# [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, lets start by giving some updates for the community and we can answer the document suggestions and questions after ETHan, Okay, that sounds good to me. @xatoshi99 share with the community what's in store :) Xavier Vera, Sure first of all were really happy to see vbtc moving near peg [Forwarded from UniSwap Price Bot] (VBTC) Strudel BTC Ξ24.2606041 | $50680.8872 1 ETH = 0.04 VBTC Holders = 111 [Etherscan](https://etherscan.io/token/0xe1406825186d63980fd6e2ec61888f7b91c4bae4) | [Trade](https://app.uniswap.org/#/swap?outputCurrency=0xe1406825186d63980fd6e2ec61888f7b91c4bae4) | [Info](https://info.uniswap.org/token/0xe1406825186d63980fd6e2ec61888f7b91c4bae4) His Dudeness, https://www.tradingview.com/x/Rk7FBSK3 ETHan, That's only $8k from pegging Bitcoin Xavier Vera, For the past couple of weeks the development team has been working really hard. ETHan, You told me Johann and the team of Developers have basically been nonstop at work on the protocol for the past 3 weeks. I was very impressed to hear that. His Dudeness, In a bunker Xavier Vera, And were happy to announce that we are bridging a new chain onto ethereum. Matt, yessss Xavier Vera, The new bridge is functional and is being frontended as we speak. The token we are bridging has a 10+ billion dollar market cap. and we expect it to be live on april 12th ETHan, That's an incredibly large market cap... And to my understanding, no bridges exist for this particular asset. We will be the only one. His Dudeness, It's true ETHan, [In reply to Xavier Vera] Roughly 10 days from now, that's great to hear. ETHan, And as we move into April... I think DeFi is going to be getting a lot of the recognition it deserves. Matt, i sincerely hope people get how big this is... Xavier Vera, [In reply to ETHan] Yes as the markets starts becoming more aware we believe we will start seeing a big defi trend Were also working on improving our protocol governance and this is also being worked on atm. His Dudeness, DeFi Summer: The Sequel ETHan, To my understanding, there are many venture capitalists moving into DeFi currently. And decentralized collateral is very valuable to them. Xavier Vera, [In reply to ETHan] Indeed Ataxia, Right now I just finished buying 100,000$ of vBTC LP we're going to be doing this protocol side as we onboard bigger capital strudel protocol is going to take a performance fee for managing these purses they are for investors with 2BTC + they are very interested in the returns offered by our staking program and are looking to put their BTC holdings to work ETHan, [02.04.21 17:13] As they should, vBTC is stakeable Bitcoin. DeFi's Bitcoin. Ataxia, yeah. If anyone here is friends with mantra dao please start pestering to get vBTC as collateral im already at it ETHan, Yes, vBTC is great collateral. ## Coming Soon: BCH Bridge to ETH (vBCH) Ataxia, if we get vBTC, vBCH we can get TRDL in there too Mark C, So the next bridge is for BCH? Mark C, It wasn’t made clear yet Ataxia, yeah it is ETHan, [In reply to Mark C] Yes. BCH will be Strudel's next bridge. It's a very vast market for us to create more decentralized collateral in the DeFi world. Ataxia, i wasnt actually meant to say that His Dudeness, The secret is out! Ataxia, but regardless, i've talked about it on streams and whatnot. so theres that Matt, boom. ETHan, We will be the only bridge for BCH Mark C, Nice! ETHan, As Mark Cuban said in his recent call: Bridges are incredibly bullish for DeFi. So we will be expanding the possibilities for Strudel. Bigger and more useable. Ataxia, Lets talk about something more important for a bit regardless of the collateral we chose. What is the strudel protocol actually doing to the ETH chain? whenever we add another protocol on our one way bridge we are infusing ETH with collateral, making it more valuable. Thats why over time strudel (the protocol) is going to be more valuable over time because we can merge all the value out there into ETH. we wont stop at 1..or 2 chains for that matter, gotta catch them all hell, ETC would be fun to explore now that I think of it ETHan, [In reply to Ataxia] Exactly. This is why Strudel's protocol is so incredibly important for DeFi. And now the Devs are full time at work on bridging more valuable assets with large market caps. ## BCH Bridge Explained: Ataxia, I think i should also take the opportunity now that i've slipped on what the bridge is to explain why we chose this chain and how we are doing it ETHan, Great. Explain the benefits of bringing BCH to ETH chain. Ataxia, Sure thing. As you mentioned BCH is nothing but 10 billion USD worth of collateral that is now doing nothing (but paying very little in fees) The BCH chain was born out of a scaling debate, which let id to adopt a bigger blocksize than the segwit chain which went on to implement lightning network and fail at it Regardless of how they are trying to scale, our view of BTC is that it should be bridged to ETH permanently to serve as colalteral. And since BCH is so similar to BTC we decided to do that first. That let us innovate on how the bridge works. We no longer need to use a specific wallet to burn the BCH and now use a strudel protocol identifier on the adress that recieves the BCH its also implemented on xDAI making it cost much less than bridging BTC Friendly Reminder, Will the new bridge have the same TRDL-rewards-pool or will we see more Inflation? ETHan, [In reply to Ataxia] Prime example of how powerful Strudel’s Protocol is. Ataxia, [In reply to Friendly Reminder] the bridge does not have a TRDL incentive at this moment. We will add a $TRDL incentive for BCH-ETH LPs but the yield rate will not be increased hall monitor, [In reply to Ataxia] Does this mean that for BCH, it can be converted back from vBCH? ETHan, [In reply to Ataxia] This means that the BCH-ETH LP won’t create any more inflation when implemented. TLink9, [In reply to ETHan] yes Matt, Generally speaking, thats good for trdl. TLink9, [In reply to Matt] 100% ETHan, [In reply to Matt] Very much so. Ataxia, [In reply to hall monitor] No, its still one way hall monitor, cool Friendly Reminder, Will the vBCH have the same pegging-mechanism? Ichi-pool, etc.? Ataxia, We will build it over time. Ichi is about to deploy a new version of their protocol which is kinda self service so we will be able to leverage that Friendly Reminder, Great Ataxia, We're also working on ideas for our new farm now that uni v3 is coming out we will announce details about that shortly Friendly Reminder, @Ataxia1 and Team: thank you for your affords and the hard work behind the scene! :) Great to have you guys! #strudelpower ETHan, That's great news for Strudel. I personally was very impressed to hear all of the developments that have been happening behind the scenes recently. ETHan, Yes, exactly what you said @Avenger_Zero Duke, Have you talked to the BCH community about this? Ataxia, We actually need your help to onboard them His Dudeness, [In reply to Duke] That's out next goal muhuhaha Ataxia, we can make a one pager to explain them Matt, It should be a fairly easy pitch considering that BCH people are at least *slightly* more open to new things than BTC holders persay. I don't see it receiving anything but positive sentiment. ## Strudel Governance Improvements ETHan, Next we will move on to another addition Strudel's team will be making. Regarding TRDL governance. @xatoshi99 would you like to explain? Xavier Vera, Yes we are going to be integrating and improving our governance and will be included on our dashboard hopefully when the new bridge is live on april 12th. we will be makimg a medium post about this in more detail for the community in the coming days Aircincy, [In reply to Xavier Vera (I will never DM you)] Great news ETHan, The reason we are doing this is because as we bridge more assets onto the Ethereum network; TRDL governance becomes more and more important. So we are looking to make gTRDL (Strudel's governance) more accessible and easy to use. The team is also exploring ideas of how we can further incentivies holding gTRDL. His Dudeness, [In reply to ETHan] Which in and of itself increases the value of TRDL Duke, why is that? will TRDL be burned for gTRDL? how do people vote when they are LP'd? ETHan, [In reply to Duke] It isn't burned, it is wrapped. ETHan, [In reply to Duke] I have proposed ideas of creating governance LPs so that TRDL can be used for both governance and also yielding. I know other protocols have done this and it further incentivizes holding the governance token. His Dudeness, "Utility and incentive to hold governance tokens are what separates a good project from a bad one. Recently, numerous DeFi projects are popping up just like the ICO mania. These projects witness tremendous inflow of volume during the early promotional phases for liquidity mining. However, soon the farmers dump their tokens on the market because there is practically no incentive to hold these tokens. Governance tokens provide voting rights over the updates on the project. A successful project will attract more people trying to benefit from its governance than a project designed only for yield farming. ETHan, But also, as Strudel's market cap increases. Large investors will definitely want to hold governance so they have more say in how the collateral is used and TRDL developments After all, TRDL is the governance token of this ecosystem. And as we bridge more assets, the value of that governance becomes greater and greater [In reply to His Dudeness | $vBTC $TRDL $NERD] This is a great quote HD, thank you for sharing. His Dudeness, This seems like a good time to move on to the questions in the document TLink9, Yes I have always wanted a true governance system for trdl. ETHan, [In reply to TLink9] Yes, me as well. This is going to be further implemented and is of great importance for Strudel's protocol. [In reply to His Dudeness | $vBTC $TRDL $NERD] I agree. ## Community Questions: ETHan, Question #1 What’s up with Sushi Lending? a. Where is Sushi at? b. Where is the development at? c. Did we find an Oracle? Ataxia, [In reply to ETHan] Sushi just released Kashi, their lending platform and it seems to be much more limited than we anticipated at this stage At the same time i met with the chainlink team and they explained to me a bit how their oracle system works and the thing is chainlink relies alot on centralized data feeds to have good oracles They did say they were very interested in working with us, once we met their conditions Thats why we're now exploring avenues to get listed on one centralized exchange in order to have a data feed and revisit the lending issue ETHan, [In reply to Ataxia] I really appreciated hearing this. That we are looking at being listed on a centralized exchange. His Dudeness, With gas fees lately, that's enormous. ETHan, Question #2: @xatoshi99 What’s next on the marketing roadmap, it’s been pretty quiet ? a. Partnerships, promos, influencers etc Xavier Vera, [In reply to ETHan] Yeah were going to focus on this in the coming weeks as we reach out to bch communities and focus on exposure. there have been several protocols that we have been talking with regarding partnerships. and we will let the community know when its a done deal. we are very happy with our ichi partnership ETHan, Question #3: What’s next after Sushi Onsen ends? Ataxia, It depends, if we manage to get great volume in the second half of it we may get a bigger allocation in the future and make it more interesting if not we have many ideas around uniV3 launch and ways to make you earn extra there ETHan, Question #4: Has the team reflected on which initiatives are working and which aren’t (e.g. ICHI, oneVBTC/TRDL) Ataxia, I think ichi has been very good with us maybe the sushi migration didnt go as we expected but regardless it still was the best solution we had at the time ETHan, Question #5: Where are we with NFTs, since last AMA? Ataxia, Im waiting on covenants to release their general purpose farming contracts to have some experimentation around that Duke, ahah yeah what was the golden strudel. is that the governance? oh yeah that makes sense Ataxia, same thing, its part of how covenants work [In reply to Duke] No, gTRDL is just wrapped trdl this golden trdl is something else i need to ask keno if we can make it gGTRDL aahaha ETHan, Question #6: Thoughts on partnering or working with the ethereum foundation regarding the PEG and outreach? Strudel is beneficial for all eth users & something I think large ETH players can support It is the real mechanism for wrapping. Decentralized & trustless. Ataxia, that would be great but it doesnt depend on us really ahaha i mean im down to ask but not sure if we would get any response His Dudeness, I believe @mattim0use looked into ETH Foundation Matt, [In reply to ETHan] We've actually already filled out the application for the EF, and are waiting upon a response @xatoshi99 will receive an email once they've deliberated. ETHan, Question #7: Can we ICHI farm/farm with a majority of Dev funds and use the profits to support the ecosystem? Similar to a mini Vault ½ Revenue can buy back VTBC Process governed by holders & devs? Also encourages trdl through gov. Question #8: Any updates on Matic integration? Question #9: Are Terra Farm rewards down from last month primarily due to less vBYC bridge transactions? These will be our last questions for today’s AMA. @Ataxia1 Ataxia, [In reply to ETHan] the dev fund is really hard to manage that way Ataxia, [In reply to ETHan] waiting on them to get back to me ive sent requests to get both tokens mappexd Ataxia, [In reply to ETHan] yes that and more people getting in the farm at the same price, its getting squeezed ETHan, Awesome, thank you Carlos. His Dudeness, Good stuff today! Matt, Excellent work everyone. His Dudeness, Any last questions? Crypto Kurtosis, Very good AMA thx for the hard work! ETHan, We will have announcements coming; regarding everything covered in today’s AMA. Especially our BCH Bridge. Thanks everyone!
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