TrueFi V2 further grows the utility and value of TRU, upgrades the underlying credit model, launches on-chain governance, and improves exit liquidity.
SAN FRANCISCO, CA / ACCESSWIRE / February 19, 2021 / TrustToken, the core developer of the TrueFi uncollateralized lending protocol, is proud to announce the next major step of bringing credit lines on-chain: the launch of TrueFi Version 2. V2 delivers on three major goals for the protocol: making TRU more valuable and higher utility, building an ever more robust credit model to improve the borrower and lender experience, and formally decentralize the protocol.
Since the November 2020 launch of TrueFi, the protocol has seen major success among borrowers, lenders, traders, and the DeFi community at large. As of writing, TrueFI has processed about $60m of loans from major institutional borrowers including top hedge funds and exchanges. In this same period, lenders have collected over $500,000 in rewards for depositing their stablecoins into the platform. This rapid growth has placed TrueFi in the top 10 lending protocols, according to DeFi Pulse, and attracted listings from large centralized and decentralized exchanges like Binance, FTX, Uniswap, and Sushiswap, all now home to substantial TRU trading volume.
With a completed round of successful audits, Version 2 of TrueFi launches February 19th with four concrete protocol changes:
Improved TRU Staking Model
V2 allows TRU stakers to spend less attention to earn greater returns, all while retaining their governance voting power. By allowing TRU holders to stake directly on the protocol versus individual loans, stakers are relieved of tracking every incoming request, while also providing some coverage on the underlying loans in case of default. Concretely, V2 rewards for TRU stakers increase dramatically, with expected APYs upwards of 400% available at time of writing due to increased TRU and tUSD rewards. TRU holders who participate in staking will now also be able to participate in on-chain voting, increasing TRU utilization.
Liquid Exit is designed to address a key request from the TrueFi borrowing community: the ability to exit TrueFi loan positions directly into TUSD at low slippage. This is accomplished by allowing the TrueFi lending pool to buy back loan tokens directly from lenders - like Yearn vaults do.
Finally, the launch of TrueFi V2 ushers in on-chain governance, putting the protocol on a formal path to decentralization. With on-chain governance live, the holders of the TRU platform token can affect major elements of the protocol's future by making and voting on binding proposals, including changes to governance itself.
TRU holders can also now delegate their voting power to other holders or stakers, allowing for healthy governance by representation.
Full details of the TrueFi V2 updates can be found on the TrueFi blog. All changes are live with effect from February 19.
TrustToken is freeing money to open economic opportunity to all.
TrustToken's TrueFi platform brings unsecured lending on-chain, offering lenders high earning rates with full transparency of how their funds are allocated, and borrowers the ease of fast, predictable loans without collateral requirements. Holders of the native platform currency TRU take part in approving new borrowers and loans, and directing the development of TrueFi through decentralized governance.
Our TrueCurrencies (TUSD, TGBP, TAUD, TCAD, THKD) are the world's most transparent stablecoins. Each is fully collateralized, attested live on-chain, now moving billions in monthly trade volume across +100 trading partners including Binance, Huobi, and OKEx. TUSD users enjoy lightning-fast transactions, easy minting and redemptions, and obsessive customer service.
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Michael Gasiorek, Head of Growth at TrustToken
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