Grumpy Sat (gSAT)
To add a little spice to the Strudel protocol, but not at the expense of utility, Grumpy Sat (gSAT) has just launched as the first “meme coin” backed by actual value. Strudel has deployed a two-way wrapper on Polygon (Matic) that converts Strudel Bitcoin (vBTC) to gSAT via the “purr function” and back, via the “snarl” function. Each gSAT is always backed by 1 satoshi of vBTC (a Strudel Satoshi, if you will). Because gSAT is backed by actual value (vBTC), and because vBTC exists on Ethereum and Matic with price differences and utility of its own, gSAT provides ample opportunity for monetary gains through arbitrage, Bitcoin exposure, and the benefits of decentralization. Because gSAT is backed by actual value, the risk is decreased substantially. The downside risk is the price of Strudel Bitcoin because holders can always redeem gSAT for the same rate it was minted. The upside is gSAT holders will also get the benefit of being part of contests, drawings, and presales organized by the Nerd DAO, providing utility and opportunity for price appreciation for gSAT on its own. Grumpy Sat is a meme coin on steroids.
Copy link