SatLayer is a Bitcoin re-staking platform based on the Babylon protocol, aiming to unlock Bitcoin's potential as the world's best economic collateral, making it fully programmable to provide cryptoeconomic security for any decentralized application (dApp) or protocol.
It is similar to EigenLayer in the Ethereum ecosystem, but the secure assets come from Bitcoin. The goal is to bring the security and economic value of BTC into a multi-chain ecosystem, promoting the development of DeFi, RWA (real-world assets), and institutional applications.
Core mechanism of SatLayer
1. Bitcoin re-staking
Users can deposit BTC or BTC liquid staking tokens (LST, such as wBTC, SolvBTC, PumpBTC, etc.) into SatLayer.
Deposits generate receipt tokens, which can be further staked in BVS applications to earn additional rewards.
2. Bitcoin Validated Services (BVS)
Core innovation concept that allows developers to build custom validation services using Bitcoin's security to protect applications.
Typical applications: Cross-chain bridges, stablecoin protocols, data availability layers, oracles, etc.
3. Dual yield model
BTC staking rewards on the Babylon chain.
Additional rewards from BVS applications (currently distributed in points).
SatLayer development status
TVL: $386 million (approximately 3,245 BTC re-staked)
Launch event: Season 1 Epoch 1 starts on August 23, 2024, with a deposit cap of 100 BTC.
Security audits: Institutions such as Asymptotic, Coinspect, Dedaub, Salus, ZELLIC have completed audits.
SatLayer financing situation
Financing rounds: Pre-Seed (August 2024)
Financing amount: $8 million (initially planned for $4 million, oversubscribed)
Lead investors: Hack VC, Castle Island Ventures
Participating investors: Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, CMS Holdings, etc.
SatLayer collaborative ecosystem
Infrastructure: Babylon (main protocol), Catalysis
Public chains: Sui, Berachain, BNB Chain, Bitlayer, BOB (Layer 2), BirdLayer (Layer 3)
Application scenarios: Bima (stablecoin), cross-chain bridge, trading platform, data services, etc.
Currently, the detailed token allocation plan has not been announced. The official team has clearly avoided the traditional model of 'points-for-airdrop' and will design innovative incentive mechanisms based on community feedback.
Current rewards: Points system linked to deposit amount and staking duration, which may be tied to tokens in the future, but no specific commitments have been made yet.
SatLayer aims to bridge Bitcoin and multi-chain DeFi, allowing BTC to be more than just a 'store of value' and directly providing security and liquidity for the entire Web3.
Its positioning, financing background, and ecological layout show potential to become a security layer for the Bitcoin ecosystem, but the token economics and long-term incentive mechanisms are still to be disclosed. Early participation is more of a bet on its growth and ecological expansion capability.
Witness the Alpha launch of SatLayer and wish everyone a full plate on the 11th!
