# 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 ]
Last changed by  
 
Strudel
249

Read more

Strudel Guide

Use `{%hackmd theme-dark %}` syntax to include this theme.

4/28/2021
[Strudel Bitcoin (Official)](https://t.me/StrudelFinanceOfficial) - April AMA

4-2-2021 This HackMD serves as an informal recording of dialogue from Strudel's April AMA in Telegram. ETHan, Welcome everyone to Strudel's AMA to kick off the month of April. I will also be creating a HackMD after, that will record the dialogue for anyone that may miss it. Updates for the Community: Xavier Vera,

4/5/2021
Strudel Bitcoin (Official) - March AMA

3/15/2021 Question 1: It’s been over a week since ICHI launched, is it working as expected? Ataxia, Yeah, Ichi is doing wonderful. We are already minted more oneVBTC than wing, which was been going on for months Ataxia, and we're close to having more tokens than the link stable which is a huge feat

3/16/2021
March 2021

This article will serve as documentation, and recordation, of the recent events regarding Strudel’s advancements as a DeFi solution. The Bridge Strudel’s Bridge stands as the first Trustless solution that addresses the decentralization issues actively clouding current BTC Bridges in the DeFi space; e.g. REN, wBTC, etc. The supply of tokenized Bitcoins transferred through trusted bridges now tops a market cap of over $1 billion. Trusted bridge solutions like $REN and $wBTC lock BTC in insecure multisig setups (<8 signers). This raises concerns of total value collapse; regarding multisig-control over the Bitcoin stored within the protocol. Our trustless bridge offers a decentralized, incentivized solution. When BTC is requested to be transferred using the Strudel Dapp, a transaction output with the transfer amount and the receiving Ethereum wallet address is created. This output is handed to the user’s Bitcoin wallet through a QR code. Next, the header of the Bitcoin block containing the transaction needs to be registered in the relayer contract on Ethereum, where its proof-of-work is verified and the chain is extended.

3/10/2021
Read more from Strudel
Published on HackMD