SatoshiVM ($SAVM) Testnet Airdrop GUIDE and UPDATES (DON'T MISS OUT!)
Boxmining
over 1 year ago
The summaries and transcripts on this page are generated with AI technology and may not perfectly represent the content of the video. Please use the information as a guide only.
Executive Summary
SatoshiVM is making waves as a ZK rollup for Bitcoin that's also compatible with the Ethereum Virtual Machine (EVM) ecosystem. This makes it a pretty unique project, allowing you to bridge Bitcoin directly to Ethereum, using Bitcoin as its native gas token. There's a lot of buzz around a potential $SAVM token airdrop for testnet users, and getting involved now is seen as a major opportunity due to the project's early stage, strong investor backing, and the low Fully Diluted Valuation (FDV) expected for the token.
Here’s a breakdown of what makes SatoshiVM a project to watch and how you can get involved:
What is SatoshiVM?
- SatoshiVM is essentially a ZK rollup built on Bitcoin, which means it processes transactions off-chain and then rolls them up onto the Bitcoin blockchain in a compressed format, improving scalability and efficiency.
- A key feature is its compatibility with the Ethereum Virtual Machine (EVM), allowing it to interact with and utilize the vast ecosystem of decentralized applications (dApps) and tools built for Ethereum.
- It uniquely allows for native bridging of Bitcoin assets to Ethereum, using Bitcoin itself as the gas token for transactions within its ecosystem. This direct link between Bitcoin and EVM is considered one of a kind.
Recent Updates and Project Outlook
- The SatoshiVM testnet has just opened, and it's still incredibly early, having been live for only about 72 hours. This suggests you have a chance to get in early on potential airdrop farming.
- The project's Q1 2024 roadmap, which includes the testnet launch, has been completed remarkably fast. The next phase, "Satoshi VM Lite," is coming soon, with a swap function expected to be enabled.
- Currently, the main interactions on the testnet are limited to the BTC bridge and the SAVM bridge (which uses Ethereum Sepolia).
- Despite being so new, the testnet numbers are already "insane," indicating it's getting a lot of attention, possibly "over farmed" in the competitive airdrop space. However, if you're invested in the Ordinals ecosystem, SatoshiVM is definitely the play.
The Airdrop Hype and Why It's Believed to Be Imminent
- While there's no official announcement for an $SAVM airdrop specifically for testnet users, there's a strong conviction that one is coming.
- A significant indicator is the upcoming launchpad, which will have two rounds: an IDO (Initial DEX Offering) and a random selection round on Bounce Finance. For the random selection, you'll need "auction" tokens to buy tickets, but a great perk is that you can claim a full refund if you don't win any SAVM tokens.
- The ILO (Initial Liquidity Offering) round is even more appealing, offering weekly Ethereum and SAVM rewards, allowing participants to earn passive income from the Automated Market Maker (AMM) trading fees.
- Influential figures in the crypto space, like Mac (an OG Twitter influencer) and Murtaza, have reportedly met with the developers and are actively "farming" for the airdrop, which strongly implies an airdrop is confirmed internally.
- Kaduna, another notable figure, believes the FDV (Fully Diluted Valuation) of the SAVM token will be very small. A low FDV means the token has huge upside potential for price pumps once it launches, making the "free" tokens from an airdrop incredibly valuable.
- Historically, projects like Stride have rewarded testnet users first, followed by mainnet users, setting a hopeful precedent for SatoshiVM. The belief is strong that snapshots of testnet interactions are being taken.
Step-by-Step Testnet Guide (How to Potentially Qualify for the Airdrop)
- 1. Connect SatoshiVM Testnet to MetaMask: Go to
testnet.svmscan.io
. You don't need to manually add the network; just click the button on the site to automatically connect it to your MetaMask wallet. - 2. Set Up a UNISAT Wallet: If you don't have one, download the UNISAT wallet Chrome extension and set it up. This wallet is crucial for interacting with the Bitcoin testnet.
- 3. Switch UNISAT to Testnet: By default, UNISAT might be on the "live net." Navigate to the settings within your UNISAT wallet and switch the network to "testnet."
- 4. Get Testnet Bitcoin (BTC): Use Bitcoin testnet faucets like
bitcoinfaucet.uo1.net/send.php
. Copy your UNISAT wallet address (ensure it's a native SegWit address – starting withbc1q
– as other address types won't work for these testnet transfers) and paste it into the faucet to claim testnet BTC. - 5. Use the SatoshiVM Bridge: Head over to
bridge.satoshivm.io
.- Connect Both Wallets: Connect both your MetaMask and UNISAT wallets to the bridge. UNISAT will be your source chain for Bitcoin, and MetaMask will receive tokens on the SatoshiVM testnet.
- BTC Bridge: Deposit a small amount of testnet BTC from your UNISAT wallet to your MetaMask on the SatoshiVM testnet. This is a primary interaction for potential airdrop qualification. You can track these transactions on
mempool.space
using your UNISAT address. - SAVM Bridge (Ethereum Sepolia): This bridge allows you to move assets between Ethereum Sepolia and SatoshiVM.
- Get Sepolia ETH: You'll need testnet Ethereum (Sepolia ETH) for gas fees. Use faucets like Sepolia Faucet or Infura (note: these often require an account and have daily caps).
- Claim tSAVM: Claim testnet SAVM (tSAVM) tokens from the faucet provided on the bridge site.
- Bridge tSAVM/Sepolia ETH: Bridge these testnet tokens from your MetaMask (on the Sepolia network) to your MetaMask (on the SatoshiVM network). You can track these transactions on Sepolia Etherscan using your MetaMask address.
- Tracking Interactions: For transactions on the SatoshiVM testnet itself, use the SatoshiVM testnet explorer with your MetaMask address. Look for "internal transactions" to see your bridging activities.
- 1. Connect SatoshiVM Testnet to MetaMask: Go to
Tips for Maximizing Airdrop Potential:
- The general consensus is that performing multiple transactions is key. While the speaker has 16, a viewer suggests aiming for around 30 transactions to increase your chances.
- Actively interact with both the BTC bridge and the SAVM (Sepolia) bridge to show broad engagement with the testnet's features.
- It's worth considering regular interaction as the mainnet launch approaches, which could also be a trigger for the airdrop.
In essence, SatoshiVM is seen as a very big deal due to its innovative technology, strong backing, and the very real possibility of a significant airdrop for early testnet participants. It’s an easy and low-effort way to potentially get a free allocation of a token with insane pump potential.
Transcript
Transcript
Welcome to Box Mining. My name is Ron. I'm an analyst at Box Mining and if you have seen me on Box Mining Plus before, there's where we all talk about airdrops. Now among the videos in our Box Mining Plus, Satoshi VM is a very hot video. It's actually catching up to our Milky Way video, the Milky Way airdrop video. Now there's several updates with Satoshi VM and as for you guys the OG Box Mining viewers, you wouldn't want to miss out on this because I think this is a very big deal. There's pretty a lot of big investors and the FDV for the token itself is actually very low. So once the token comes out, the pumps for it, the potential is insane and if you're farming the airdrop right now, it's really really big. It's super worth it. It's so easy to do. So in this video, I will show you how to interact with the Satoshi VM testnet, how to potentially qualify for the airdrop, as well as several key developments and updates with Satoshi VM. Right? And without further ado, let's dive right in. And I always want to do this. So boom! And we're back! Look at that! So for those of you who don't know, Satoshi VM is essentially a ZK rollup for Bitcoin that is actually compatible with the Ethereum virtual machine ecosystem. I think this is one of its kind because it's essentially it's a Bitcoin protocol that allows you to bridge to Ethereum natively. So it uses Bitcoin as a native gas token. Right? Now we have a full guide on BoxMining.com step by step. So you can go straight to this website. It's very straightforward, but I'll take you by your hand and do it step by step. Okay? So before we get into this though, I want to update you guys on what's happening with Satoshi VM. So recently, actually yeah, it's been open for 72 hours, the testnet. That's when you know we are super early. And according to their roadmap, this is 2024 Q1. This is their first phase of the roadmap and it's already completed so fast. Like it's not even three weeks in, it's already done. So the next phase is called the Satoshi VM Lite. And this is what we're going to look forward to. And I think the swap function will be open very soon. So for now, the only thing you can do on the testnet is the BTC bridge and the Savam bridge, which is basically Ethereum Sepolia. All right? So apart from that, like the numbers speak for themselves. It's already insane. I would say it's actually kind of over farmed, but still the airdrop space across different ecosystems is so competitive. So you have to pick your battles, which kind of ecosystem you want to play into. So if you are big on ordinals, Satoshi VM is the play here. So hello, Aromatic. Hello, Angela. How's it going? All right. And another important announcement and why I think the airdrop could be happening very soon is they're going to be launching a launch pad. So it's going to be two rounds. So there's going to be an IDO and a random selection round. So follow them on Twitter for the official steps that you're going to do. It's going to be held on bounce finance. So you're going to need auction to buy tickets to participate in the random selection round. And this is a good thing. Even if you don't win, you can claim full refund. So I like that. So for several launch pads, they don't really do that. So that's kind of the risk that you have to take. But for here, well, hopefully that you can actually claim full refunds if you don't win any SAVM. All right. And then for the ILO round, it's going to be bigger because for this one, you can claim weekly Ethereum and SAVM rewards. So uh, passive income, you're going to be, yeah, you're going to be benefiting from the trading fees from their AMM. So I like that. I like that. All right. Okay. Now let's dive straight into the steps. Let's not waste any more time super fast, right? So the first thing you have to do is head on over to testnet SVM scan. It'll take you here. You don't have to manually connect uh, the testnet, the Satoshi VM testnet to your MetaMask. You can just click on this button right here, down here. Do you see that? Let me move this here. Yeah. Click on that link, press automatically already. Now, the second thing you need to do is you'll need to set up a UNISAT wallet. So if you've played around with, uh, uh, ordinals and inscriptions before you, you probably already have a UNISAT wallet, but if you don't have, you, you'll need to download one and then put it in your Chrome extension and set it up ASAP. Set it up ASAP. Now, all of the links will be in the description down below. Uh, so you can just follow there super, super easy. So the third thing that you'll need to do and also keep, uh, yeah, I forgot this step. So once you've downloaded your UNISAT wallet, it's going to look like this. You'll have to hop onto the Bitcoin testnet. So on default, it's going to be on the, uh, live net, right? So what you do is you go to the settings here, if you can see it clearly and then switch on over to the testnet, right? And an important thing to note is all token transfers done in the Bitcoin testnet has to be, uh, the native SegWit address. So not the taproot, not the nested SegWit, not the legacy, certainly not the legacy. It has to be native SegWit. Okay. All right. Now the third thing you can do is get some testnet Bitcoin. So you can use both of these faucets. So, uh, the one I use is Bitcoin faucet. You can claim up to 0.0009. Okay. That's good, right? Because 0.0008, they raised the cap. So it's pretty good. So you put your Bitcoin, your UNISAT wallet here. So you copy this paste it here. So you can claim maximum if you want 0.09 and then send testnet Bitcoin. And you have to do the captcha traffic lights, motorcycle. Why is that blurred? Does the wheel count? Okay. Verify. There we go. Wait, wrong volume. Hello? Eight. Then testnet Bitcoin. Stairs. That's a stair. Okay. There. Now it's sent. Now the next step that you do is you head on over to the bridge testnet website. So you click on this link and it'll take you directly here. So there are two bridges you can play BTC bridge and SAVM. So BTC bridge would be the the number one priority here. So you'll have to connect both of your MetaMask and your UNISAT wallet because one is a source chain and the other is the destination chain. So you'll immediately see after you receive the testnet Bitcoin, you can deposit as little as 0.00001. And there it is. Deposit and sign the transaction. And you can see on the block explorer. So all of your transactions coming from the UNISAT wallet, you can trace it here and mempool.space. So, so far, this is just for the transaction hash. But if you copy and paste your, your UNISAT wallet address, you'll be able to see all of the transactions that you've done from the BTC bridge. Okay. At the end of the day, the Satoshi VM here, this is your destination chain. So you're all sending it from the UNISAT wallet, you're receiving it on your MetaMask. Same thing for the SAVM. This is newly launched, I think yesterday. This one, you'll need Ethereum, Sepolia to, to claim the TSAVM faucet here. So the websites that you can use are Sepolia faucet and Infuria. So you'll need an account for them. And there's a daily cap that you'll have to do to claim the Sepolia Eve. Right. So same thing, I have 0.39. So I'll just say, what's the minimum actually? So I can save as much as I can. Okay, 0.001. So I'll just say, if you want to change the network, then you can change the network to Sepolia. And pay a little bit of Sepolia Eve. That's not bad. Transaction sent. So you can also check this on the Sepolia Etherscan. So you paste your wallet address here and you can see the transactions that you've done so far. Now, what you notice is that, why is it not, uh, the, the native SegWit address? Because Satoshi VM at its core is EVM compatible. So what you see is that pretty much all of them are 0x addresses. I mean, if you go to the, the testnet explorer, if you paste your Unisat wallet here, you won't be able to see anything. So it's all through your MetaMask when you're using the Satoshi VM testnet explorer. So you can connect it here and you can see the transactions that you've done so far. So all of the bridging, you can find them at internal transactions and you can see these are all for the BTC bridge. The Ethereum Sepolia, you can trace that in your Sepolia Etherscan, right? So where did I go? Okay. And the token transfers are basically the, the faucets that you're minting the, uh, yeah, for the TAS AVM faucet. Yeah. Okay. And that's it, right? It's super easy. All you have to do is just follow those steps, plain and simple, and we can answer some questions. So, uh, I didn't know how to bridge ETH to Ethereum. You can do that on Bybit. So on Bybit, when you're withdrawing Ethereum, it will say you can select your network so you can choose. There's so many, if you're like ETH layer twos that you can choose, you don't have to pick Ethereum. The fees are much cheaper if you pick, uh, Arbitrum or Optimism. You can't get any if you don't know what a motorcycle is. Would you say one of the requirements for this potential airdrop is knowing what stairs are? Certainly. Certainly. Okay. Now, why I think this is big, why I think the airdrop is imminent, because for now there's no official announcement of an airdrop. So Toshi VM says that there's no current active SA VM at this moment. But the fact that they're doing a launch, a launch pool means that there's a strong chance that they're taking regular snapshots of the people who are interacting with the bridge. So, so far I have 16 transactions. I think I have to ramp that up. I'm so busy with the other, other ecosystems. I think it makes sense that we're going to have to make a spreadsheet, show you all of the ecosystems that you can play around with. It's not just the cosmos ecosystem, guys. There's so many more others. I'm recently interested in the soy ecosystem. There's a lot of airdrops there happening as well. So guys follow us on box mining plus. This is where you have all of the alpha in-depth guide content on airdrops. I know it's a mess right now because there's so many, and this is good feedback because we asked Natalie, even some of the viewers, right? You guys are like, wow, there's so many airdrops. I don't know where to begin. We will make one where your starting point is. We'll show you a spreadsheet of what to do, some criteria. Is it confirmed or not? The airdrop, you know, and all of that stuff, right? And why I think Satoshi VM in general is big is because a lot of big investors are investing in them. So Mac is one of the OG Twitter influencers. He invested in Satoshi VM. So I think he's in contact with the team and he's, he's suggesting that we should just start farming. The fact that he used the word farming means that there's going to be an airdrop, right? I think Murtaza also, they met the developer and Kaduna made a very good point. He thinks that there's going to be very small FDV for the SA VM token. Now, because there's going to be a launch pool first, they're going to get the advantage of reaping the, uh, the, the pump, but airdrop farmers, obviously we get it for free because this is test net actions, right? So based on their roadmap, let's see what they have bridge release. So maybe when the mainnet is launched, we can transact a little bit and hopefully by then BTC gas would be a little bit cheap, uh, bridging from, from Bitcoin to Satoshi VM. But I think the fact that people are really, really sure that there's going to be an airdrop for test net users. I mean, why not? Right. That's what all test net airdrops is all about. And, uh, that, that's what happened to, what's it? Stripe? Is this Stripe? No, it's not Stripe. There's another one, Stride. Stride. Yes. So for Stride, they rewarded test net users first and then they rewarded main net users. So it was very, very good. That's what I'm hoping for. So yeah, I hope you guys find that helpful. Follow us on, uh, Twitter. We also have a box mining plus page and you can also follow me on Twitter. So I'm Ron box mining and we have a box mining plus account. So all the alpha, very casual, very chill, also educational. Yeah. All that stuff. So let's see. Uh, aromatic says, hi, Ron. I have done this Satoshi VM test net. I think you need to do 30 transactions to qualify. Really? Certainly. I'll ramp it up. I'll ramp it up. Thanks for the info brother. Okay. You need to send the SA VM. Okay. Okay. I got you. All right. So guys, my name is Ron. Shonin out.