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

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

Cointime2024/04/24 09:25
By: Cointime
BTC+0.20%GAS+0.83%

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.

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.
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