River

River（原名Satoshi Protocol）於2024年成立後不久，即獲得Maelstrom Fund（Arthur Hayes的加密貨幣基金）的策略投資，建立起機構支持。 隨後它升級為鏈抽象穩定幣系統，推出Omni-CDP、Yield和4FUN模組，分別用於跨鏈抵押鑄造satUSD、收益分配及貢獻激勵。2025年，RIVER的公開發售售罄，並在HTX、OKX等交易所上市，短暫進入市值前100名，月漲幅達1,900%，但分析師警告存在操縱風險。經歷價格攻擊後，團隊暫停積分兌換並升級安全機制。隨後TRON DAO投資800萬美元，以整合TRON生態系統。

Incentives and staking: Season 5 ran from April 22 to June 30 with 82,000 participants and about 1.6 million RIVER staked, worth roughly $10 million, with staking APR reaching 62% on May 27.

Conversion and seasons: Conversion 3.0 launched on May 8. Season 6 closed on September 30 and Season 7 runs from October 1 to December 31, keeping the conversion rate at 0.01.

Progress and pressure: satUSD reached merchant checkout in Vietnam, Brazil, Argentina and the Philippines, and integrated the OKX DEX on May 12. The token slid from a January peak of $87.79 to about $2.76 in August, a drop of roughly 97%.

On 9 February 2026 RIVER began spot trading on LBank, the starting point for a broader liquidity push. The protocol is built on Omni-CDP: a user posts BTC, ETH or liquid staking tokens on one chain and mints the satUSD stablecoin natively on another, with LayerZero messaging and the OFT standard keeping collateral and debt in sync and avoiding wrapped assets and third-party bridges. The design books debt on the minting chain rather than beside the collateral, so liquidations fire across chains, which is harder engineering than a single-chain CDP.

During the year River worked toward satUSD on more than 15 networks, covering Arbitrum, BNB Chain, Base, BOB and Hemi, while the stablecoin was used for merchant payments and remittances in Argentina, Vietnam, Brazil and the Philippines. On governance, roughly $10 million of RIVER was staked and voted in the previous season, and locking as veRIVER raises satUSD+ yields and cuts fees. Payment use depends on local partners for compliance and conversion, with the protocol supplying only settlement and mint-redeem.

River will broaden Omni-CDP collateral and target chains, deepen payment deployments in Latin America and Southeast Asia, and merge governance, staking and yield into one chain-abstraction banking experience. The relationship between token price and satUSD supply remains the main external gauge of real demand.

共同創辦人暨執行長：Pierce Hung（Naka，Twitter @ilmondox）。前Satoshi Protocol共同創辦人；曾領導跨鏈穩定幣系統River（原名Satoshi Protocol）。 共同創辦人暨技術長：Ray Huang。台灣全端工程師；曾任TKSpring區塊鏈開發者及Pluto Lab創辦人。畢業於國立交通大學機械工程系，具備以太坊、Solidity等相關經驗。 共同創辦人：Gimmy Chang。負責機制設計、融資及對外關係；主導2024年3月的AMA活動。

River charges a one-time minting fee for satUSD equal to the base rate plus 0.5%, with a floor of 0.5% and a cap of 5%; the redemption fee is likewise base rate plus 0.5%, and the base rate adjusts dynamically with redeemed satUSD as a share of supply while decaying at an hourly factor of 0.944.