TechFlow news: Satoshi Protocol announced a partnership with Bido, a liquid staking protocol on the BEVM ecosystem, to support wstBTC as collateral for borrowing the stablecoin SAT, thereby expanding the protocol's use cases.
Bido is a liquid staking protocol built on BEVM that allows users to stake BTC and receive stBTC, enabling them to earn staking rewards while maintaining liquidity. The current coin-denominated APY is around 80%, with revenues derived from 50% of the total GAS income across the entire BEVM network. Bido issues stBTC equivalent to the amount staked, which can be converted into wstBTC and used as collateral on Satoshi Protocol to borrow SAT.
Satoshi Protocol is the first over-collateralized stablecoin protocol on the BEVM network. It launched on mainnet in early April and conducted an airdrop campaign jointly with Binance Wallet and BEVM, attracting 140,000 participating addresses. After adding support for wstBTC as collateral, the protocol saw an additional $1.5 million in TVL within 24 hours.
