Strudel DAO: The first and only one-way, trustless bridging protocol
The Strudel DAO links Bitcoin (BTC), Bitcoin Cash (BCH), and other centralized assets to the expanding DeFi landscape. Powered by the governance token, Strudel Token (TRDL), Strudel allows BTC, BCH, and other assets to be utilized in the Ethereum and Polygon ecosystems to reap the benefits of liquidity mining, arbitrage, lending, collateralization, and more.
By eliminating the need for custodial control of assets with typical wrappers, Strudel’s trustless protocol trades off counterparty risk for market risk while using market dynamics, crypto-economic incentives and cross-chain capabilities to maintain a pegged, scalable, and capital-efficient ecosystem. This one-of-a-kind economic approach offers average users and big money investors alike numerous options for monetary growth and grants more diversity and security to DeFi.
Learn more about the protocol in our documents.
What is Strudel DAO?
By eliminating the need for custodial control of assets with typical wrappers, Strudel’s trustless protocol trades off counter-party risk for market risk while using market dynamics, crypto-economic incentives, and cross-chain capabilities to maintain a pegged, scalable, and capital-efficient ecosystem. This one-of-a-kind economic approach offers average users and big money investors alike numerous options for monetary growth and grants more diversity and security to DeFi.
Trustless
BTC collateral is safely kept forever in the custody of the Strudel protocol. Nobody can move the underlying BTC on the original chain. They can only be utilized in the Ethereum ecosystem.
Capital Efficient
The Strudel protocol doesn't need collateral to guarantee the safety of the assets bridged. For this reason the protocol is able to incentivize liquidity provision to sustain the peg long term.
Scalable
vBTC can realistically wrap a significant number of the BTC supply. As more BTC cross the bridge, the system value is solidified and assets will trend closer to the pegged price.
L2 Ready
vBTC and $TRDL are ready to be ported to other chains, unlocking BTC as collateral in all of the interchain.
Fantom is perfect for a BTC DeFi ecosystem.
We found Fantom’s approach to continuous technical innovation and strong application layer foundations well suited for the heavy lifting Strudel DAO is going to need.
Fantom is also a solid ecosystem, which has been rising even when Bitcoin was deflated. This tells us that the market is aware of Fantom’s potential. That’s why we choose to launch on the Fantom; a new network with plenty of growth for Strudel DAO to start fresh.
![Why Strudel?](images/why-strudel-illustration.jpg)
Introducing the Orkan ($ORK): A decentralized reserve currency for the Fantom Ecosystem.
Being able to bridge BTC on a blockchain in a trustless way, needs consensus. The more people bridge, the more will be able to bridge The more it is used the better it keeps peg. After we’ll have acquired our sizeable positions in Spirit and/or other projects, we’ll introduce vBTC farms and direct yields to those. This permanently increasing demand and will make vBTC price rise, even above peg.
But why $ORK token? Orkan is the German word for Hurricane. And we’re bringing the Bitcoin Hurricane to Fantom. $ORK will be the reserve currency for the new Ohmification of our Strudel Protocol incentives. We need incentives in place to buy vBTC when it is below peg on Mainnet, and a place to arbitrage it on Fantom, or bond it to the protocol for discounted $ORK. This creates a buying pressure we didn’t have before, and incentivizes a trading/bonding structure rather than direct sale. This equates to a more utility-heavy Strudel-wrapped Bitcoin. The longer we can keep the price pegged to the BTC average, the deeper the pool gets, the stronger the bridge.
The bridging will come as natural arbitraging. And people will bridge. A lot. We’re building other strong use cases for vBTC too, which will be here to stay. Everywhere there is a pool with wrapped Bitcoins, there will be vBTC. And, most of the time, we’ll be the highest paying of your wrapped BTC options.
Join our DiscordEnter the Strudel
By using the Strudel Dapp, Bitcoin is permanently locked and marked with the Strudel protocol identifier. The lock transaction is then relayed to Ethereum, issuing vBTC on Ethereum in the exact ratio of 1:1.
$TRDL/ETH SLP![How does it work?](images/how-does-it-work-illustration.jpg)
![The Strudel Token](images/strudel-token-illustration.jpg)
The Strudel Token
$TRDL 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, $TRDL is minted alongside vBTC, providing extra incentive.
- $TRDL rewards are distributed per block to liquidity providers of various Strudel (Terra Farm) pools.
Terra-farming started at block #11.021.639 with 1 $TRDL per block and this reward remains. As another incentive, the more BTC that cross the bridge, the higher the bonus multiplier is for Terra farmers, increasing $TRDL harvests above 1 $TRDL per block temporarily.
vBTC/ETH LPMeet the Strudel team.
Strudel Finance operates under the open organization principles where contributors are free to participate and be rewarded when adding value to the ecosystem
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