You may be aware of Strudel from our trustless Bitcoin bridge. The perpetual issue was keeping the vBTC peg, which requires the proper incentives. While it’s been live, we’ve gathered some fresh ideas and resources. Now, we’re back with a more efficient plan.

As we all know, Ethereum’s gas prices are expensive due to high demand and network traffic. Consequently, several other Layer 1 blockchains emerged and started growing an ecosystem of their own.

Most of those networks would fall under the category of Ethereum with different bells and whistles; accompanied by fewer nodes and less decentralization. You bargain security for cheaper fees. It can be done, but there’s no innovation in that, no real catch for the network to triumph.

Fantom is different.

We found that Fantom’s strategy focused on continuous technical innovation. It’s foundation was rooted in a strong application layer. It also happens to be a trending ecosystem, which is thriving despite Bitcoin’s battered market. We see this as a clear indicator that the market is appreciating Fantom’s growth and potential. Thus, we’ve chosen to launch on Fantom, with a fresh supply starting from zero.

An equally important reason for choosing Fantom is SpiritSwap.

SpiritSwap is Fantom’s second largest DEX by volume and total value locked. Its distribution of farming rewards will work as a gauge system, where each week there will be a vote to rebalance the gauge. Curve should be coming to mind now.

If you followed the latest updates in the ‘Curve Wars’, you may be quite familiar with the implications of governing tokens (Convex) when applied to Curve’s gauge. If you didn’t, the essence of Convex/Curve is this:

1). Permanently acquire voting power of the protocol2). Use the voting power as a means of pointing distribution towards a certain farm/token.3). Liquidity providers of that token/farm see green.4). Use a portion or all of the rewards to buy more voting power5). Get more allocation6). Pop a bottle, rinse and repeat.

What happens if the number one liquidity provider for said farm is the protocol whose native coin is a part of the pair itself? What if, one were to strategically increase the position and voting power in a never-ending fashion? How is that possible?

The OHM model is brilliant, a masterpiece. It allows a protocol to grow a treasury without downward pressure on the native coin it bargains with. Quite the contrary; the more an OHM-style protocol gets in debt, the more that is added to the treasury.

The more treasury it has, the higher the expectations for future performance, increasing yields for your stakers. Etc, etc, etc. We don’t have to spend too much time on this topic, as it has already been well documented elsewhere. But we can tell you we’re adding a slight twist to the vanilla dynamics — users will be able to lock, not stake, their tokens.

Number one protocol ecosystem, meet top tier tokenomics.

This would mean less circulating supply and more yields for long-term users. Sky’s the limit.

Thus far, we have roughly explained our vision for Strudel as a proxy to grow the Spirit ecosystem. It’s a bit like Convex + OHM dynamics. And a bit like [Redacted], but with Curve locking. Let’s link this back to Fantom. Right now, the market conditions are perfect for what we’re planning to accomplish.

But what about our long-term vision? How does vBTC fit into this?

Being able to trustlessly bridge BTC to Defi is truly great; No multisig, no custodial risk, it’s perfect. But it needs better incentives to function properly. And with time, the more people bridge, the more people will bridge. The more it is used, the better it keeps peg.

After we have acquired a sizable position in the Spirit gauge we will introduce vBTC farms and direct the gauge to support that pool. Therein, permanently increasing the demand for vBTC, even above the BTC price, and counting on a natural arbitrage to maintain price value. With those conditions, people will bridge. A lot.

And we’re also building other strong use cases for vBTC. Everywhere there is a pool with wrapped Bitcoins, there will be a pool with vBTC.And, more likely than not, Strudel’s will be the most incentivized in comparison.

Although our Fantom supply will start from scratch, our holders on Ethereum Mainnet will be whitelisted for the presale proportional to the amount of their snapshot holdings. The snapshot has not happened yet, so in the coming days, people looking for the whitelist need only to hold $TRDLs currently live on Ethereum. And yes, in the future we will produce a burn/mint contract which will allow Mainnet $TRDL holders to swap for their Fantom counterparts. Do with that information what you will.

We’re building something disruptive.

We found the perfect storm.

Enter the Strudel.

Let’s begin.

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