STRUDEL ($TRDL) AMA @CryptoStarship πŸš€ Recap

Token: $TRDL πŸ’Ž

The Strudel is the first one-way, trustless bridge linking Bitcoin and Ethereum.

Twitter: https://twitter.com/Cosmo_Strudel

Telegram: https://t.me/Strudel_offical

Website: https://strudel.finance/

Medium: https://strudelfinance.medium.com/

Dextools: https://www.dextools.io/app/uniswap/pair-explorer/0x29b0aa11de97f6d5a3293d980990e820bda5fbab

Summary: πŸ“ˆ

Price: 0.611

Mcap: ~$600k

Holders: ~259

Circulation supply: ~1 mil

Circulation supply: 1,266,287 TRDL

Working Product: Yes

Community: Very Engaged, 100% of Liquidity is provided by the Community.

Competition: REN and WBTC (500mil and 1bil caps respectively)

Advantages: Completely and forever trustless, ERC-20 compatible, flash loan up to 21m BTC, Community governed

Team: Experienced Developers ( Keno develops for Sushi ) and Nerd Quarter Founders

Relevant Info: πŸ’°

$TRDL: https://www.dextools.io/app/uniswap/pair-explorer/0x29b0aa11de97f6d5a3293d980990e820bda5fbab

vBTC: https://www.dextools.io/app/uniswap/pair-explorer/0xcfdcd696dde5df39f569807c6934e6ba97cebb8a

You can buy LPs with one click using these links:

Strudel/ETH LP

https://app.zerion.io/market/asset/UNI-V2-0x29b0aa11de97f6d5a3293d980990e820bda5fbab

vBTC/ETH LP

https://app.zerion.io/market/asset/UNI-V2-0xcfdcd696dde5df39f569807c6934e6ba97cebb8a

You can stake the Lps here

strudel.finance/farms

Telegram AMA Conversation Recap: πŸ“

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:02]
Alright Starship, we have the pleasure of having here @Ataxia1 , and we will talk about Strudel today. I will mute the chat now and start the AMA πŸš€ be sure to check that pdf above as it gives a good roundup of the project πŸ‘ŒπŸ»

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:03]
Hey Ataxia, Welcome aboard !

Ataxia, [29.01.21 14:03]
Hello Pilot, nice to finally be in the starship

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:03]
We had kept a seat for you πŸ’Ί

Ataxia, [29.01.21 14:04]
[In reply to Ataxia]

already strapped lmao

Oriental, [29.01.21 14:04]
[In reply to Ataxia]

Good to have You here Yoda!

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:04]
So let’s jump right into business, what is Strudel, and what does it plan to achieve for those not familiar ?

Ataxia, [29.01.21 14:04]
Allright

Ataxia, [29.01.21 14:05]
So strudel us the first trustless bridge for BTC to the ethereum blockchain

Ataxia, [29.01.21 14:05]
So. What is a bridge… a bridge is a protocol that brings coins from other chains into ethereum in order for them to be used in DeFi

Ataxia, [29.01.21 14:06]
Most bridges currently available are NOT trustless

Ataxia, [29.01.21 14:06]
meaning that you trust that the people safeguarding them are not going to take them away

Ataxia, [29.01.21 14:07]
now, Although there is a small risk of something happening, there still is a risk that the value of the BTC being held is big enough that the people holding them decide to take them away

Ataxia, [29.01.21 14:07]
basically rugpulling the bitcoins from underneath the wrapper

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:08]
So you see that as a uncomfortable risk for projects like wbtc or REN ?

Ataxia, [29.01.21 14:08]
Yeah, And I dont advocate for not using or avoiding those projects, they have gone to great lenghts to secure those bitcoins

Ataxia, [29.01.21 14:09]
but there are many bitcoins that havent been wrapped yet (actually the vast majority) so having a diversified risk profile as to the type of wrappers available is super important

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:09]
So the goal is just to do that bridge in a safer and most decentralized way ?

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:09]
I see very good

Ataxia, [29.01.21 14:09]
much like how the failure of tether is less of a risk now than a few years back because there is a variety of stablecoins available

Ataxia, [29.01.21 14:09]
[In reply to Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€]

yes, the strudel protocol removes this β€œcounterparty risk”

Ataxia, [29.01.21 14:09]
but you cant ever do away with all risks

Ataxia, [29.01.21 14:10]
so its replaced with β€œmarket risk”

Ataxia, [29.01.21 14:10]
basically the market not getting to the peg

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:11]
Still sounds like a more fair option

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:11]
Besides the bigger players, are there any smaller projects attempting the same, and where do you stand market cap wise ?

Ataxia, [29.01.21 14:11]
we are the smallest by far i believe

Ataxia, [29.01.21 14:11]
ren is like 500m Mcap right now

Ataxia, [29.01.21 14:11]
wBTC has about 1.3b AUM but no governance token

Ataxia, [29.01.21 14:12]
and there’s other trustless protocols such as tBTC but they achieve that by overcollateralizing the bitcoins which is very capital inefficient

Ataxia, [29.01.21 14:12]
they’re also much higher mcap than us but im not sure what it is rn

Ataxia, [29.01.21 14:12]
its several M for sure

Ataxia, [29.01.21 14:12]
we stand at 700k mcap not counting the bonded developer’s tokens

Oriental, [29.01.21 14:13]
[In reply to Ataxia]

Let that sink in for a bit ;)

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:14]
Fantastic, plenty of market for an alternative product like you guys.
Great, so talking about bonded developer tokens, what is the current supply, total supply and all the relevant tokenomics ?

Ataxia, [29.01.21 14:14]
its 1.250k

Ataxia, [29.01.21 14:14]
dev has got 250k which he is vesting

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:15]
Until when ?

Ataxia, [29.01.21 14:15]
he’s open to claiming his share as the community sees fit since he’s in no need to do so since he’s now a core sushi dev

Ataxia, [29.01.21 14:15]
his worry is that he is going to be dilluted over time

Ataxia, [29.01.21 14:16]
also we dont want him to be a huge governance vote either because it would be too much power

Ataxia, [29.01.21 14:16]
so we have to find a middle ground

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:16]
I saw 0xMaxi in your discord, that was pleasant to see. You talking about Keno correct ?

Ataxia, [29.01.21 14:16]
yeah

Ataxia, [29.01.21 14:17]
he started collaborating with sushi to find a lending solution for vBTC and ended up becoming a core dev working now on Bento box

Ataxia, [29.01.21 14:17]
thats going to let us do what he initially was looking for

Ataxia, [29.01.21 14:17]
both for vBTC and gTRDL i believe

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:18]
So we got 1mil circulating supply, for easy maths. A full Doxed team, and the lead dev is a top guy. Very good

Ataxia, [29.01.21 14:20]
:)

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:22]
So most of the development has been complete, I see now more farms, you guys striving for better governance, and you The Nerd Quarter basically joined the team to complement the Devs skills and give the push that it was missing on this good ideia, is that about right ?

Ataxia, [29.01.21 14:22]
Yeah, the farms you see there are discontinued

Ataxia, [29.01.21 14:23]
the governance interface is ready check it out at gov.strudel.finance

Ataxia, [29.01.21 14:23]
we are planning to do the lending thing i mentioned, a website redisign to include the governance portal, etc and clean it up a bit more

Ataxia, [29.01.21 14:23]
i’d like to announce a vBTC icon contest right now

Ataxia, [29.01.21 14:23]
for 1000 TRDL

Ataxia, [29.01.21 14:24]
we want an icon that is closer to the BTC brand so its easier to do the peg

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:24]
700$ πŸ‘ŒπŸ» @stickbro1

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:24]
I tagged our stickers master, she might be up for the challenge ;)

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:25]
Who did the design of the website and pdf ? Looks neat πŸ‘ŒπŸ»

Ataxia, [29.01.21 14:26]
the pdf was done by @xatoshi99

Ataxia, [29.01.21 14:26]
the original website was done by keno’s original team

Ataxia, [29.01.21 14:26]
we’re doing a bit of a v2

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:28]
Very good, is most of current liquidity being provided by community ?

Ataxia, [29.01.21 14:29]
yes, like 100% of it

Ataxia, [29.01.21 14:29]
i mean I lp too but we’re all in the same bin

Ataxia, [29.01.21 14:29]
no VCs or whatever

Ataxia, [29.01.21 14:30]
it was litreally dead a week ago and all that liquidity is from new people joining

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:30]
Very good, so a fully community oriented πŸ‘ŒπŸ»

Ataxia, [29.01.21 14:30]
yeah im pushing for this meme of

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:30]
I saw the GME chart comparison, it looked interesting 😎

Ataxia, [29.01.21 14:30]
keepers of the peg

Ataxia, [29.01.21 14:30]
yeah thats what made me try to revive it

Ataxia, [29.01.21 14:30]
it really just pegs by the will of the community

Ataxia, [29.01.21 14:31]
there’s only 8 vBTC right now

Ataxia, [29.01.21 14:31]
so to fully peg the whole thing you only need like 250k

Ataxia, [29.01.21 14:31]
and nobody to sell for a while

Ataxia, [29.01.21 14:31]
while more people lp

Ataxia, [29.01.21 14:31]
if enough people LP then people can swap their vBTC at the peg

Ataxia, [29.01.21 14:31]
and its secured

Ataxia, [29.01.21 14:32]
just this crew, 250$ a pop

Ataxia, [29.01.21 14:32]
pegs the whole system

Ataxia, [29.01.21 14:32]
but they all need to pitch in

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:33]
So that is the point at which the vbtc achieves its real value ?

Ataxia, [29.01.21 14:33]
when it pegs

Ataxia, [29.01.21 14:33]
then what happens is that it is going to be a bit past the peg

Ataxia, [29.01.21 14:33]
until someone mints a new one

Ataxia, [29.01.21 14:33]
and then the strudel protocol secured an extra vBTC forever

Ataxia, [29.01.21 14:34]
the arber can instantly swap to wBTC and do it again for more profit

Ataxia, [29.01.21 14:34]
locking another bitcoin

Ataxia, [29.01.21 14:34]
whenever you get enough bitcoins together is like a chest full of coins

Ataxia, [29.01.21 14:34]
so the peg is solidified even more

Ataxia, [29.01.21 14:34]
then we got plenty of vBTC to be used for lending and other liquidity pools such as CRV

Ataxia, [29.01.21 14:34]
which can set us at the peg

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:35]
I see, so when you achieve that level, the β€œsystem ” is pretty kickstarted and should more easily sustain itself .

Ataxia, [29.01.21 14:36]
yeah and also i think the hardest part is to get that initial kickstart we did a la GME

Ataxia, [29.01.21 14:36]
then its about maintaining the community alive

Ataxia, [29.01.21 14:36]
which then spreads

Ataxia, [29.01.21 14:36]
# holders go up

Ataxia, [29.01.21 14:36]
and then its harder to unpeg the thing

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:36]
[ Photo ]

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:37]
I see now the trdl rewards the biggest

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:39]
What are we looking at currently ? And best way to enter the ecosystem is to mint some vbtc and then pool it ?

Ataxia, [29.01.21 14:40]
not until we get to the peg

Ataxia, [29.01.21 14:40]
the safest investment is to pool vBTC/ETH and use the yield rewards to keep buying vBTC

Ataxia, [29.01.21 14:40]
that alone will create constant buying pressure to peg it quickly

Ataxia, [29.01.21 14:41]
once its pegged yeah, minting vBTC and LPing is a great idea

Ataxia, [29.01.21 14:41]
or selling for wBTC, claiming BTC and minting more vBTC

Ataxia, [29.01.21 14:42]
eventually we want most people to have a nice incentive to be pooled on the LPs either vBTC or TRDL

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:43]
I see, so at 250k of vbtc converted we shall expect the price to be achieving close to its current value, or am I missing something ?

Ataxia, [29.01.21 14:43]
no no

Ataxia, [29.01.21 14:43]
250k$ USD

Ataxia, [29.01.21 14:43]
or rather

Ataxia, [29.01.21 14:43]
the vBTC LP has to be 500k deep in order to be at the peg

Ataxia, [29.01.21 14:43]
if every current vBTC was on the LP

Ataxia, [29.01.21 14:44]
it would atually be 500$ per person to peg using 1000 people

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:45]
Yeah that’s what I meant, as I see the price now at 20k and was wondering how was that going to play out.
When someone makes the conversion, you guys are basically market buying it in vbtc and distributing strudel rewards, is that right ?

Ataxia, [29.01.21 14:45]
no

Ataxia, [29.01.21 14:46]
we mint a new vBTC using the bridge

Ataxia, [29.01.21 14:46]
and burn a BTC on the BTC chain

Ataxia, [29.01.21 14:46]
now the $TRDL protocol holds an extra BTC forever

Ataxia, [29.01.21 14:46]
and the circ increases by 1

Ataxia, [29.01.21 14:46]
if that guy sells his btc and the pool is deep enough so that the slippage is not bad he can get a wBTC for his trouble

Ataxia, [29.01.21 14:46]
unwrap it

Ataxia, [29.01.21 14:47]
and repeat

Ataxia, [29.01.21 14:47]
that would make the price go to or below the peg so the arb closes

Ataxia, [29.01.21 14:47]
and someone would buy it under the peg to add liquidity

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:49]
I see, that makes more sense. Guess what I was trying to understand is how we were getting to the current vbtc value ?

Ataxia, [29.01.21 14:49]
the current price is just a formula of the eth and the vBTC on the pool

Ataxia, [29.01.21 14:49]
you buy more vBTC > more eth less vBTC price goes up

Ataxia, [29.01.21 14:49]
closer to the peg

Ataxia, [29.01.21 14:50]
enough people do that and it pegs

Ataxia, [29.01.21 14:50]
you keep doing that and you create the arb

Ataxia, [29.01.21 14:50]
if nothing happens you keep buying so the arb delta is bigger

Ataxia, [29.01.21 14:50]
there arent any more vBTC anyways

Ataxia, [29.01.21 14:50]
so eventually this can go to say 100k per vBTC

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:50]
So it’s not much relevant until the peg. It basically tell us that we are kind of half the way correct ?

Ataxia, [29.01.21 14:50]
until someone decides it pegs

Ataxia, [29.01.21 14:50]
[In reply to Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€]

indeed

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:50]
Got it πŸ‘ŒπŸ»

Ataxia, [29.01.21 14:50]
[In reply to Ataxia]

decides to burn the BTC i mean

Ataxia, [29.01.21 14:51]
we can force them by holding and just buying more

Ataxia, [29.01.21 14:51]
and once you bring a BTC into the strudel, it cannot go out

Ataxia, [29.01.21 14:51]
strudel holders win

Ataxia, [29.01.21 14:51]
and since strudels are being yielded to farmer

Ataxia, [29.01.21 14:52]
if they just agree to buy vBTC with their strudels

Ataxia, [29.01.21 14:52]
100k BTC

Ataxia, [29.01.21 14:52]
before anything changes

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:52]
So we need another 250k raised to make the first cross over to a new and better decentralized system πŸ‘ŒπŸ» how do you project the value of strudel to grow after that ?

Ataxia, [29.01.21 14:53]
well it should be a 20m project if we manage to get a decent ammount of bitcoins minted per week

Ataxia, [29.01.21 14:53]
easily

Ataxia, [29.01.21 14:53]
that puts us at around 17$ per strudel

Ataxia, [29.01.21 14:53]
counting keno’s

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:54]
Nice, I like the power of your network, and having sushi devs aboard definitely helps, and having this associated development.

Ataxia, [29.01.21 14:54]
yeah lots of use cases for the thing

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:55]
I believe once this first hurdle is passed, and the system is going, newer holders can sure come more easily, as it’s proven working.

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:56]
Who audited the code ?

Ataxia, [29.01.21 14:56]
[In reply to Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€]

https://github.com/strudel-finance/monorepo

Ataxia, [29.01.21 14:56]
here’s the code

Ataxia, [29.01.21 14:57]
i dont think it has been audited but it has been running for quite a bit without anyone being able to exploit it

Ataxia, [29.01.21 14:57]
and it was made by 2 very senior solidity devs

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:58]
So it’s all open, I like it. Yeah I saw both are very experienced

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 14:59]
What’s the marketing plans going forward, I see the ama with infinity right next, then how do you guys plan to tackle this ?

Ataxia, [29.01.21 15:00]
You can talk with @xatoshi99 about that, if you may

Ataxia, [29.01.21 15:00]
i want to take a break b4 the next one ahaha

Ataxia, [29.01.21 15:00]
but if you have any more qs for me im happy to oblige

Oriental, [29.01.21 15:01]
[In reply to Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€]

Infinity after. Bullrun gravano next week

Ataxia, [29.01.21 15:01]
also tiktok

Ataxia, [29.01.21 15:01]
we’re including that wsb narrative into our content

Oriental, [29.01.21 15:01]
Some serious power + tiktok

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:01]
You went over the key things. I guess when people understand how things work, it’s pretty straight forward. And you all seem to be doing a good job with the branding πŸ‘πŸ»

Ataxia, [29.01.21 15:01]
let @xatoshi99 have a few words need to admin him

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:02]
Will do

Ataxia, [29.01.21 15:02]
cool stuff man, thanks again for having me

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:03]
@xatoshi99 you on the line and nice design

Xavier Vera, [29.01.21 15:03]
Hey thanks for having me on

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:04]
[In reply to Ataxia]

My pleasure, and thanks for explaining the technicalities πŸ‘ŒπŸ»

Xavier Vera, [29.01.21 15:04]
Yeah , so moving a bit from tokenomics and onto marketing and exposure

Xavier Vera, [29.01.21 15:04]
were working on a V2 for the website that will allow for a better user experience.

Xavier Vera, [29.01.21 15:05]
We currently have 5 people on the team ranging from animators , designers and copywrighters.

Xavier Vera, [29.01.21 15:05]
that will allow us to get some organic reach on social media platforms

Xavier Vera, [29.01.21 15:06]
and try to get some mainstream traction.

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:07]
yeah I like what I am seeing so far, it’s good to brand yourself as the β€œcool” decentralized option. And can’t go wrong with an astronaut either πŸ‘¨πŸ»β€πŸš€

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:10]
I’m out of questions, I consider the team high potential and the idea relevant and with a possible good fit on the market when it starts to gain traction. Pushing strings on the sushi crew would definitely help as well πŸ‘ŒπŸ»

Xavier Vera, [29.01.21 15:10]
[In reply to Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€]

Thanks really excited for the community to see what we have in store in the coming days.

Xavier Vera, [29.01.21 15:11]
Thank you for having me on here really enjoyed the conversation.

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:11]
The tokenomics and current liquidity make it good price action wise, so seing a Strong community pushing this forward could be interesting as well

Crypto Pilot πŸ‘¨πŸ»β€πŸš€πŸš€, [29.01.21 15:12]
My pleasure, thanks again and keep up the good work, i also look forward to see the progress πŸ‘ŒπŸ»
I will open the chat, and maybe there might be more questions from the Starship squad.

END

Thanks for joining us, and welcome aboard the Starship !

Twitter: @GroupStarship or @CryptoPilot16

Telegram: @CryptoStarship
https://t.me/cryptostarship

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