Strudel is the first one-way, trustless bridge linking Bitcoin to Ethereum. vBTC, the resulting asset, trades off counterparty risk for market risk, bringing more diversity to the tokenized-BTC landscape. In the long term Strudel is about using the forces of crypto-economics to challenge the status quo of blockchain and free BTC from the grip of Wall Street.
Transforming BTC to vBTC
By using the Strudel Dapp, Bitcoins are burned and marked with the Strudel protocol identifier. The burn transaction is then relayed to Ethereum, issuing vBTC in the exact ratio of 1:1.
Use on your own risk. Your Bitcoins will be burned! Read more here.
$TRDL (/ˈstruːdəl/) is the governance and reward token for the Strudel Protocol. It is created on 2 separate occasions:
- When a user crosses BTC over the bridge, $TRDLs are minted alongside vBTC. Early users receive an exponential reward as depicted in the graph.
- $TRDL rewards are distributed per block to liquidity providers of various terra-farming pools. Of those, the vBTC-ETH pool takes a special role in maintaining the price peg.
🚀 Terra-farming starts at block #11.021.639 with 1 $TRDL per block.
🎉 Until Block #11.434.002 - December 11 there will be a 4x $TRDL bonus 🎉
👉 Enter the Strudel here: https://strudel.finance
vBTC Price Stability
The Strudel Protocol implements a unique pegging algorithm keeping vBTC prices synced with BTC. Those willing to be slightly leveraged-short on BTC, deposit liquidity into the vBTC/ETH pool to earn fees by facilitating market making activities.
The algorithm utilizes Balancer Smart Pools, Uniswap Price Oracles and the flash-loan capability of vBTC. Continuous trades issued by the peg algorithm stabilize the price and provide a price guarantee within limited bounds.
- When ETH and BTC market prices correlate, liquidity providers simply earn rewards.
- When ETH goes up against BTC the pegging algorithm issues trades. Those profits are used to buy back $TRDL and burn it. Read more about that here.
- When ETH goes down against BTC the liquidity is used to support the market price through arbitrage trading. The peg can be guaranteed up to a price disparity of 300% starting from todays price. Only when this threshold is exceeded, the arbitrage stops, and the token starts to float free.
Nowadays market conditions are optimally aligned for the proposition the Strudel protocol is making. While ETH is steadily gaining market dominance, the tokenized BTC supply of projects like WETH, REN and SNX is going through the roof.
Become a part of the movement, and farm the flippening here: https://strudel.finance
Still unsure about Strudel?
Read on how to use the Strudel protocol in a safe and secure manner here.
This is an experiment. Use it at your own risk.
- No VCs
- No pre-mine
- No ICO
🙌 Join the Discord community: https://discord.gg/fBuHJCs
📫 Support and follow us on Twitter: https://twitter.com/strudelfinance
🧐 Read about our trustless bridge here: Bridging without Intermediaries