Satoshi Protocol Token Airdrop Information
The Satoshi protocol allows users to deposit Bitcoin (BTC) and create a stablecoin called $SAT. This process will unlock significant liquidity in BTC, making decentralized finance (BTCFi) accessible to everyone. They recently launched a testnet campaign, but NFT and OAT claims are first-come, first-served! The following is the Satoshi protocol token airdrop guide.
Check out our step-by-step guide!
What is Satoshi Protocol?
The Satoshi Protocol is BEVM’s first CDP system that allows individuals to use Bitcoin as security to acquire SAT stablecoins and contribute to the stability pool, ensuring there is enough SAT available for system requirements. The main features of the Satoshi protocol are:
- Bitcoin’s DeFi: The Satoshi Protocol is a decentralized finance (DeFi) protocol built on the Bitcoin ecosystem, specifically BEVM.
- CDP Protocol: BEVM’s first Collateralized Debt Position (CDP) protocol, which allows users to deposit Bitcoin as collateral to borrow stablecoin SAT.
- stability pool: Users can deposit borrowed SAT into the stability pool to provide liquidity and maintain protocol stability during liquidation events.
How do I receive the Satoshi Protocol token airdrop?
necessary time: 20 minutes
Here’s a guide on how to win a potential Satoshi protocol token airdrop:
- Galxe work done
Go to Satoshi Protocol’s Galxe page and complete your first few social tasks.
- Connect to Satoshi Protocol
Connect your wallet to https://app.satoshiprotocol.org/dashboard. Follow the steps in your wallet to connect to the BEVM Canary testnet.
- Get testnet BTC
Go to the #faucet channel at https://discord.gg/gRJ72RcrNK. Then type “/facuet” and enter your wallet address. If you see the error message ‘Error: ‘code’: -32603, ‘message’: ‘replacement transaction underpriced”, try again. It took about 5 attempts to get testnet BTC.
- Create a position
Go back to https://app.satoshiprotocol.org/dashboard and click “Position”. Deposit collateral and borrow some of the testnet BTC tokens to create a position. Do not deposit all of your testnet BTC tokens as you will need them for other tasks.
- Deposit your SATs into a stability pool
Go to “Stability Pool”. Deposit the SAT you borrowed in the previous step. We recommend depositing half of $SAT, i.e. 9$SAT.
- mint oats
Go back to Satoshi Protocol’s Galxe page and issue your OAT. No gas fees are required and this can be done on any chain.
