SatLayer | Bitcoin's BVS Security Layer

Duration

In Progress

Task

Supported Chains

SatLayer | Bitcoin's BVS Security Layer

Project Details

What is SatLayer?

SatLayer is a security layer designed to maximize the power of Bitcoin. Deployed on the Babylon platform, it provides security for various decentralized applications (dApps) and protocols by staking BTC.

This allows Bitcoin, already the strongest economic collateral, to provide security for a variety of applications while minimizing additional trust assumptions. "Additional Trust Assumption" refers to the conditions or elements that users must newly trust for the operation and safety of the system. By minimizing this in this system, more reliable security is achieved.

Also, a slashing condition is set, where assets are lost if certain conditions are not met. This slashing condition is a rule established to ensure the honest operation of the system. It plays a role in maintaining overall security and reliability by penalizing nodes and validators that are not operating honestly.

Use Cases

SatLayer benefits multiple stakeholders. Liquid Staking Token (LST) platforms can utilize SatLayer to provide additional revenue opportunities, allowing users to earn more profit. BVS platforms can enhance their security by re-staking BTC to SatLayer, granting access to new functionalities. Furthermore, SatLayer extends the capabilities of the Babylon platform and provides its security. For Bitcoin holders, SatLayer offers an opportunity to earn additional rewards by locking their BTC into the system.

Funding Information

Satlayer has raised $8 million in a Pre-Seed round from investors including OKX Venture and HACK VC.

Airdrop Information

SatLayer conducts airdrops during specific seasons and epochs, allowing eligible participants to receive airdrop tokens for free.

Season 1 Epoch 1: Period: August 23, 2024, 00:00 UTC for two weeks Conditions: Specific conditions must be met during this period. Limit: The initial season was limited to deposits equivalent to 100 BTC, and it seems the allocation was filled quickly as of August 24th.

Season 1 Epoch 2: Details for Epoch 2 will be announced at a later date. Please follow the official website, Satlayer's official X (formerly Twitter), and official Discord to stay updated.

Looking at Satlayer's roadmap, a Public Testnet is also planned for the future, so be sure to check it out when it's released.

Airdrop Strategy

Epoch 1 filled up quickly, but the next epoch, Epoch 2, has been confirmed. We will notify and update on CandyDrops X as soon as it is released.

Disclaimer

・This article is created for informational purposes only and should not be used to solicit the sale, purchase, or underwriting of cryptocurrencies, securities, or other financial products, nor should it be considered an invitation to engage in such transactions, or constitute financial or investment advice.
・The information and opinions in this article are obtained from sources that we believe to be reliable, but we do not guarantee their accuracy, completeness, suitability, timeliness, or truthfulness.
・We, the authors, and all related parties are not responsible for any damage or loss caused by or related to the information published in this article. Cryptocurrencies involve hacking and other risks, so please conduct thorough research before using them.

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