Launches: Strudel Finance - a trustless multichain bridge

Funding Proposals Grants
1

Name of Project / DAO / Company

Strudel Finance

Strudel Finance is the first and only one-way, trustless bridging protocol linking Bitcoin (BTC), Bitcoin Cash (BCH), and future assets to DeFi. Through the use of Strudel’s secure protocol, bridging, liquidity mining, multi-chain support (Ethereum, Polygon, and BSC), and index fund options are available, with plans to incorporate lending and collateralization options in the near future.

One of Strudel’s main value propositions is its 100% trustless bridges which eliminates the need for custodial control of assets seen in typical wrappers. Vitalik Buterin indirectly mentioned a need for this value prop in a podcast with Lex Fridman recently. If you have time, it’s 1:53:06 to 1:57:40 on the YouTube video.

Stephen touches on the importance of trustless bridges in this cointelegraph article:

Not only is Strudel a bridging protocol, but we also aim to be a substantial source of value and passive income for investors. One of our recently implemented financial instruments is The Mare Imbrium Fund, a meticulously designed Balancer smart pool.

The Mare Fund is a low-risk, six-token, auto-balancing, and self-supporting index fund that gives exposure to three Strudel assets (vBTC, vBCH, and TRDL) with additional hedging and support provided by a stablecoin (oneVBTC), Ethereum, and a deflationary token (TWA). Investment of one asset (single-sided liquidity) provides demand for the other five tokens through arbitrage rebalancing inherent in these types of Balancer smart pools. The Mare Imbrium Fund was constructed to help support the market-driven peg prices of vBTC and vBCH and early returns have been positive. A pegged BTC and BCH are essential to fuel and grow our ecosystem, and all Strudel developments have that in mind.

Application type

Launches

Proposal overview

The link below gives a comprehensive overview of our plans with grant funds.

Complete Proposal:
https: //docs.google.com/document/d/1eQu_TFSnHOU3YbnsN_og3gKe_8YQrMih2dbaTotcraU/edit?usp=sharing

Built on Ethereum, live since Fall 2020. Polygon(Matic) and Binance Smart Chain since Spring 2021.

Proposal ask

$50k

Metrics for success

Number of Bridge transactions and volume of funds transferred.

External links

Strudel website:
(https: //strudel.finance/)

Pitch Deck:
https: //strudel.finance/media/strudel-finance-pitch-deck-V5.pdf

Wiki:
https: //hackmd.io/@HD-Strudel/WtS

Mare Fund:
https: //strudel-finance.medium.com/strudels-mare-imbrium-fund-the-guide-ff7e00c5df60

2 Likes
2

Strudel Finance: Community Poll

  • Yes
  • No
  • More info needed
0 voters

For “More info needed”, please Reply to ask your question

3

@Squirtle can you help us out here and translate the amount of transaction / volumes into actual utility (number of people/wallets transacting) according to our guidelines

100 Grants ($20M). Recipients of each grant must have achieved product-market fit. Harmony helps scale these thriving projects via porting to our mainnet. We recommend $50-250K each over 4-8 weeks, on projects already with active 10K users, and engaging their teams in public forums. Prime areas of market growths are Play-to-Earn games, musician fan clubs, investment DAOs, portfolio dashboards, and event and collectible curators.

2 Likes
4

Hey, representing the Strudel Dev Team, here’s the matrix you were asking for:

  • 68 tx/day average
  • 48% of vbtc is on exchanges between balancer and uniswap
  • 40% of vbtc is in a wallet
  • ~1000 users on average
  • TVL of ~23 BTC so far
  • 1281 wallets with Strudel’s various ecosystem assets
  • 7 active pools

Hopefully these are the metrics you were looking for. Let me know if I can get anything else for you.

Excited to develop your bridge!

3 Likes
5

Best partnership ever👍🏻

1 Like
6

Thank you for this proposal, this is great.

I think the $50k “Launch” funding track would be more suited for this project:

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit. We recommend a $50K equity-free contribution each:

  • $10K after launching a feature-complete product on our testnet
  • $10K after mainnet launch
  • $10K after forming a DAO with its community, and
  • $20K for after 10K users.

Let me know if this make sense.

Cheers

2 Likes
7

Hi, Giv! Yes the launch track would work for this. We’re glad there seems to be community interest/support here.

1 Like
8

Approved for $50k “Launch” track. Congrats!

5 Likes
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nice one! very clear guidelines for all launches.

  • $10K after launching a feature-complete product on our testnet
  • $10K after mainnet launch
  • $10K after forming a DAO with its community, and
  • $20K for after 10K users.
1 Like
12

Multisig wallet:

one1x0h8jvmq8wvnz54ak09ftxynzz862hknu26n0q

1 Like
14

Can you share more details? I’m afraid links to Explorer are not enough:

15

Update:

Hey guys, we’re finalizing some tests, trustless bitcoin bridge should be available soon. @Jacksteroo

16

Great and look forward to the bridge. :+1:

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@Jacksteroo @giv

Bridge has been deployed on mainnet, tested with 100+ users/wallets, and is working correctly! Currently finalizing signers for our multisig.

Check it out:

Relevant link:

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Harmony Explorer:

vBTC:

TRDL:

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18

I was assigned to make BTC to vBTC, $TRDL bridge work for Harmony blockchain by STRUDEL. To make this work, I had to modify existing contracts including vBTC contract to use the Bitcoin relayer from Harmony and tested various times with Bitcoin mainnet and updated the website as well to help users mint vBTC and $TRDL from BTC.

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@Jacksteroo @giv

After receiving payouts for the first three milestones we’ll start development on our incentivized farms which are a Sushi fork.

1 Like
20

How many signers required for the MS? Kinda a hot topic right now.

1 Like
21

Hey! :slight_smile: , our grant stipulation requires 5 signatures out of 9 total signers. 3 must be from the team, 3 from our community, and 3 from Harmony’s community. Still looking for the latter three