Ethereum
$408.17 -1.56%
ETH · 2w

Strudel Finance - first one-way, trustless bridge linking Bitcoin to Ethereum

Intro

Centralized Bitcoin bridges expose the Ethereum ecosystem to systemic risk. Projects like REN and WBTC lock BTC in insecure multisig setups and raise concerns of total value collapse.

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!

$TRDL

$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...

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