Satoshi Protocol Integrates with DIA

Published on: 16.04.2024
Satoshi Protocol has integrated the DIA Oracle.

Satoshi Protocol integrates with DIA Oracle Solutions in the BEVM Network to Power Bitcoin-Backed Stablecoin, SAT. The Satoshi Protocol is dedicated to developing secure and scalable financial solutions within the BEVM ecosystem—a Bitcoin Layer 2 network.

With a focus on leveraging Bitcoin’s strengths, Satoshi Protocol has crafted SAT, an overcollateralized stablecoin backed by BTC. This innovation marries Bitcoin’s decentralization and resilience with the adaptability and utility of digital currencies like stablecoins.

DIA and Satoshi Protocol Integration

The Satoshi Protocol has incorporated DIA’s oracle technology into the BEVM network. This integration establishes a strong data infrastructure essential for supporting SAT. DIA’s oracles deliver precise, up to date BTC price data collected openly from a range of centralized and decentralized exchanges.

“Excited to work with DIA! Their data solutions power SAT’s CDP system on BEVM. This partnership secures SAT’s collateralization and paves the way for further BTCfi innovation. ”—Satoshi Head of Marketing

Oracles play a crucial role in the operation of Collateralized Debt Position (CDP) stablecoins like SAT. They offer dependable, up-to-date price information essential for upholding the stability and trustworthiness of the stablecoin. In the case of SAT, DIA’s oracles deliver secure and precise Bitcoin price updates that are vital for assessing the collateral. This process guarantees that SAT stays sufficiently collateralized, enhancing its stability and trustworthiness as a digital asset with a fixed value.

Empowering the BTCfi Economy

DIA’s Oracles enable the smooth integration of off-chain data with Bitcoin Layer 2 solutions, opening doors for creative DeFi applications and services within the Bitcoin ecosystem. This enhances the functionality and capital effectiveness of Bitcoin. Potential applications involve lending and borrowing, stablecoins, derivatives trading, payments, and synthetic asset creation.

The Satoshi Protocol aims to provide a cornerstone for DeFi and make BTC truly spendable in daily usage by offering a CDP-style stablecoin.

BEVM’s compatibility with EVM enables smooth migration of Ethereum apps to Bitcoin, expanding Bitcoin’s DeFi use. The Satoshi Protocol aims to enhance DeFi by offering a stablecoin for daily BTC transactions.

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