In recent years we have seen several projects interested in bringing Bitcoin to Ethereum (or other blockchains). Among the most famous projects are wBTC, Ren Protocol and pNetwork. However, all these projects work in a trusted way, i.e. the tokenized bitcoin ‘belong’ to the project and there is a risk that sooner or later they will disappear. Obviously, we are talking about projects with serious teams that will never do such a thing, but why risk it when there is finally an identical project that is completely trustless? We are talking about Strudel Finance (a project that has $TRDL as its governance token).
Strudel Finance, vBTC and $TRDL
Strudel Finance is a project launched in November 2020 with the intention of offering tokenized bitcoin on the Ethereum network but with a trustless bridge instead of a trusted one. In this way, the risks of losing one’s BTC are close to zero. The bitcoin are pegged to real bitcoin and transformed into ERC20 tokens called vBTC. These tokens can then be used for decentralized finance and provide a good yield in return.
To earn TRDL tokens simply log on to Strudel.Finance, connect your wallet (MetaMask or others) where you have your vBTC and start farming. At the moment this project doesn’t have the same popularity as Ren or other bigger protocols yet, so I think it’s the right time to get to know it better before it’s too late. For comparison, REN has a market cap of about $1 billion. TRDL on the other hand currently has a market cap of around $13 million. In the last 2-3 weeks, TRDL has been performing stratospherically, with a price increase of about 900%. This number is sure to increase as it is a very serious project with a feature that is in high demand by bitcoiners.
I’ve looked into the project a bit on Twitter and Telegram and it seems that one of the DEVs is among the people behind the Sushi project. The team is always well active on the various social media channels and is working with various influencers to increase popularity and bring in new customers. At the moment the token is only tradable on Uniswap but the liquidity is very good. The liquidity is in fact close to 1.5 million dollars, so it shouldn’t be too much slippage even on large orders.
P.s. please remember that the TRDL token, like any token of farming projects, is a token that can be obtained through farming so it is often dumped on the market by the various farmers. The same goes for YFI and other tokens that have proved to be very valuable and have had stratospheric price increases, enriching those who have believed and held from the early days.