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 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.
You may also like
Dogecoin's market cap crosses $63 billion after 51% price surge
Dogecoin gained 51% in the last 24 hours to trade at $0.43, with a market capitalization of $63.5 billion.Analysts say Dogecoin proponent Elon Musk’s involvement in the upcoming Trump administration is adding fuel to the memecoin’s surge.
Bitcoin futures basis yields at multi-month highs may signal potential leverage unwind risk: analysts
Bitcoin futures basis yields have surged to 7-month highs, raising concerns over market leverage, QCP Capital analysts say.However, the analysts noted strong demand for high-strike call options, signaling investors’ anticipation of further breakout potential.
The German government missed out on $1.6 billion by selling its bitcoin early
The German government sold 50,000 bitcoin just four months ago — right before a major rally in the asset’s price.This pales in comparison to the amount of value the U.S. government has missed out on from its 11 bitcoin auctions.
Coinbase launches COIN50 index, tradable as a perpetual future with up to 20x leverage
Coinbase has launched a new index representing the top 50 digital assets listed on its exchange that meet the index’s fundamental criteria for inclusion.The COIN50 index is also available to trade as a perpetual future with up to 20x leverage.