Satoshi Protocol enables users to deposit Bitcoin (BTC) and create a stablecoin called $SAT. This process unlocks significant liquidity from BTC, making decentralized finance (BTCFi) accessible to everyone. They recently launched their testnet campaign, but the NFT and OAT claim is first come first serve! Here is our Satoshi Protocol token airdrop guide.
Check out our step by step guide!
What is Satoshi Protocol?
Satoshi Protocol is the first CDP system on BEVM, allowing individuals to use Bitcoin as security to obtain SAT stablecoins and contribute to the stability pool, ensuring there’s enough SAT available for the system’s needs. Here are the main features of Satoshi Protocol:
- DeFi on Bitcoin: Satoshi Protocol is a decentralized finance (DeFi) protocol built on the Bitcoin Ecosystem, specifically on the BEVM.
- CDP Protocol: It’s the first Collateralized Debt Position (CDP) protocol on BEVM, allowing users to deposit Bitcoin as collateral to borrow the stablecoin SAT.
- Stability Pool: Users can deposit borrowed SAT into the Stability Pool to provide liquidity and help maintain protocol stability during liquidation events.
How to get the Satoshi Protocol token airdrop?
Time needed: 20 minutes
Here’s our guide on how to get the potential Satoshi Protocol token airdrop.
- Complete Galxe tasks
Go to Satoshi Protocol’s Galxe page and complete the first few social tasks.
- Connect to Satoshi Protocol
Connect your wallet to https://app.satoshiprotocol.org/dashboard. Follow the steps on your wallet to connect to the BEVM Canary Testnet.
- Get testnet BTC
Go to the #faucet channel on 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 us around 5 tries to get the testnet BTC.
- Create a position
Go back to https://app.satoshiprotocol.org/dashboard and click on “Position”. Create a position by depositing collateral and borrowing with some of your testnet BTC tokens. Do not deposit all of your testnet BTC tokens as you will need it for other tasks.
- Deposit SAT into Stability Pool
Go to “Stability Pool”. Deposit the SAT you borrowed in the previous step. We recommend depositing half your $SATs i.e. 9 $SAT.
- Mint OAT
Go back to Satoshi Protocol’s Galxe page and mint the OAT. No gas fees are required and you can do this on any chain.
