What is SatoshiSync?

The SatoshiSync project is a chain-agnostic project designed to provide liquidity to Bitcoin’s ecosystem. It uses RC20 routers and the Cross Chain Inscriptions Protocol (CCIP), to seamlessly transfer assets like Runes, inscriptions, and Bitcoin L2s across multiple chains.

For the user’s experience, SatoshiSync provides a comprehensive dashboard for token management and analytics that displays the user’s overall investment. It supports such tokens as BRC-20, ARC-20, and SRC-20, allowing users to provide liquidity and stake in pools for yield Farming on Bitcoin.

SatoshiSync is also designed to pioneer permissionless inscription markets on BRC20, enabling easy customization and bridging to EVM chains. This would make BTCFi liquidity truly decentralized, giving developers the tools needed for market creation.

History of the SatoshiSync Project

Source: SatishiSync Whitepaper

The idealization phase of the SatoshiSync project took place in 2023 to validate market expectations. The first initial platforms for the project, the InscriptionSync beta test, and the SatoshiRouter beta test, were launched in early 2024. These were alongside the portfolio tracker to help users manage their assets adequately.

The project then launched its native token, SSNC, and the governance hub to make SatoshiSync a fully decentralized autonomous organization (DAO). By the middle of 2024, SatoshiSync introduced the V2, which integrated LayerZero into its ecosystem.

Soon, the project aims to establish a developers’ community to support the ecosystem. At the same time, it plans to launch its bridge aggregator and smart router.

Core Components

Cross Chain Inscriptions Protocol (CCIP)

CCIP is an open-source, global framework for transferring decentralized messages, data, and assets between diverse blockchain networks. Chainlink developed the protocol in 2021 to combat the interoperability problem facing the fragmented decentralized space.

The protocol allows developers and users to customize assets for projects, which makes it easier to create and manage digital assets with cross-chain capabilities.

The InscripSync component within the CCIP framework allows users to create new BTCFi assets without coding experience. This reduces the strain of launching tokens from deploying, minting, and establishing a market for the assets or inscriptions.

The framework enables SatoshiSync to improve the utilities of Ordinals on Bitcoin by creating and bridging features. This allows the inscriptions to move across various blockchain networks, improving the asset’s liquidity and accessibility.

RC20 Router

RC20 routers are components of the SatoshiSync infrastructure. They facilitate the exchange of digital assets built on the RC20 standard, such as BRC20, ARC20, and SRC20 tokens. These assets are usually categorized as Runes, Ordinals, or Inscriptions.

Runes are fungible tokens issued directly on Bitcoin. The protocol was created by Casey Rodarmor in 2023, leading to the popularity of Ordinals. Ordinals are a numeric identity given to satoshis, allowing users to track transactions across the network. This also allowed users to inscribe metadata onto the satoshis, which led to the creation of inscriptions.

The RC20 router enables seamless asset swaps across various protocols, helping to break down existing barriers between isolated networks.

The routers work alongside the CCIP framework to ensure seamless asset transfers between these blockchains. Ordinals, inscriptions, and RC-20 tokens can be swapped, traded, and transferred from the Bitcoin ecosystem to other supported networks.

LayerZero

LayerZero is dubbed the “blockchain of blockchains” that allows other blockchain networks to communicate directly. The protocol uses low-level primitives and Ultra Light Nodes (ULNs), capable of running on any blockchain, to act as cross-chain communication endpoints.

LayerZero provides an authentic and guaranteed message delivery system with the added utility of configurable trustlessness. The protocol is a critical part of SatoshiSync, designed to improve the capacity of the RC20 infrastructure.

Using its ULNs, SatoshiSync can verify the validity of cross-chain transactions and messages using block headers and transaction proofs. It can also facilitate seamless asset swaps across protocols.

LayerZero and its Omnichain Fungible Tokens (OFT) were introduced in the second version (V2) of SatoshiSync’s protocol. This integration allows developers to establish contract-to-contract communications, solves liquidity challenges, and provides a simple infrastructure for users.

Features of the SatoshiSync ecosystem: Dashboard, Runescribe, SatoshiSync Bridge and Liquidity

Dashboard

Source: SatishiSync Whitepaper

The main feature of the SatoshiSync project is the dashboard, which is designed to enhance portfolio management for BTCFi asset holders. The dashboard aggregates data from multiple supported blockchains to display a holistic view for users.

The dashboard lets users gain insight into asset performance, allocation, gains, losses, overall distribution, and historical data. This is possible through its integration with price feeds, ensuring users have real-time, up-to-date information.

By analyzing the information presented, users can make informed decisions about their holdings. The platform supports BRC20 assets and plans to expand into EVM-compatible chains and Solana, allowing users to access more assets within the same project.

Runescribe

Source: SatoshiSync Website

The Runescribe platform allows users to create and manage Runes and Inscriptions directly on Bitcoin’s network. The platform leverages the Rune protocol to mint new Runes and Inscriptions by enabling users to inscribe on BRC-20 tokens.

The minting process requires the creator to specify the start and end block numbers and flexible minting timing. They can also choose from pre-set fee rates (normal or fast) or create their own fee rate. Finally, users are expected to connect their BRC wallet to allocate Runes to specific addresses and simplify the management process.

The platform allows users to bridge their created assets to other blockchains, including Ethereum and Solana.

SatoshiSync Bridge

Source: SatoshiSync Website

A major issue facing the Bitcoin finance (BTCFi) space is liquidity. The SatoshiSync Bridge addresses this challenge of liquidating BTCFi tokens as the first permissionless protocol for bridging BTCFi assets across different blockchains.

The platform aims to remove barriers segmenting the Bitcoin network from the rest of the crypto space by bridging to EVM-compatible or SOL blockchains. To bridge assets from BRC-20 to EVM chains, users need to connect their wallets on the SatoshiSync Bridge page.

They also need to connect their EVM wallet and ensure the recipient address corresponds with the connected EVM wallet. Once confirmed, the bridging process establishes liquidity on the desired EVM chain.

Liquidity

Source: SatoshiSync Website

SatoshiSync is a liquidity optimization protocol that allows developers to create liquidity pools in five currently supported blockchains: Arbitrum, Ethereum, BNB Smart Chain, Base, and Solana.

The protocol combines the RC20 Router and the Cross Chain Inscriptions Protocol to create liquidity pools and add liquidity for the created tokens. It also features a user-friendly interface that allows developers to manage assets without writing complicated codes.

Users choose whether to create a new pool or add liquidity to utilize the platform. Next, they choose the desired network and token pair. Then, the amount is approved, and the event is executed.

What is the SSNC token?

Source: SatishiSync Whitepaper

SSNC is the native token in the SatoshiSync ecosystem that allows its holders to stake, conduct cross-chain bridging, and participate in governance activities. The token’s revenue-generating model takes 0.1 - 0.2% of each bridging transaction conducted on the platform.

This revenue is converted at market price to buy back tokens and distribute a percentage to stakers. Another percentage is used to burn SSNC, giving the token its deflationary design. Stakers of SSNC are also eligible to receive airdrops similar to the Celestial model.

The token has a total supply of 1 billion and a circulating supply of 53 million. The tokenomics allocated 15% (150 million) to the development team, with a vesting period of 24 months, and 5% unlocked during the token generation event (TGE).

15% (150 million) is allocated to marketing, with a vesting period of 24 months and 5% unlocked during the token generation event (TGE). 5% (50 million) is set aside for initial liquidity, with a vesting period of 1 month and 50% unlocked at TGE. 15% (150 million) is allocated to the team to be locked up for 12 months, with a vesting period of 24 months.

32.5% (325 million) is allocated to the treasury for emissions, with a lock-up period of 4 months and a vesting period of 36 months. 4% (40 million) is allocated to advisors, with a lock-up period of 6 months and a vesting period of 12 months.

2.5% (25 million) is allocated to seed funding, with a lock-up period of 3 months and a vesting period of 15 months. 6% (60 million) is allocated to private sales, with a lock-up period of 1 month, a vesting period of 15 months, and 10% unlocked at TGE. The final 5% (50 million) is allocated to public sales with a vesting period of 8 months, and 15% is unlocked at TGE.

Is SSNC a Good Investment?

The SSNC token is the native token of the first permissionless protocol for cross-chain Runes, inscriptions, and BTC L2s. This allows the token to power a pioneer of interoperability for the Bitcoin network and gives holders the opportunity to take part in airdrops within the inscription space.

Due to the token’s deflationary design, its value is expected to increase in the long run as users bridge assets. This contributes to the profit of stakers who burn SSNC tokens to increase the asset’s value.

Stakers of the SSNC earn passive returns for locking up tokens for 3 to 6 months, with access to governance privileges. The staked tokens provide yield in the form of BTCFi tokens.

Risk Analysis

Advantages

The SatoshiSync project aims to solve the issue of limited liquidity in the Bitcoin DeFi (BTCFi) space, using cross-chain transfers of assets. This can attract users who want to explore using Runes, inscriptions, and Bitcoin L2s.

The SatoshiSync bridge would improve interoperability among previously isolated blockchains and platforms. The user-friendly interface and comprehensive dashboard allow users to manage their assets better.

SatoshiSync would facilitate the deployment of assets and provide liquidity across chains, expanding the use case of BTCFi assets.

Disadvantages

SatoshiSync integrates several complex protocols, such as CCIP, RC20 routers, and LayerZero, which could create an entry barrier for new users. It is also a new project built on the oldest blockchain with a fairly tested concept.

As the first permissionless cross-chain protocol in the Bitcoin network, the project would have difficulty proving its long-term viability. This would also make it unattractive to conservative investors who prefer more established projects.

Challenges

As a cross-chain bridging protocol, and with the rate of bad actors in the crypto space, SatoshiSync would face difficulty securing user assets from hacks.

The regulatory landscape and price volatility are another challenge. It is subject to the uncertainty of future regulatory actions, which could pose a challenge.

Competitive Analysis

The SatoshiSync cross-chain protocol bridges the gap between Bitcoin and other blockchains. Like SatoshiSync, Ren is a general cross-chain bridging solution for various crypto assets, including wrapped BTC assets.

The Ren protocol uses Darknodes, incentivizing nodes to lock user funds on the original chain, and mint wrapped tokens on the target chain. The SatoshiSync protocol combines the CCIP with LayerZero, achieving more decentralized executions than the Renn protocol.

The Ren protocol is a general cross-chain protocol that caters to a broader audience of cryptocurrency users and DeFi participants. Meanwhile, the SatoshiSync project focuses on Bitcoin DeFi (BTCFi) and unlocking the potential of Bitcoin-based assets on other blockchains.

The SatoshiSync project better utilizes assets on Bitcoin’s network than Ren, which wraps BTC assets with limited use cases.

How Can You Own SSNC?

Users can follow a simple process to own SSNC tokens and become a part of the SatoshiSync ecosystem.

Setup a Wallet

One way to own SSNC tokens is to purchase them through an exchange. For this, the user must create a Gate.io account, complete the KYC process, and add funds to the account to buy the token.

Utilize the SSNC Tokens

Once users have acquired SSNC tokens, they can explore the SatoshiSync ecosystem by swapping, bridging, and providing liquidity for BTCFi assets. They can also stake to participate in governance and earn passive rewards.

Take action on SSNC

Users can trade the SSNC token here.