---
# System prepended metadata

title: MSH x Strudel Finance

---

# MSH x Strudel Finance
## March 12, 2021 AMA

ETHan, [12.03.21 15:04]
Hey Ataxia, hustle hustle

KAELIN | TGH | MSH, [12.03.21 15:04]
😂

ETHan, [12.03.21 15:06]
Can I share our official TG while we wait on our busy dev

ETHan, [12.03.21 15:06]
https://t.me/StrudelFinanceOfficial

KAELIN | TGH | MSH, [12.03.21 15:06]
Sure

Ataxia, [12.03.21 15:08]
Lol parking now sorry about that

Ataxia, [12.03.21 15:08]
We can start tho

KAELIN | TGH | MSH, [12.03.21 15:08]
Great

KAELIN | TGH | MSH, [12.03.21 15:08]
To start off the AMA , could the team briefly explain what Strudel.Finance is ?

ETHan, [12.03.21 15:09]
Strudel.Finance is the first trustless bridge to link bitcoin and ethereum... In a trustless manner, making it the safest way to bring bitcoin to the ethereum network.

ETHan, [12.03.21 15:10]
And the individuals you will see at Strudel.Finance are the team leading this project

KAELIN | TGH | MSH, [12.03.21 15:10]
Now that we know a bit about Strudel lets get to know the team behind it and a bit about their background's in Crypto/BlockChain ?

Ataxia, [12.03.21 15:11]
[In reply to KAELIN | TGH | MSH]
I starte in crypto last year after researching medical blockchain technology ( Im a MD)

ETHan, [12.03.21 15:11]
Ataxia is our Lead-Dev, Keno is our Founding-Dev (now Advisor)

Ataxia, [12.03.21 15:11]
then I got into protocol design and game theory and have been happily going at it ever since

Ataxia, [12.03.21 15:12]
foundd about strudels at launch, but took over the group in January, fun experience overall in governance and project management

KAELIN | TGH | MSH, [12.03.21 15:12]
Wow , Quite a jump from medical blockchain to strudels 😂

KAELIN | TGH | MSH, [12.03.21 15:12]
Quite an interesting story

KAELIN | TGH | MSH, [12.03.21 15:12]
One of the main points about strudel is that it is trustless , while other bridges exsist majority if not all are trusted , Could the team please explain these terms and the advantage of trustless vs trusted to our audience ?

kachoperro, [12.03.21 15:13]
no more usdt style doubts

Ataxia, [12.03.21 15:13]
[In reply to KAELIN | TGH | MSH]
sure

KAELIN | TGH | MSH, [12.03.21 15:13]
[In reply to kachoperro]
😂

Ataxia, [12.03.21 15:13]
So wrapped bitcoins are just held by people

kachoperro, [12.03.21 15:13]
brrr

Ataxia, [12.03.21 15:13]
we trust their judgement and setup that they will be able to forever custody the bridge

Ataxia, [12.03.21 15:13]
this is an issue because as bitcoins get more valuable its more likely a multisig colludes and breaks the whole system

KAELIN | TGH | MSH, [12.03.21 15:14]
In Simple Words , They Could Rug At Any Time

Ataxia, [12.03.21 15:14]
Ren tries to help by making people stake but thats very inefficient capital wise, if you want to have alot of wrapped tokens you end up having ren being worth more than BTC

Ataxia, [12.03.21 15:14]
[In reply to KAELIN | TGH | MSH]
yes, theres alot of minimizing going on to try and offer safetyto the users but its always going to be a risk

Ataxia, [12.03.21 15:15]
strudel is the only bridge that requires no trust and no collateral to operate

Ataxia, [12.03.21 15:15]
the bitcoins are held forever in the custody of the strudel protocol once they are marked with an "op_return" code

kachoperro, [12.03.21 15:15]
burn 'em

Ataxia, [12.03.21 15:15]
we incentivize people  to hold and pool bitcoins with our eth side protocol

KAELIN | TGH | MSH, [12.03.21 15:16]
So Strudel is impossible to rug

KAELIN | TGH | MSH, [12.03.21 15:16]
Great

KAELIN | TGH | MSH, [12.03.21 15:16]
The Strudel Ecosystem has two coins , $vBTC and $TRDL . Could you explain in brief the process off minting $vBTC and what role does $TRDL plays and how it is created ?

Ataxia, [12.03.21 15:17]
vBTC is minting by taking BTC through the process i described above

Ataxia, [12.03.21 15:17]
you get 1:1 vBTC for your BTC

Ataxia, [12.03.21 15:17]
+ a $TRDL reward for crossing

Ataxia, [12.03.21 15:17]
then you can go and provide liquidity on uniswap and get yielded more $TRDL

KAELIN | TGH | MSH, [12.03.21 15:17]
[In reply to Ataxia]
That's Alway's Great

Ataxia, [12.03.21 15:18]
trdl is our governance token and recieves the added value from tokenizing bitcoins into ethereum

KAELIN | TGH | MSH, [12.03.21 15:18]
[In reply to Ataxia]
[ GIF ]

Ataxia, [12.03.21 15:18]
so its like the ownership to a % of an oil mining rig

KAELIN | TGH | MSH, [12.03.21 15:18]
[In reply to Ataxia]
Interesting Concept

KAELIN | TGH | MSH, [12.03.21 15:18]
Speaking Of vBTC

KAELIN | TGH | MSH, [12.03.21 15:18]
$vBTC is pegged to BTC , how does it maintain this peg with prices constantly all over the place ?

Ataxia, [12.03.21 15:19]
[In reply to KAELIN | TGH | MSH]
Great question

Ataxia, [12.03.21 15:20]
So, let me tell you a secret

Ataxia, [12.03.21 15:20]
The peg is in our brain

KAELIN | TGH | MSH, [12.03.21 15:20]
[In reply to Ataxia]
[ GIF ]

Ataxia, [12.03.21 15:20]
hahaha let me explain

Ataxia, [12.03.21 15:20]
the only way to trully have a pegged asset is if the market understands the underlying principles for the token

Ataxia, [12.03.21 15:21]
Bitcoin derives its value from 2 things = the guaranteed scarcity and monetary policy and the network effect

KAELIN | TGH | MSH, [12.03.21 15:21]
So Because I Have A BTC And I Traded It For vBTC , It's Still The Same Value As A BTC

Ataxia, [12.03.21 15:21]
exactly

KAELIN | TGH | MSH, [12.03.21 15:21]
Or As , People Should Think

KAELIN | TGH | MSH, [12.03.21 15:22]
Interesting Psychological Aspect Of The Project

Ataxia, [12.03.21 15:22]
They should see vBTC being below the peg not as a failure of the peg to be held, but a failure of the market to realize they are actually bitcoins

ETHan, [12.03.21 15:22]
[In reply to KAELIN | TGH | MSH]
Economics and Psychology coincide effortlessly

Ataxia, [12.03.21 15:22]
its like you have a diamond but its covered with delicious whipped cream and pastries

Ataxia, [12.03.21 15:22]
you bite in and realize, oh this is actually a diamond

Ataxia, [12.03.21 15:23]
the fact that it resides within the strudel shouldnt make it less valuable

Ataxia, [12.03.21 15:23]
(its not such a good example, but its tasty)

KAELIN | TGH | MSH, [12.03.21 15:23]
Fair Point

KAELIN | TGH | MSH, [12.03.21 15:23]
[In reply to Ataxia]
😂

KAELIN | TGH | MSH, [12.03.21 15:23]
Who does the team believe is Strudel's competiters ? Would it just be other projects that offer BTC On ETH Like Ren And WBTC ?

ETHan, [12.03.21 15:23]
[In reply to KAELIN | TGH | MSH]
![](https://i.imgur.com/NJiWf1A.png)


Ataxia, [12.03.21 15:23]
because you're trading the ownership of the strudel covered diamond, which should be worth the same (if not a little bit more) than just a simple diamond unstrudeled

Ataxia, [12.03.21 15:24]
and just to be anal to my marketing team

Ataxia, [12.03.21 15:24]
none of the bitcoins are always pegged

Ataxia, [12.03.21 15:24]
and also, pegged to what? whats the oficcial price of bitcoin

Ataxia, [12.03.21 15:24]
is it binance or kraken's?

Ataxia, [12.03.21 15:24]
how do "they" peg their bitcoins?

KAELIN | TGH | MSH, [12.03.21 15:25]
All Fair Points

ETHan, [12.03.21 15:25]
IMO vBTC is like gold. TRDL is like jewelry made from gold.

KAELIN | TGH | MSH, [12.03.21 15:25]
[In reply to ETHan]
As This Is The Only Trustless BTC On ETH

KAELIN | TGH | MSH, [12.03.21 15:25]
It Ties Into The Next Question Perfectly

KAELIN | TGH | MSH, [12.03.21 15:25]
Security is a big issue nowadays in DeFi , Has the code been audited ? If not is there plans in place for an audit in the future ?

KAELIN | TGH | MSH, [12.03.21 15:26]
[In reply to ETHan]
Nice Analogy

Ataxia, [12.03.21 15:27]
so far our only audit has been existing in ethereum for 6 months without a hitch. the vBTC has been circulating for a while and nobody has been able to create extra

Ataxia, [12.03.21 15:27]
the bridge design is actually super simple

ETHan, [12.03.21 15:27]
[In reply to KAELIN | TGH | MSH]
An Audit is definitely a priority of the team’s moving forward. However, we would like our audit to be done by a very professional team, and not by some cheap company that can make a nice graphic.

Ataxia, [12.03.21 15:27]
but we are going to get an audit sometime next quarter

Ataxia, [12.03.21 15:27]
Yeah we want to do a proper one

KAELIN | TGH | MSH, [12.03.21 15:27]
Audit's Alway's Put The Degens And Investors At Rest

KAELIN | TGH | MSH, [12.03.21 15:28]
Definitely Good To Get It Done ASAP 😎

ETHan, [12.03.21 15:28]
As many know, our Protocol was written by Keno... An Active Sushi Dev

KAELIN | TGH | MSH, [12.03.21 15:28]
[In reply to ETHan]
Wow , Strudel Has A Sushi Connection

Ataxia, [12.03.21 15:28]
yeah it will happen but we dont want to do a fake audit that then luls people into a sense of fake safety

KAELIN | TGH | MSH, [12.03.21 15:29]
[In reply to KAELIN | TGH | MSH]
I'm Sure That Has Helped Develop The Project So Far

ETHan, [12.03.21 15:29]
[In reply to KAELIN | TGH | MSH]
Once the market understands that we store real value of bitcoin on Ethereum... I believe we will be like wrapped ether on Sushi

Ataxia, [12.03.21 15:29]
[In reply to KAELIN | TGH | MSH]
Yeah, got us on onsen!

KAELIN | TGH | MSH, [12.03.21 15:29]
[In reply to Ataxia]
A Great Accomplishment

KAELIN | TGH | MSH, [12.03.21 15:30]
Before We Move On To Our Last Question , MSH Would Like To Thank The Strudel Team & Community For Joining Us Today For A Wonderful AMA

KAELIN | TGH | MSH, [12.03.21 15:30]
After The Last Question We Will Open Up The Chat For Some Community Question's

Ataxia, [12.03.21 15:30]
thank you friend

Ataxia, [12.03.21 15:30]
sure

ETHan, [12.03.21 15:30]
[In reply to KAELIN | TGH | MSH]
Thank you, your team has been excellent to work with.

kachoperro, [12.03.21 15:31]
[ 😊 Sticker ]