Satoshi Protocol operates a stablecoin protocol backed by Bitcoin, enabling users to deposit BTC or LST as collateral to mint $SAT on Bitcoin mainnet and across multiple L2s. The protocol is designed to increase Bitcoin utility by enabling participation in lending, borrowing, and other DeFi activities without converting BTC. Satoshi emphasizes preserving Bitcoin’s security and censorship resistance while improving liquidity and capital efficiency between Bitcoin and broader DeFi ecosystems. The company says it will use the new funding to accelerate a four‑phase development roadmap. Phase 1 (completed Q2 2024) covered risk management assessments and audits; Phase 2 (current, Q3 2024) prioritizes liquidity aggregation across Layer 1 and Layer 2 to establish $SAT; Phase 3 (Q3 2024) will develop the Nexus Yield Module (NYM) to enable yield opportunities with USDT, USDC and other stablecoins; Phase 4 (Q4 2024) targets broad NYM adoption across Bitcoin mainnet and execution layers integrated with various L2s. Satoshi Protocol is the first collateralized debt position (CDP) protocol built on BEVM, enabling users to deposit BTC as collateral to mint the stablecoin SAT. The protocol is positioned as a cornerstone for BTCFi and aims to unlock Bitcoin liquidity across the ecosystem. The team has completed a testnet campaign and is preparing for a mainnet launch. Recent pre-seed funding will be used for product development, ecosystem building, and community expansion. Investors and ecosystem partners are providing technical and financial resources to support integration into the Bitcoin ecosystem. The project and its backers expect SAT to become a widely used native stablecoin within Bitcoin Layer2 and related DeFi scenarios.

Total raised

$2M

Funding rounds

2

Latest round

Seed

Latest activity

Jul 2024