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Welcome to Strudel: The Guide

Strudel Finance
11 min readJun 25, 2021

Overview

Strudel Finance is the first and only one-way, trustless bridging protocol linking Bitcoin (BTC), Bitcoin Cash (BCH), and future 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, cross-chain arbitrage, and index funds with a goal to incorporate lending and collateralization in the near future.

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.

A great Satoshi Stacker introduction to Strudel. MANY updates have been made since.

Recent Updates

This section will be updated regularly to provide a resource for users to learn about recent Strudel developments. Keep this page bookmarked, follow our Medium page, and follow the official Strudel Telegram group to stay on top of the news. More to come soon!

Notes: Medium articles linked in titles. Newest updates listed first.

Strudel R&D Update: The NFT Edition

  • The Strudel NFT Index has just been launched as the newest addition to the growing line of Strudel utilities. We have created and added liquidity to a Balancer pool that auto-rebalances to hold even amounts (25%) of vBTC and the fractionalized versions of $PUNK, $BAYC, and $COOL. Furthermore, a Strudel NFT Index yield farm on Strudel Farms has been created to further increase the incentive for providing liquidity to the index. The current rate is set at 9.09% of TRDL rewards (at base rate: ~545.4 TRDL/day).

Strudel R&D Update: Uniswap v3 liquidity mining incentives for wBTC-vBTC are here!

  • Covenants has come out with general-purpose farming contracts for Uni V3. Their implementation has several unique features which will be of service for our protocol’s use case. Through Covenants, we will be issuing 1000 TRDL per day for the next 30 days for the vBTC-wBTC Uni V3 pool as our first farming schedule.
  • vBTC-wBTC Covenants/Uni v3 pool and farm

Strudel’s Mare Imbrium Fund: The Guide

  • A complete introduction and guide to the new Mare Imbrium Fund, a low-risk, high-reward, self-supporting, auto-balancing Balancer smart pool. The Mare Fund is composed of all Strudel assets, vBTC, vBCH, and TRDL, a stablecoin in oneVBTC, deflationary TWA/ETH LP tokens, and wETH.

Strudel Update: Perfectly Balanced… as All Things Should Be

Strudel Liquidity Incentive Revision (SLIR)

  • Update: Phase 1.1 of the Strudel Liquidity Incentive Revision was activated on May 20th, 2021. Phase 2.0 will be activated in Q3.

Strudel Funding Proposal

Strudel x Cometh Partnership and Polygon (Matic) Integration

  • To further Strudel’s cross-chain expansion, TRDL and vBTC have been mapped to the Matic blockchain and has partnered with Cometh.io, a fun and original game allowing players to collect, trade, and earn tokens from ERC-20 protocols. TRDL and vBTC are now available to trade and pool on Matic and an ETH-Matic bridge is available. More links are provided below.

Current Strudel Assets

Strudel Bitcoin (vBTC)

The first engine to Strudel, Strudel Bitcoin (vBTC), is minted at 1:1 (plus Strudel Token incentives) when Bitcoin (BTC) is bridged in a 100% trustless manner through the Strudel protocol to Ethereum. vBTC can also be swapped just like any other token on Ethereum and now can be traded and pooled on Polygon (Matic) as well. Currently, multiple incentivized pools and funds exist for vBTC on both Ethereum and Polygon (see below). Plans for the ability to lend and collateralize vBTC will also be implemented in the near future, making it an even more valuable and relevant asset to own in this dawning age of decentralized finance. The archaic strategy of holding Bitcoin without a way to make capital work for the holder is a thing of the past. vBTC allows holders to make their capital work for them. By combining the benefits of Bitcoin with the benefits of decentralization, and while doing so in a uniquely secure and trustless manner, vBTC can be thought of as “Bitcoin with benefits”.

Strudel Bitcoin Cash (vBCH)

The second engine to Strudel, Strudel Bitcoin Cash (vBCH), is minted at 1:1 when Bitcoin Cash (BCH) is bridged through the Strudel protocol to Binance Smart Chain (BSC). This L2 solution provides dramatically improved gas fees for claiming bridged tokens as well as Strudel Token (TRDL) incentives for early adopters. This solution will eventually be incorporated on all prior and future Strudel bridges. Furthermore, a native BSC-ETH bridge has recently been implemented to bring minted vBCH and TRDL back to Ethereum where they can reap the benefits of decentralization. This BSC-ETH bridge is another checkmark for Strudel’s goals to expand cross-chain for interoperability, a fantastic utility in its own right. This application allows for investors to bridge funds on ETH to BSC through vBCH and TRDL, and vice versa. Recently developed pools/funds have allowed for investment of vBCH on Ethereum, and its utility will continue to expand on Ethereum and other blockchains. Think of vBCH as “Bitcoin Cash with benefits”.

Strudel Token (TRDL or $TRDL)

The gas to vBTC/vBCH’s engines, The Strudel Token (TRDL or $TRDL) serves as the governance token for the Strudel protocol as well as an incentive for using the Strudel bridges and providing liquidity. Furthermore, TRDL can also be pooled on various protocols with economic incentives, including Strudel’s Terra-Farms, allowing users to compound earnings. As Strudel continues to expand cross-chain, the TRDL is now available on Ethereum, Polygon, and Binance Smart Chain with plans to further increase utility and liquidity in the near future.

Strudel has recently adopted a revolutionized governance system where TRDL is used to give the community a voice in instituting changes to the protocol. We are open to feedback and eager to have community members have a more active role in Strudel’s development. Beyond the utility of governance, TRDL lockups inherent in the governance system will lower circulating supply and add holding incentive, naturally leading to an increased TRDL value. Furthermore, TRDL rewards are provided for those who choose to lock their tokens for use in governance. These will be automatically distributed when unlocking. The Return on Investment (ROI) for governance lockups is a function of the number of weeks users choose to lock up their tokens, ranging from 1–52 weeks, and the size of the stake. The interest gained on TRDL deposits starts at 10% for a 100 TRDL deposit for 52 weeks and tapers down as the amount staked increases. This ensures we can guarantee a fixed rate to all users who wish to be more involved with the TRDL community.

Mare Imbrium Fund index token (Mare)

The Mare Imbrium Fund is a Balancer smart pool with six assets weighted at 16.67% each. This fund includes three Strudel assets, the deflationary TWA token, ETH, and a stablecoin. The assets represented by the Mare token (with main liquidity sources linked) are as follows:

Note: Since TWA/ETH LP tokens are one of the six assets in the Mare Fund, you could also say that ETH makes up 25% of the index and TWA makes up 8.34%.

The Mare Imbrium Fund is a highly undervalued and low-risk index fund that gives exposure to the Strudel ecosystem while also being supported with ETH, a stablecoin, and the deflationary TWA token. Investment of one asset (single-sided liquidity) provides demand for the other five tokens through arbitrage rebalancing inherent in these types of smart pools.

Complete information regarding the Mare Imbrium Fund can be found in the Mare Imbrium Fund Guide here.

Grumpy Sat (gSAT)

To add a little spice to the Strudel protocol, but not at the expense of utility, Grumpy Sat (gSAT) has just launched as the first “meme coin” backed by actual value. Strudel has deployed a two-way wrapper on Polygon (Matic) that converts Strudel Bitcoin (vBTC) to gSAT via the “purr function” and back, via the “snarl” function. Each gSAT is always backed by 1 satoshi of vBTC (a Strudel Satoshi, if you will). Because gSAT is backed by actual value (vBTC), and because vBTC exists on Ethereum and Matic with price differences and utility of its own, gSAT provides ample opportunity for monetary gains through arbitrage, Bitcoin exposure, and the benefits of decentralization. Because gSAT is backed by actual value, the risk is decreased substantially. The downside risk is the price of Strudel Bitcoin because holders can always redeem gSAT for the same rate it was minted. The upside is gSAT holders will also get the benefit of being part of 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.

Native Strudel One-way Bridges

Bridge centralized assets to DeFi here.

Bitcoin (BTC) to Strudel Bitcoin (vBTC) (with TRDL incentives)

Bitcoin Cash (BCH) to Strudel Bitcoin Cash (vBCH) (with TRDL incentives)

More to come!

Two-way Bridges

Move your Strudel assets between networks using these bridges:

Native Strudel Ethereum-BSC bridge

  • Currently used for bridging minted vBCH and TRDL from BSC to Ethereum.
  • Once we have active liquidity pools on BSC, this bridge will be used heavily.

Ethereum-Polygon (Matic)

  • Used to bridge assets between Ethereum to Polygon (Matic).

Grumpy Sat Wrapper

vBTC-gSAT

Governance

Update 7/1/2021 : Governance

A recently implemented single-stake option, users can now lock TRDL for 1–52 weeks (you choose) and receive a proportional number of gTRDL for use in governance. All gTRDL holders can submit and vote on Strudel proposals which serve to improve and market the protocol. This includes market policies (supported assets, pool allocations, halving, etc) as well as protocol policies (general rules, allocation of marketing funds, what bridges to implement next, etc). At the end of the lock period, the original deposit of TRDL can be unlocked and a proportional TRDL reward will be distributed automatically. The interest gained on TRDL deposits starts at 10% for a 100 TRDL deposit for 52 weeks and tapers down as the amount staked increases. This ensures we can guarantee a fixed rate to all users who wish to be more involved with the TRDL community.

Strudel Asset Information

Current Strudel assets, their blockchains, and their corresponding exchanges can be found in the following links. Trading and pooling links can also be found within as well.

Ethereum

Matic

Binance Smart Chain (BSC)

  • Coming soon

Charts

Ethereum

Matic

Binance Smart Chain (BSC)

  • Coming soon

Liquidity Pools

Numerous pools exist for Strudel users, several of which are brand new and have low liquidity. This will change. Currently incentivized pools (yield farms) are listed in bold and their corresponding yield farms are listed in the yield farms section below. Acquire LP tokens at the following links:

Ethereum

Polygon (Matic)

All these Comethswap pools are currently incentivized through their liquidity mining program here. All these yield farms yield both TRDL and MUST (check current rates). These programs change weekly, so I’ll try and keep this updated the best I can.

Binance Smart Chain (BSC)

  • Coming soon

Liquidity Mining (Yield Farms)

Multiple high APY farms exist for Strudel assets on various protocols. Deposit your LP/SLP tokens to generate passive income in various forms at the following links.

Ethereum

Native Strudel Terra-Farms (Yield: TRDL)

Current Strudel Terra-Farms TRDL allocation is conducted in accordance with Phase 1.1 as of May 20th, 2021.

Sushi Farms (Yield: Sushi)

Ichi Farms (Yield: ICHI)

Polygon (Matic)

Binance Smart Chain (BSC)

  • Coming soon

Strudel liquidity incentives and yield farms often change. Please stay in touch with the happenings in the official Strudel Telegram group and our Medium page.

Minting OneVBTC

You can either swap for oneVBTC or you also have the option to mint your own oneVBTC on Ichi.farm. To mint one oneVBTC, it requires $1 with a ratio of 98.2% USDC and 1.8% vBTC at the time of writing. This value fluctuates. A few key points:

  1. vBTC funds used for minting accrue in a vBTC treasury for later use by the Strudel team.
  2. oneVBTC is used for pairings in two high APY farms, one on Ichi.farm, and the other on Strudel.finance.
  3. A single oneVBTC is ALWAYS and ONLY redeemable for $1 USDC on the Ichi protocol, but can be swapped on Sushiswap for whatever the current price is. This fluctuates above and below $1.
  4. Because of #3, it’s worth your time to evaluate whether minting or swapping oneVBTC is the most cost-efficient option. In general, if oneVBTC is below $1, swap for oneVBTC. If oneVBTC is above $1, mint it. This is because it always only costs $1 to mint a single oneVBTC.
  5. Take price impact and gas prices into account when making your decision to mint or swap.
  6. This can be confusing, so please ask in the chat or DM a team member if you have any questions.

Current Partners

Links

Please have a look at the following helpful links to see why Strudel is a unique, significant, and profitable protocol within the DeFi ecosystem and learn how to get involved. Please ask any questions you may have in our Telegram group or DM @HisDudeness47. We love to help and we love feedback.

Strudel
Defi
Cryptocurrency
Crypto
Cryptocurrency Investment

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Strudel Finance

Written by Strudel Finance

31 Followers

Strudel Finance is the first and only one-way, trustless bridging protocol linking Bitcoin (BTC), Bitcoin Cash (BCH), and other centralized assets to DeFi.

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