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# System prepended metadata

title: Strudel x UniGems AMA (3/2/2021)

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# Strudel x UniGems AMA (3/2/2021)

Hand Eye | Owner Unigems, [02.03.21 14:03]
Welcome @Ataxia1 and @xatoshi99, good to have you guys here

Degen Tralizer, [02.03.21 14:03]
Good luck guys!

Xavier Vera, [02.03.21 14:03]
Glad to be here

Hand Eye | Owner Unigems, [02.03.21 14:03]
Can you tell us what your role is in the project and what gave you guys the initial motivation to start Strudel?

Ataxia, [02.03.21 14:04]
Well im just super passionate about the inner workings of crypto and often feel like projects are underappreciated

Ataxia, [02.03.21 14:04]
people just dont "get it"

Ataxia, [02.03.21 14:04]
so my job is finding ways of people to see the value of a project, either by explaining or using it somehow in a novel way

Ataxia, [02.03.21 14:04]
Xavi is the guy that makes sure everyone gets paid

Xavier Vera, [02.03.21 14:05]
haha

Ataxia, [02.03.21 14:05]
wouldnt be here without him

Xavier Vera, [02.03.21 14:06]
Im currently the acting as COO of strudel finance overseeing all day-to-day operations. and in crypto that means 24/7 haha

Xavier Vera, [02.03.21 14:07]
My initial motivation was pretty much the tech in strudel

Xavier Vera, [02.03.21 14:07]
making it the first trustless bridge

TARS, [02.03.21 14:07]
Both not unimportant

Hand Eye | Owner Unigems, [02.03.21 14:07]
In it for the tech hehe

Hand Eye | Owner Unigems, [02.03.21 14:07]
[In reply to TARS]
Important asf man

TARS, [02.03.21 14:08]
[In reply to Xavier Vera]
Diving straight into it!

Ataxia, [02.03.21 14:08]
yeah its different parts, lots of moving parts to get these things working

Xavier Vera, [02.03.21 14:08]
and i could see how we could play a big role in defi while also playing a key part of the flippening

TARS, [02.03.21 14:09]
So to start of, could you explain to us for who and why Strudel is designed?

TARS, [02.03.21 14:09]
[In reply to Xavier Vera]
Im all ears!

Ataxia, [02.03.21 14:09]
Strudel is a trustless one way bridge for btc into ethereum

Ataxia, [02.03.21 14:10]
Trustless means that you know for sure that once the bitcoins are bridge they will remain in the custody of the strudel protocol forever

Ataxia, [02.03.21 14:10]
this is important because you cant say the same thing about wBTC for example. You have to trust their setup will keep being safe and that the multisig holders wont rug

Ataxia, [02.03.21 14:11]
Ren BTC has a different problem, but its still important: To bridge BTC using ren you need MORE collateral than what the BTC are worth, so if you wanted to bridge all BTC using ren, ren would be more valuable than BTC itself, defeating the point of it

Ataxia, [02.03.21 14:12]
Strudel is the first bridge that is both trustless and capital efficient, because it requires no collateral to bridge BTC

Hand Eye | Owner Unigems, [02.03.21 14:12]
[In reply to Ataxia]
Books gotta be balanced, how does Strudel solve this problem?

Ataxia, [02.03.21 14:12]
Well you are right, we replace the risk on the bridge with something we call "market risk" which is that the market doesnt support the peg

Hand Eye | Owner Unigems, [02.03.21 14:13]
Just throwing this out there, the mcap for WBTC is $5,879,220,997, so the market and demand for a solution like Strudel, an improvement even, is certainly there

TARS, [02.03.21 14:13]
Distinguishing, love to see it. Are there more points in which Strudel stands out to you compared to other BTC wrapping protocols?

Ataxia, [02.03.21 14:14]
well strudel is the only wrapper in this category, and the way we are pegging is by paying incentives to farmers in order to provide liquidity and peg.

the underlying value of bringing new bitcoins into defi makes it similar to an oil mining operation

Ataxia, [02.03.21 14:15]
but we're paying the people who are providing liquidity.

So in mother strudeland... BTC pays YOU

TARS, [02.03.21 14:15]
For those who don't really follow untill here, lets take 1 step back. Why should we even wrap our BTC in the first place?

Ataxia, [02.03.21 14:16]
[In reply to TARS]
Because BTC in the satoshi chain is pretty much useless... you can either hold it or send it to an exchange.

By wrapping it into ether you allow for many new things to be available for you. starting with uniswap

Ataxia, [02.03.21 14:16]
And soon.. our ichi stablecoin farm!

Ataxia, [02.03.21 14:16]
and liquidity programs at Ichi, Onsen, Strudel and TWA

Ataxia, [02.03.21 14:17]
and soon, maybe sync bond :O

Hand Eye | Owner Unigems, [02.03.21 14:17]
[In reply to Ataxia]
Lot of flexibility is being offered this way

Hand Eye | Owner Unigems, [02.03.21 14:17]
[In reply to Ataxia]
My man just drops some bombshells like its nothing hahaha

Ataxia, [02.03.21 14:18]
lets see im still talking it out

Hand Eye | Owner Unigems, [02.03.21 14:19]
[In reply to Ataxia]
Theres a lot to go into with your last message, but before we do, I just want to complement you guys. 

This is where the trustless part comes in, smart. That much power in the hands of a couple multisig holders is centralization at it' core, defeat the whole purpose of crypto.

That's why Strudel is special, you guys stick to th essence

Ataxia, [02.03.21 14:19]
Yes, and this is something that a community can really benefit off of. Anyone farming 10 days has got a free bag by now I think. and this can scale alot!

Ataxia, [02.03.21 14:20]
its just about getting implemented in many places

Ataxia, [02.03.21 14:20]
we're really thrilled about our ichi farm, coming on friday

Hand Eye | Owner Unigems, [02.03.21 14:20]
[In reply to Ataxia]
Tell us more fam!

Ataxia, [02.03.21 14:20]
ichi. o r g

Hand Eye | Owner Unigems, [02.03.21 14:21]
ichi.org

Ataxia, [02.03.21 14:21]
is a protocol that issues stablecoins for any coin. ITs a pretty insane use case

Ataxia, [02.03.21 14:21]
So we are going to start by issuing oneVBTC, a stablecoin minted from USDC and vBTC

Ataxia, [02.03.21 14:22]
it will have a treasury with vBTC which is not paid back upon redemption (only USDC gets paid back) so this will remove vBTC from circ while allowing people who invest in the stablecoin to remain exposed to the BTC growth in a shared treasury

Ataxia, [02.03.21 14:22]
the oneVBTC holders own it

Ataxia, [02.03.21 14:23]
this should bring this market of arbing a stablecoin to 1$ which should bring intense demand to vBTC and in theory peg it too

Ataxia, [02.03.21 14:23]
this pool will be incentivized by both onsen and ICHI

Hand Eye | Owner Unigems, [02.03.21 14:23]
You can dm me the picture I'll share it for ya

Hand Eye | Owner Unigems, [02.03.21 14:24]
[ Photo ]

Hand Eye | Owner Unigems, [02.03.21 14:25]
Wow thats a lot of information, not quite sure where to start

Ataxia, [02.03.21 14:25]
right so i think this makes sense

Ataxia, [02.03.21 14:25]
ahaha so we have the strudel farm

Ataxia, [02.03.21 14:25]
which yields to vBTC/ETH uniLP and $TRDL/ETH SLP (starting in 3hrs ~)

Hand Eye | Owner Unigems, [02.03.21 14:26]
[In reply to Ataxia]
[ 👀 Sticker ]

Ataxia, [02.03.21 14:26]
the $TRDL/ETH UniV2 LP is featured in balancer in a fund made by adventuretoken. c o m

TARS, [02.03.21 14:27]
adventuretoken.com

Ataxia, [02.03.21 14:27]
it has all of the current Uni LPs and the strdl tokens + Eth and twa/eth lp.

Its getting front ended in the adventure token page, and you can now get yields by joining the luna hedge fund

Ataxia, [02.03.21 14:28]
the $TRDL/ETH LP is getting incentivized starting thursday on onsen yielding $SUSHI

Ataxia, [02.03.21 14:28]
And on friday ichi is going to launch the oneVBTC/BTC pool which will get rewards from ichi and onsen

TARS, [02.03.21 14:29]
Sounds really exciting! Overwhelming almost hehe

Ataxia, [02.03.21 14:29]
haha there's alot of incentives yeah

TARS, [02.03.21 14:29]
So lets get to Onsen, caught my attention

Ataxia, [02.03.21 14:30]
sure

TARS, [02.03.21 14:30]
For those who arent familiar with Onsen, could you explain real quick? What are the advantages

Ataxia, [02.03.21 14:30]
Well onsen is the yield farming incentive program for new projects run by sushi.o r g

Ataxia, [02.03.21 14:31]
they have this allocation of sushi they use on new projects to bring them into their platform

Hand Eye | Owner Unigems, [02.03.21 14:31]
Great way to attract a wider audience for sure

Ataxia, [02.03.21 14:32]
they have pretty much everyone submitting but only take those who perform best.

Strudel has done a great job at mantaining high volume and consistent apy in their farm even in the past days which have been sorta bearish overall for the market

Hand Eye | Owner Unigems, [02.03.21 14:32]
Congrats on being a part of that man

Ataxia, [02.03.21 14:32]
thanks!

TARS, [02.03.21 14:32]
Here in Unigems we all know Sushi, don't we heheh

Ataxia, [02.03.21 14:32]
ahhaa i bet

Ataxia, [02.03.21 14:32]
the definition of a unigem

TARS, [02.03.21 14:33]
Exactly!

Ataxia, [02.03.21 14:33]
Btw i wanted to talk about something cool

Ataxia, [02.03.21 14:33]
so

TARS, [02.03.21 14:33]
Theres more?! 👀

Ataxia, [02.03.21 14:33]
Ichi to get strudel in the farm asked for a grant of 20k USDC + 1vBTC to seed the liquidity of the ichi farm

Ataxia, [02.03.21 14:34]
so since we're not really backed by anyone but the community we came up with a novel idea to raise funds for the grant

Ataxia, [02.03.21 14:34]
we made an agreement between nerd and strudel

Hand Eye | Owner Unigems, [02.03.21 14:34]
That's amazing man

Hand Eye | Owner Unigems, [02.03.21 14:34]
Got any specific plans on what these funds will be used for?

Hand Eye | Owner Unigems, [02.03.21 14:35]
[Forwarded from Ataxia]
https://app.rarible.com/token/0xd07dc4262bcdbf85190c01c996b4c06a461d2430:186313:0x69ef61afc3aa356e1ac97347119d75cbdabef534

Hand Eye | Owner Unigems, [02.03.21 14:35]
[Forwarded from Ataxia]
https://hackmd.io/jUzu1twlT4GJoi3fLWhcaA

TARS, [02.03.21 14:35]
[In reply to Ataxia]
Awesome, excited for that

Ataxia, [02.03.21 14:35]
[In reply to Hand Eye | Owner Unigems]
So this is the Meme convertible note, they cost .25 eth and can be burned for 5 $NERD tokens at any time (DM me)

Ataxia, [02.03.21 14:36]
the funds raised will be used to acquire the vBTC for the grant (already done!) and the 20k USDC (on our way)

Ataxia, [02.03.21 14:36]
any exceeding funds will help to support nerd liquidity

TARS, [02.03.21 14:36]
[In reply to Ataxia]
Sheeesh!

TARS, [02.03.21 14:37]
So lets head back to Uniswap, the TRDL token

TARS, [02.03.21 14:37]
What is the use of that, how does it work?

TARS, [02.03.21 14:37]
Why should we all buy some after this AMA 👀👀

Ataxia, [02.03.21 14:39]
So $TRDL governs the protocol itself, so strudel holders have a lot to say on the rate of yields and rewards for bridging vBTC. We also control mechanisms to help peg the vBTC such as our dutch auction system which can be used to give revenue to $TRDL hodlers and burns TRDL when vBTC is over the peg

Ataxia, [02.03.21 14:39]
we can also bridge other tokens, we're talking about stuff like a doge bridge

Ataxia, [02.03.21 14:39]
and If the ichi farm is a success, $TRDL will be quick to get their own stablecoin too

Ataxia, [02.03.21 14:41]
the strudel protocol can realistically bridge a big % of the BTC circulating supply, which would make it really valuable because all those bitcoins remain under the protocol custody forever

Hand Eye | Owner Unigems, [02.03.21 14:41]
Smart contracts > multisig holders

Ataxia, [02.03.21 14:42]
yeah!

Hand Eye | Owner Unigems, [02.03.21 14:42]
[In reply to Ataxia]
Huge expandability

Hand Eye | Owner Unigems, [02.03.21 14:43]
Users get rewarded for wrapping their tokens right? Payout in TRDL or did I interpret that wrong

Ataxia, [02.03.21 14:43]
yes you get a bonus for crossing the bridge

Ataxia, [02.03.21 14:43]
we hope that we reach the peg soon and have new BTCs coming in again

Ataxia, [02.03.21 14:43]
i suspect this time we're staying there

TARS, [02.03.21 14:44]
[In reply to Ataxia]
How much are we talking? A % or a a fixed amount?

Hand Eye | Owner Unigems, [02.03.21 14:44]
[In reply to Ataxia]
Smart incentive to drive adaptation man, no one else is doing that

Hand Eye | Owner Unigems, [02.03.21 14:44]
Basically free money

TARS, [02.03.21 14:44]
[In reply to Hand Eye | Owner Unigems]
Who doesnt like that

Ataxia, [02.03.21 14:44]
[In reply to TARS]
its on a curve so over time its less tokens

Ataxia, [02.03.21 14:44]
the real printer is at the yield farm imo

TARS, [02.03.21 14:44]
[In reply to Ataxia]
Right

Hand Eye | Owner Unigems, [02.03.21 14:44]
[In reply to Ataxia]
Rewarding early adaptors sounds like the BTC supply system

TARS, [02.03.21 14:45]
So lets head to a downside, if Strudel has one 😉

TARS, [02.03.21 14:45]
Are there disadvantages of the use of Strudel?

TARS, [02.03.21 14:45]
So called Strudel Struggles?

Hand Eye | Owner Unigems, [02.03.21 14:45]
Strudel struggles hahaha

TARS, [02.03.21 14:45]
(laughter)

Hand Eye | Owner Unigems, [02.03.21 14:45]
[In reply to TARS]
HAHAH

Ataxia, [02.03.21 14:46]
Well we have struggled to support the peg at times haha but thats just an opportunity to get cheap bitcoins in my opinion

Ataxia, [02.03.21 14:46]
the hardest part has been convincing that "burning" their bitcoins is ok

Ataxia, [02.03.21 14:46]
since they feel strongly about the one way bridge

Hand Eye | Owner Unigems, [02.03.21 14:46]
[In reply to Ataxia]
Can you go more in depth on that?

Hand Eye | Owner Unigems, [02.03.21 14:47]
How does the burning work, why is it a one way bridge

Ataxia, [02.03.21 14:47]
So the way the bridge is kept trustless is that when you use it the BTC are marked with a special Op Return code + your ethereum wallet

Hand Eye | Owner Unigems, [02.03.21 14:47]
Irreversible wrapping is what I saw in the pitch deck

Ataxia, [02.03.21 14:48]
the smart contract on eth reads the balance and issues the same ammount of vBTC to the address on eth mainnet

Ataxia, [02.03.21 14:48]
so the bitcoins on the satoshi chain can never be moved again, but you can trade their ownership by trading the vBTC on ethereum

Ataxia, [02.03.21 14:48]
its not unlike trading gold bullion for example

Hand Eye | Owner Unigems, [02.03.21 14:50]
https://www.dextools.io/app/uniswap/pair-explorer/0xcfdcd696dde5df39f569807c6934e6ba97cebb8a

Hand Eye | Owner Unigems, [02.03.21 14:50]
Here's a link to vBTC for those interested

Hand Eye | Owner Unigems, [02.03.21 14:52]
So users can use the bridge to swap BTC to vBTC, which has a lot more versatility than BTC in the sense that it can be used to interact with smart contracts.

Strudel is ahead of it's competition because it rewards users for swapping, is fully decentralized and featured Onsen

Hand Eye | Owner Unigems, [02.03.21 14:52]
Just to name a couple advantages

Hand Eye | Owner Unigems, [02.03.21 14:53]
Strudel has a lot going for it tech wise, want to make sure all our members follow

Hand Eye | Owner Unigems, [02.03.21 14:53]
What point of the roadmap are you personally most excited about @Ataxia1 ?

Ataxia, [02.03.21 14:55]
well im super excited for ichi. Because i think that was the missing piece of the puzzle that we needed to bring the peg home. Cant wait to see how it explodes after we make it solid. 

The month of march is very exciting for sushi because they are releasing their bento box lending solution. this lets you pair a collateral and a stablecoin pair to have anyone get a loan or earn interest

Ataxia, [02.03.21 14:56]
this is pretty convenient considering vBTC and onevBTC and be a perfect selection for this system

Ataxia, [02.03.21 14:56]
then $TRDL and one$TRDL would give our protocol two different collateral and stablecoins to choose from, even better!

Hand Eye | Owner Unigems, [02.03.21 14:57]
https://www.tradingview.com/x/YyYCLZI2

Just wanted to point out, vBTC is more volatile than BTC itself. So besides the solid tech, which there is a lot of, there's a trading opportunity in VBTC as well.

Ataxia, [02.03.21 14:58]
indeed! If you're buying the dip you should totally buy that dip

Ataxia, [02.03.21 14:58]
i got some at 19k the other day

TARS, [02.03.21 14:59]
Impressive man, all of this sounding really good

Hand Eye | Owner Unigems, [02.03.21 14:59]
What you said before right, it's just BTC on a discount now

Hand Eye | Owner Unigems, [02.03.21 14:59]
Pumps harder too

Ataxia, [02.03.21 14:59]
yep! that will stop happening as we get more liquid overall

Hand Eye | Owner Unigems, [02.03.21 15:00]
I'm really curious by the way, what does Strudel stand for?

Hand Eye | Owner Unigems, [02.03.21 15:00]
Like where does the name come from

Ataxia, [02.03.21 15:00]
strudel means vortex in german

Xavier Vera, [02.03.21 15:00]
Vortex

TARS, [02.03.21 15:02]
That explains all the vortex's

Ataxia, [02.03.21 15:03]
Yeah, just wanted to ask everyone to give a look to the NFT offering, we really need to get past that goal to send the ichi protocol their grant

Hand Eye | Owner Unigems, [02.03.21 15:04]
[ Photo ]
Makes a lot more sense than these guys

Ataxia, [02.03.21 15:04]
it would be the first time a project pays for a grant for another protocol in exchange for governance

TARS, [02.03.21 15:04]
Lot of usefull information right here, still processsing half of it lmao

Hand Eye | Owner Unigems, [02.03.21 15:04]
Intense!

TARS, [02.03.21 15:04]
[In reply to Ataxia]
Make sure to check them out folks!

TARS, [02.03.21 15:05]
Supporting NERD too with that

Hand Eye | Owner Unigems, [02.03.21 15:06]
[Forwarded from Ataxia]
https://app.rarible.com/token/0xd07dc4262bcdbf85190c01c996b4c06a461d2430:186313:0x69ef61afc3aa356e1ac97347119d75cbdabef534

Hand Eye | Owner Unigems, [02.03.21 15:06]
[Forwarded from Ataxia]
[ Photo ]

Ataxia, [02.03.21 15:06]
[In reply to TARS]
not only that 5 nerd tokens are possibly going to be worth way more soon. total circ is 12k rn. the rest are locked by the dfo

TARS, [02.03.21 15:07]
[In reply to Ataxia]
Boom, noted

TARS, [02.03.21 15:08]
So is there anything else you want to talk about before we head to the community questions?

TARS, [02.03.21 15:08]
Very excited for them

Ataxia, [02.03.21 15:08]
nope, im ready

TARS, [02.03.21 15:08]
Lets open the chat!

TARS, [02.03.21 15:08]
Vortex incoming