Turn your BTC into vBTC and earn $TRDL rewards
Strudel is the first one-way, trustless bridge linking Bitcoin and Ethereum. The bravest explorers that arrive on the other side will get extra $TRDL rewards.
What is Strudel?
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.
BTC collateral is safely kept forever in the custody of the Strudel protocol. Nobody can move the underlying coins in the original chain, they can only be traded by using vBTC on the Ethereum ecosystem.
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.
vBTC can realistically wrap a significant number of the BTC supply. As more BTC enter the strudel, the system value is solidified and the asset will trend closer to the peg price. because of token distribution and implementation in DeFI.
vBTC and $TRDL are ready to be ported to other chains, unlocking BTC as collateral in all of the interchain.
There isn’t much you can do with a Bitcoin
For Bitcoin to participate in these protocols it needs to be wrapped into the Ethereum chain in order to be compatible. A wrapped token is really an IOU that is emmited into the Ethereum network for every BTC deposited into a wrapper protocol.
The BTC network is slow, outdated, and relies on centralized services to trade with no smart contracts. Decentralized Finance allows people to be their own bank. They can gain interest on their assets, get loans and trade without having to relinquish control of their tokens.
Current Bitcoin wrapper protocols such as WBTC and renBTC rely on multisig setups to hold the BTC.
This poses a security risk because Bitcoin multisigs are capped to around a dozen signers. This means that there is a real possibility of them colluding to remove the underlying value of the wrapped BTC, causing the loss of the peg and value collapse.
The strudel protocol addresses this issue by achieving a trustless BTC wrapper. You do not have to rely on a group of people to hold the keys to the Bitcoins, because the wrapping procedure burns the BTC in order to create vBTC which is fully compatible with the Ethereum ecosystem.Pitch Deck
Enter the Strudel
By using the Strudel Dapp, Bitcoins are burned and marked with the Strudel protocol identifier. The burn transaction is then relayed to Ethereum, issuing vBTC in the exact ratio of 1:1$TRDL/ETH LP
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, $TRDLs are minted alongside vBTC.
- $TRDL rewards are distributed per block to liquidity providers of various terra-farming pools.
Terra-farming starts at block #11.021.639 with 1 $TRDL per block.vBTC/ETH LP