Grumpy Sat (gSAT)

The Problem:

The current market trend is extremely volatile, and new users are often drawn towards high-risk “cheap” meme coins that often lead to massive losses and dangerous rug pulls. We have also noticed that these users tend to perceive BTC as “too expensive” and many do not have an allocation for it in their portfolios.

There is also an issue with Ethereum gas fees for the average user where trading becomes too expensive to perform on a regular basis. This is not healthy for the ecosystem because meme coin investors are often left holding worthless tokens.

The Plan:

Grumpy Sat (gSAT) is the first meme coin backed by the actual value. We have deployed a two-way bridge on Polygon (Matic) that converts Strudel Bitcoin (vBTC) to gSAT (the “purr function”) and vice versa (the “snarl” function). Each gSAT is always backed by 1 satoshi of vBTC (a Strudel Satoshi). Because gSAT is backed by actual value (vBTC), and vBTC exists on Ethereum and Matic with price differences and utility of its own, gSAT provides ample opportunity for monetary gains through arbitrage and Bitcoin exposure. Because gSAT is backed by actual value, the risk is decreased substantially. You can always redeem your gSAT for the same rate you minted it. Grumpy Sat holders will also get the benefit of being part of amazing contests, drawings, and presales organized by the Nerd DAO, providing utility and opportunity for price appreciation for gSAT on its own. Grumpy Sat is a meme coin on steroids.

What’s a Satoshi?

The general unit structure of Bitcoin is as follows: 1 Bitcoin (BTC) is equivalent to 1,000 millibitcoins (mBTC), 1,000,000 microbitcoins (μBTC), or 100,000,000 satoshis.

Each Grumpy Sat is backed by 1 satoshi of vBTC (a “Strudel Satoshi”) and is always redeemable for vBTC with GrumpySat Swap using the “Snarl” function.

What is Strudel and Strudel Bitcoin (vBTC)?

Strudel Finance is the first and only one-way, trustless bridging protocol linking Bitcoin, Bitcoin Cash, and other centralized assets to DeFi. Strudel Bitcoin (vBTC), is minted at 1:1 when Bitcoin (BTC) is bridged through the Strudel protocol to Ethereum. vBTC can also be traded just like any other token on Ethereum and is now available on Matic as well. You can bridge Ethereum based vBTC to Matic using the Ethereum-Matic bridge. vBTC’s value is pegged to the value of Bitcoin at 1:1 using market dynamics and incentives. With a pegged Bitcoin value and the ability to interact on DeFi (liquidity mining, lending, borrowing, etc) vBTC is an even more valuable and relevant asset to own than Bitcoin itself. Think of it as Bitcoin with Benefits.

Click here to read the Welcome to Strudel guide.

The Purpose of Grumpy Sat

With all the meme coin rage, we want to incentivize “stacking sats” as a form of long-term storage of value. Degens can have fun while also investing in an asset that will secure their gains over time. While many perceive Bitcoin as “expensive”, investing in fractions of a Bitcoin (aka satoshis) is actually quite cheap and will yield consistent gains over the years as the crypto sphere continues to grow.