ChainCatcher news, Bitcoin ecosystem stablecoin Satoshi Protocol announces the completion of its seed round financing. This round raised a total of $2 million, led by CMS Holdings and RockTree Capital, with participation from Cypher Capital, Side Door Ventures, Optic Capital, Metalpha (NASDAQ: MATH, a subsidiary of Bitmain), Outliers Fund, Comma3, as well as angel investors Paul Taylor (ex-BlackRock) and Yenwen Feng (Perpetual Protocol).Satoshi Protocol is the first over-collateralized stablecoin protocol in the Bitcoin ecosystem. Users can mint the dollar stablecoin $SAT by depositing BTC and other BTC-based yield-bearing assets at a collateralization rate of 110%, and participate in trading, liquidity pools, lending, and other scenarios to earn returns. Since its launch 3 months ago, the protocol has been officially deployed on BEVM and Bitlayer mainnet, and has also connected to testnets such as BOB, Botanix, B², Anduro (incubated by MARA), and Omni Network for closed testing.The team is committed to expanding the use cases of the SAT stablecoin, having reduced the interest for minting stablecoins to 0%, aiming to encourage users and projects to co-build the BTC ecosystem. The latest announcement states that Satoshi Protocol is developing a Runes stablecoin based on the Bitcoin mainnet, and is also collaborating with projects like Omni Network to bridge the Bitcoin and Ethereum ecosystems to achieve the vision of "full-chain stablecoin."

ChainCatcher news, according to official sources, the Bitcoin full-chain stablecoin protocol Satoshi Protocol has officially deployed on the Bitlayer mainnet. Users can now deposit BTC and stBTC on Bitlayer to mint the stablecoin SAT, providing users with better capital efficiency.In the coming weeks, DEX, ReStaking, and Lending ecosystem projects will be integrated to expand the use cases of SAT and promote the comprehensive development of the Bitcoin Layer2 ecosystem.It is reported that the Satoshi Protocol is a universal stablecoin protocol built specifically for BTC, utilizing an instant liquidation mechanism of the Stability Pool, with a maximum borrowing limit of 90% for each position. This move will unlock the idle funds in the Bitlayer ecosystem and release development potential.

ChainCatcher message: According to the latest official news from the Satoshi Protocol, the protocol has reached a collaboration with Bido, a liquid staking protocol on the BEVM ecosystem, to support the liquid staking token wstBTC as collateral for borrowing the stablecoin SAT, thereby expanding the application scenarios of the protocol.It is reported that Bido is a liquid staking protocol based on BEVM, where users can stake BTC to obtain stBTC, earning staking rewards while maintaining liquidity. The current coin-based APY is around 80%, with the revenue coming from 50% of the GAS income of the entire BEVM network. Bido will provide users participating in staking with stBTC equivalent to the amount staked, which can be converted to wstBTC and used as collateral to borrow SAT on the Satoshi Protocol.The Satoshi Protocol is the first over-collateralized stablecoin protocol on the BEVM network, which launched its mainnet in early April and has partnered with Binance Wallet and BEVM for an airdrop campaign, reaching 140,000 participating addresses. After the Satoshi Protocol began supporting wstBTC as collateral, the TVL increased by $1.5 million within 24 hours.

ChainCatcher news, the official Twitter of Satoshi Protocol announced that the protocol has launched its mainnet on March 28, following BEVM.It is reported that Satoshi Protocol is the first CDP stablecoin protocol on BEVM. Currently, the protocol has accumulated over 100,000 users in the community, with a total Twitter following of over 60,000 people. The testnet has over 100,000 valid addresses participating, and the total number of Genesis NFT mints has exceeded 80,000. It has completed seed round financing, co-led by Web3Port Foundation and Waterdrip Capital.In addition, after the launch of the mainnet, Satoshi Protocol will simultaneously start a referral invitation campaign. Completing a position and lending the stablecoin SAT while inviting others will earn points, which will serve as the basis for the subsequent airdrop of the ecological token OSHI. The protocol has been quite active recently and is expected to have plans for Genesis mining in the second quarter of 2024.

ChainCatcher news, the first CDP stablecoin protocol in the BEVM ecosystem, Satoshi Protocol, announced the completion of its seed round financing. This round of financing was co-led by Web3Port Foundation and Waterdrip Capital, with participation from BEVM Foundation, Cogitent venture, Statoshi Lab, GP of MH Venture/co-founder of BSCnews, Movebit, Supremacy, and other institutions.