According to TechFlow, on July 9, Bitcoin ecosystem stablecoin Satoshi Protocol announced the completion of its seed round of financing. The total amount of this round of financing is US$2 million, led by CMS Holdings and RockTree Capital, and participated by Cypher Capital, Side Door Ventures, Optic Capital, Metalpha (NASDAQ: MATH, a subsidiary of Bitmain), Outliers Fund, Comma3, and angel investors Paul Taylor (ex-BlackRock) and Yenwen Feng (Perpetual Protocol).
Satoshi Protocol is the first over-collateralized stablecoin protocol in the Bitcoin ecosystem. Users can deposit BTC and interest-bearing assets based on BTC such as LST, mint the US dollar stablecoin $SAT at a collateral rate of 110%, and participate in transactions, liquidity pools, lending and other scenarios to earn income. Three months after its release, the protocol has been officially deployed on the BEVM and Bitlayer mainnets, and has also been connected to testnets such as BOB, Botanix, B², Anduro (incubated by MARA), and Omni Network for closed testing.
The team is working to expand the use of SAT stablecoins and has reduced the interest on minting stablecoins to 0% to encourage users and projects to build the BTC ecosystem. The latest announcement stated that Satoshi Protocol is developing Runes stablecoins based on the Bitcoin mainnet. In addition, through cooperation with projects such as Omini Network, it will connect the Bitcoin and Ethereum ecosystems to realize the vision of "full-chain stablecoins".