Every Cadet loves a boosted Moonpot, and Ziggy’s always on the hunt for new incentives. In a partnership with the Orkan and Strudel DAO team, we have a new Fantom Moonpot to share with our community. And best of all? It’s boosted with $50,000 of extra ORKAN APY!
What is Strudel DAO and how does it work?
Strudel DAO removes the need for custodial asset control with trustless bridging services. Using Strudel allows you to use BTC, BCH, and a selection of other cryptocurrencies across a range of EVM-compatible blockchains. Its pegged tokens maintain their exchange rate through market dynamics and crypto-economic incentives rather than holding base assets in custody.
What is vBTC?
Strudel Bitcoin (vBTC) is minted 1:1 when BTC is bridged to Ethereum in a trustless manner. The bridge is one-way, and all BTC collateral is permanently locked in the Strudel protocol. No one can access the underlying BTC.
To maintain the peg, Strudel incentivizes liquidity provision with the help of its Strudel Token (TRDL) and by controlling a supply of bonds. Long term, the goal is a perpetual peg with holders being rewarded when it is over its peg.
What is Orkan?
Orkan (ORKAN) is a Strudel protocol on Fantom, providing a meta-governance project for Fantom’s ecosystem. Orkan uses perpetual bond issuance to collect governance tokens from Fantom projects that use liquidity gauges and locking mechanisms like SpiritSwap.
Once Spirit is acquired, it’s used to boost the ORKAN-FTM farm where Strudel DAO owns most of the liquidity. As part of this process, Orkan bribes binSPIRIT holders to vote for their ORKAN-FTM gauge in SpiritSwap.
Orkan’s success helps the Fantom ecosystem acquire more value. In the long-term, Strudel DAO may consider including more bridgeable assets to Orkan and Fantom.
Introducing our new ORKAN-FTM Moonpot
The ORKAN-FTM Moonpot has arrived with $50,000 of extra APY supplied by the Orkan team. This incentive will be distributed over three to four weeks. Cadets can Zap in with either ORKAN or FTM to start earning APY and enter the regular prize draw.