Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Satoshi Protocol has supported wstBTC as collateral to lend stablecoin SAT, with an increase of $1.5 million in TVL per day

CointimeCointime2024/04/24 09:25
By:Cointime

Satoshi Protocol has announced that it has reached a cooperation with Bido, a liquidity staking protocol on the BEVM ecosystem, to support the use of wstBTC as collateral to borrow stablecoin SAT, thus expanding the application scenarios of the protocol.Bido is a liquidity staking protocol based on BEVM, which allows users to obtain stBTC by pledging BTC and earn staking rewards while maintaining liquidity. The current coin-based APY is around 80%, and the source of income comes from 50% of the GAS revenue of the entire BEVM network. Bido will provide users who participate in staking with stBTC equivalent to the amount of their pledge, which can be used as collateral to borrow SAT on Satoshi Protocol after being converted to wstBTC.Satoshi Protocol is the first over-collateralized stablecoin protocol on the BEVM network. It was launched on the mainnet in early April and conducted airdrop activities in collaboration with Binance Wallet and BEVM. The number of participating addresses reached 140,000. After supporting wstBTC as collateral on Satoshi Protocol, the TVL increased by $1.5 million within 24 hours.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

You may also like

Is It Too Late to Buy MOCA? Moca Coin Price Skyrockets 48% And This Might Be The Next Crypto To Explode

Insidebitcoin2024/07/12 15:13

Token distribution protocol ZAP reaches $100 million valuation with latest funding

ZAP announced that it has raised $15.1 million in total funding.The Blast-based token distribution protocol has reached a token valuation of $100 million, ZAP’s pseudonymous founder and CEO Francis told The Block.

The Block2024/07/12 15:07

Meme Sol Labs Secures Series A Funding From EQT Ventures And Partners With Black Rights Organizations

Newscrypto2024/07/12 14:49

Justin Sun: I want to be a low-profile version of Musk and seek community opinions on the acquisition of Weibo

Odaily2024/07/12 14:38

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
10048.2%
ROI
Total profit $51245.84
WhaleGo_YouTube
WhaleGo_YouTube
insight500/500
1338.92%
ROI
Total profit $3887.72

Bot copy trading

More
Morgee
Morgee
insight80/150
$17427.36
Total profit
Total subscriber profits $-223.07
GoldenEgg
GoldenEgg
insight149/150
$3416.37
Total profit
Total subscriber profits $-284.87