Fantom Ecosystem Spotlight: Orkan by Strudel DAO.
22 Jun 2022, 17:02
Fantom Ecosystem Spotlight: Orkan by Strudel DAO
Orkan self-describes, in short, as taking Bitcoin, locking it in a vault, and distributing tokens that represent pieces of ownership of that vault.
Orkan by Strudel DAO offers users high-yield DeFi opportunities that are backed by wrapped Bitcoin and Bitcoin derivatives with meta-governance baked in via their token model. Next up on the roadmap is to offer a stablecoin backed by BTC reserves.
"Technologically speaking it's [Fantom] quite accommodating and handles L1 traffic quite well. We liked the distinct lack of VC funding and commitment of strong developers.
Originally we developed a completely decentralized trustless Bitcoin bridge from the Bitcoin blockchain to the Ethereum ecosystem. Yield farms, though great, tend to have the downside of being rather gas-intensive which can make it less inclusive of smaller participants.
We started down the road of moving to a different L1 to accommodate that and went with the chain we thought had the better financial and technical foundations ‒ Fantom Opera"
Learn more about Orkan and what the protocol brings to Fantom 👇