tasks.
Event Landing Page
Operation Video Tutorial

2. Cross-chain BTC to BEVM Mainnet

To complete the event task, a certain amount of BTC needs to be cross-chained to the BEVM mainnet for interaction. It is recommended to cross-chain at least 0.0004 BTC at a time. There are two ways to cross-chain BTC to BEVM:
One way is to use the BEVM official cross-chain bridge (BEVM Bridge), with a cross-chain transaction confirmation time of about 30 minutes;
The other way is to use OmniBTC to cross-chain from BNB Chain to BEVM, which generally incurs lower network fees.

3. Deposit BTC in Satoshi Protocol and Borrow SAT

Go to the Position page of the Satoshi Protocol Web App
Click to connect the Binance Web3 wallet and select Create Position

Deposit BTC and borrow SAT --- ensure the collateral ratio is above 110% and borrow at least 10 SAT
Enter the referrer’s address (you can earn an additional 150 Referral Points)
Click Approve, then click Create Position

After completing the above steps, you will be eligible to participate in the airdrop distribution of OSHI tokens in this round of activities.

4. Claim Airdrop Rewards

After the event ends, 500,000 OSHI tokens will be evenly distributed to all addresses that completed the tasks and met the criteria. You can go to the official airdrop confirmation page to check the OSHI airdrop share you can claim and receive the corresponding rewards when the airdrop occurs.
The airdrop confirmation page is expected to officially launch on April 10.

Conclusion

As the leader in cryptocurrency, the development of the Bitcoin ecosystem has always attracted attention. Since 2023, with the launch of the Ordinals protocol, the popularity of the inscription market, and the approaching Bitcoin halving cycle, the Bitcoin ecosystem has shown a vigorous development trend.
BEVM, as a BTC Layer 2 solution that combines compatibility and security, is undoubtedly one of the projects worth paying attention to in this bull market. Meanwhile, Satoshi Protocol, as the first CDP project in the BEVM ecosystem, is dedicated to providing liquidity for BTC and unlocking the potential trillion-dollar value of the Bitcoin ecosystem.
This BEVM × Binance Web3 wallet × Satoshi Protocol joint ecological event not only provides users with the opportunity to participate in quality projects but also contributes to the prosperous development of the Bitcoin ecosystem.

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.