Delicious Strudel Bitcoin Update — vBTC peg restored, a potential exchange listing, and a new bridge to BCH
Greetings, Strudel Nation. It has been an incredible week at Strudel.finance and we wanted to share some updates with the community. And make no mistake, this is just the beginning…
The Strudel Premium
The Master Chefs over here at Strudel Finance started off by baking vBTC, now the price has not only been restored to its 1:1 BTC to vBTC value but has now surpassed the market price of BTC by about 2% as of writing. What happened? Well, along with incredible community support, the team was able to pitch our humble little bakery to a group of venture capitalists, convince them to enter the vBTC liquidity pools, and support the project. They recognized that it gave them exposure to Bitcoin’s price but with the significant advantage of having access to liquidity pool interest, yield farming, lending, borrowing, and the whole range of tools that decentralized finance has to offer. That and an increase in market interest and bam! Fully restored (and then some) Strudel Bitcoin price. You’re welcome. Now go apologize to a dev or admin for the 1000 questions of “what’s happening?”. Better yet, buy them a delicious flaky pastry and tell them you love them.
Price at the time of writing:
vBTC price: $61,365
wBTC price: $59,789
Why is this important?
Strudel Bitcoin, quite simply, is Bitcoin on Ethereum. vBTC can only be minted when a Bitcoin enters the protocol, and to date we as a community have helped over 22 BTC crossover to vBTC on Ethereum, granting them access to the wonderful, blossoming world of Defi. Now that the protocol has restored the price of vBTC, there is more “street cred” with the bridge. 100% decentralized, 100% functioning, so what's next? vBTC might be our first love, but it won’t be our last…
Behold the Interchain Strudel!
A twist on our classic flavor, the crew of mad-genius Strudel bakers are now bringing Bitcoin Cash (BCH) to Ethereum. This new Strudel BCH-ETH bridge will exist as the first trustless BCH bridge to Ethereum. We targeted BCH due to its $10 billion dollar market, ripe for the picking, with no trustless competitors. Strudel is the one and only. Furthermore, the Strudel BCH-ETH bridge will be implementing a fresh L2 relayer which will serve to dramatically reduce the cost to bridge assets. We’re also aiming to eventually apply this L2 relayer to the original vBTC bridge as well as future bridges. The Strudel BCH bridge will be a familiar sight to those who have used the Strudel BTC bridge. The bridge interface will be identical, making this very user-friendly for previous and future users. This will mark the second bridging protocol for the Strudel team, with no signs of slowing down…
Ever thought about opening up a liquidity pool bakery? Now is your chance on the new BCH pool that is going live on Strudel. To date, Strudel has had one of the best APY returns of any legitimate pools for the better part of 2021. If you have BCH and are interested in bridging them trustlessly, and non-custodially, but still have questions, come by the Official Strudel Bitcoin Telegram Channel. The admins are sexy and the community is fire. Half of that is true. We’ll let you decide.
Why is this important?
I’m glad you asked. The original goal wasn’t to stop with a fully decentralized Bitcoin-to-Ethereum bridge, but rather a fully decentralized bridge protocol for as many chains as possible. Think of it like a cross-chain Grand Central Station. The DeFi ecosystem should be accessible by all blockchains, without unnecessary custodial risk. This also means that we are now going to be exposed to the vibrant marketplace going on at Pancakeswap and beyond.
You heard that right. We are submitting a governance proposal to add a centralized exchange for vBTC, and hopefully TRDL and vBCH at the same time. We have a popular one in mind and are already in talks with them. This listing will help with some of the gas fees for trading, give us more exposure as an ecosystem, as well as provide centralized price oracles required for listing on Sushi Bentobox for all our borrowing and lending cravings. It’s all a part of the plan…
In order to be able to list on a centralized exchange, we have to pay the exchange fee which is well into six figures for this particular one. The development team is planning to submit a proposal to the governance portal regarding the need to raise funds to implement our current and future goals. To do so we will ask the community to allow for a number of strudels to be minted, bonded into governance strudels and sold OTC to strategic investors which will allow us to take this project to the next level. The details of this proposal will be available in the following days at the governance forum to be discussed by the community at large.
Why is this important?
Again, great question. We need to make some strategic investments to increase our presence and appeal to a larger market as a protocol. Now that vBTC is pegged, it's in our best interest to showcase the product so that we can increase market participation, deepen our liquidity pools, and decrease volatility. The inflation produced by this initiative should be weighed against the potential for explosive growth that this proposal will help achieve.
A big shout out to our community at Strudel. The liquidity-pooled bakers, the degen bakers; all of you wonderful, fine internet folks. Thanks for everything you do. Let’s keep pushing forward!