Over the past 2 years, DeFi has taken over the whole Crypto world. Whether you are a newbie or an OG, you knew or heard DeFi projects like Curve, AAVE, MakerDAO, and Uniswap. Its own unique user experience has totally different from traditional finance.
In this article, we are going to introduce you to “Truefi” and how it will change the on-chain governance.
What is Truefi?
The same business that created the TUSD stablecoin, TrustToken, provided the initial funding for TrueFi in 2018 through SAFT token sales to accredited CoinList investors and VC institutions at prices ranging from $0.08 to $0.12. This raised more than $31 million.
Their objective is to develop a DeFi platform that offers decentralized (direct) loan services using the project-specific TUSD stablecoin and the similarly named native TrueFi token.
How does it work?
The TRU staking pool, a liquidity mining farm, and loan pools make up the TrueFi protocol. In exchange for a high staking APY and additional voting benefits, liquidity providers deposit assets into the lending pools to earn interest, while TRU stakers are in charge of onboarding borrowers, approving loans, and managing governance.
TrueFi borrowers must go through rigorous KYC/AML checks and sign binding contracts with the TrustToken team before they can post a borrower onboarding request, in contrast to collateralised DeFi lending protocols that can more easily retain borrowers pseudonymity.
TrueFi DAO
The objective of TrueFi is to create a publicly owned and run financial utility for international lending.
They had passed the proposal from their community on May 19, 2022. With a 100% on-chain yes votes.
With the introduction of on-chain governance, TrueFi and TrustToken will function in a totally independent manner. A number of centralized companies, including TrustToken, will leverage TrueFi’s decentralized open-source lending infrastructure.
If you are interested in their innovation, please check their Medium page:
TrueFi
Truefi and BitYard also had one AMA event on June 29, 2022. Talking about how TrueFi Capital Market will change the future of Defi Credit and how TrueFi is different with traditional finance:
https://finance.yahoo.com/news/truefi-capital-market-change-future-011000145.html
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TrueFi DAO & On-Chain Governance was originally published in BitYard Token Insight on Medium, where people are continuing the conversation by highlighting and responding to this story.
http://dlvr.it/SV7Cf3
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