# Orkan Status Update: A Ship Built For Rough Seas

Hello friends, It has been a while since I write one of these updates and I feel like its the right time. It has been quite a week for everyone in crypto and we havent stopped working at StrudelDAO.I'd like to start reporting more consistently on what we're doing so more people can join in. Strudel is an open organization. Anyone can ask to join, listen and participate in all of our development spaces.

## Market Opinions

With all the headwinds we have seen severe drawdowns on ORK mainly due to FTM price collapsing early in the week. This was compounded by BTC and ETH retracing heavily which has led us to where we're at. However, our trusty vBTC has been gaining steadily on BTC and closing in the peg to an YTD high of .66! It has been nearly an entire year since vBTC last lost the peg and it looks like we're right on track to regain it soon.

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vBTC performance this year is markedly different from what happened last time the market behaved like this. We have managed to secure a large % of vBTC away from the markets and therefore there was little stock available to sell other than arbitrage which generally favored closing the peg.

In [this thread](https://twitter.com/At0xNQ/status/1524006707835326465?s=20&t=ty0f9lJ7Mf5ofkE1ca9mrg) I go into some details about how the market has changed for vBTC since last year. One additional thing of note is the cross chain arbitrage keeping ETH based vBTC stable during market uncertainty.

## Bribe Strategy

As we have already shared with you we will not be paying bribes this week. Although we would like to keep doing so we need to be able to plan for the long term and we have to come up with sources of funding that allow us to continue to execute our bribe strategy for a long period of time. We have been heavily investing in our community by paying for the biggest possible bribes and creating new strategies such as the beefy yield farm and moonpot while passing the yields over to individual farmers rather than farm it through the treasury. We will continue to do so once we secure adequate funding and market conditions improve.

## Webpage Updates

### Strudel.Finance


- We have added two new farms to the [Strudel Farms](https://app.strudel.finance/farms)
- vBTC/TRDL Univ2
- [vNFT index ](https://app.zerion.io/explore/asset/vNFT-0xd8833594420db3d6589c1098dbdd073f52419dba)
- Added ENS integration!
- TODO: We need to build a custom APY function for these farms so APY calculation is not currently available. IF you'd like to help out submit a PR request on github!

### ORKAN
- We have implemented a new fix to the front end that now accurately reflects the discounts being paid on FTM/ORK bonds. Please keep reporting innacuracies on interfaces so we can offer the best UX possible
- ***If you believe you've been underpaid on a FTM/ORK bond please reach out to me or someone on the team through our channels.***

### Wrapped Staked Orkan = wsORK

We have chosen to run ORK conservatively offering comparatively lower inflation at the staking contract in relation to other bond platforms. However the utilization of staking stands at only 10%. In order to improve this performance and share bond revenue more broadly we are going to implement WsORK.

WsORK is the wrapped version of staked ORkan which accounts for rebases internally and therefore is usable on LPs. This allows users who are participating in products such as Beefy to enjoy both the yield returns AND the staking returns in one product therefore multiplying their returns.

We are going to reach out with our partners at beefy, moonpot and spiritswap to switch to a (yet to be created) WsORK/FTM LP. We are going to implement the wrapping function in the following days so stay tuned for an update for when its available.

-[Enter The Strudel](https://twitter.com/EnterTheStrudel)

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