TrueFi Recap for October ‘22: Default Response, New Portfolios & Governance Changes
While TrueFi responds to its first default, the protocol collected +$150m in repayments and approaching $40m in lender interest payouts
TrueFi’s top 5 moments for October 2022:
New TrueFi portfolios: End Capital now live, New Silver newly approved.
TrueFi confidently navigates first default response. Coverage: WSJ, Bloomberg.
Successful repayment of $96m Wintermute loan. Coverage: CoinDesk, The Block.
TrueFi partners w/ Circle’s Verite platform for decentralized KYC.
Governance changes under discussion, on token voting & proposal workflows.
🥳 Bonus: our NFT drop now a Galxe case study + earn $50 of USDC for product feedback
Read on for all the TrueFi news across governance, recent media, events and more below:
💼 New TrueFi Portfolios: End Capital & New Silver
Lend with End Capital for gig work financing: Recently launched EndLabs portfolio on TrueFi leverages the gig economy with its GigPool product, which focuses on providing funding capital for fintech lenders servicing borrowers in the gig economy. Read the entire press release here. Jump to TrueFi to explore the portfolio.
Coming soon, additional real estate lending with New Silver: Non-bank lender New Silver has recently been approved as a TrueFi PM, to provide short-term mortgages using real estate as collateral for ‘fix & flip’ single-family investment properties in the US. To date, New Silver has originated more than $130 million of loans with more than $50 million of loans securitized on the blockchain, creating the largest known DeFi pool of securitized real world assets. Read more on New Silver here, or explore TrueFi’s other real estate opportunity, provided by USDC.homes, here
🏦 Responding to TrueFi’s First Ever Default
TrueFi is currently navigating its first default on TrueFi, a $3.4m loan to Korean DeFi crypto fund Blockwater. The loan was restructured and received almost $650k in repayments before Blockwater was unable to make a scheduled payment. As outline in TrueFi’s default response plan, 10% of staked TRU was slashed, the DAO is pursuing coverage from the SAFU, and TrueFi is working with legal counsel as part of collection efforts.
TrueFi is committed to delivering the best possible outcome for lenders, and we know the world is watching: TrueFi’s first default was covered in WSJ, Bloomberg, twice in CoinDesk, Decrypt, and CoinTelegraph, among others.
💰 TrueFi Collects $158m in Repayments, including on DeFi’s Biggest Loan
In October, TrueFi collected in excess of $150 million in repayments, now exceeding $40m in interest collected for lenders. Repayments came from the likes of Folkvang, Nibbio, and Alameda Research. The biggest repayment, of $92 million and interest, came from Wintermute, making it the single largest successful loan in DeFi to date.
The repayment made news at CoinDesk, The Block, Forbes India, CoinTelegraph, UnChained, and a number of others.
Since repayment, new loans are being offered to a number of existing borrowers and TrueFi maintains an active lending book. Review all current and past TrueFi loans here.
👁 Archblock & TrueFi partner with Circle to build decentralized identity standard
In a major development for the DeFi space, Archblock (formerly TrustToken) and TrueFi have partnered with Circle, MetaMask Institutional and Parallel Markets to build a new decentralized identity standard for permissioned DeFi opportunities. With the new Verite credential, DeFi users will be able to bring their identity info to a growing number of protocols accepting Verite KYC, without needing to expose their personal information to each protocol individually.
Read the official announcement from our partner Circle.
⚖️ Governance Updates:
dYdX Borrower Pool Moves Another Step Forward: Establishing the Borrower Pool on TrueFi to enhance capital efficiency and ensure better utility of $DYDX token incentives is now one step closer to snapshot.
Reduce emissions to tfTUSD and tfBUSD pools: Approved, reducing emissions will compensate lenders currently in the pools, while increasing long term sustainability of the protocol.
stkTRU gated borrower detailed infomation: Under discussion, what sort of borrower information should be made available to lenders - publicly, or to confirmed stakers - following TrueFi’s first default?
(1) Requirements for Proposals & (2) Snapshot Voting Power Strategy: Two separate proposals, now under discussion, for changes to TrueFi’s governance workflow that would change (1) how proposals are made and marketed and (2) who may vote on Snapshots, respectively.
📅 Events: TrueFi @ DevCon in Bogota, Columbia
TrueFi Engineering had an Impact Booth at Devcon Bogota, the biggest Ethereum conference of the year. We were there to promote our contributions to the Ethereum ecosystem: open source projects useDapp & Waffle that enable developers to build frontend for multi chain dapps easily & test their smart contracts quickly. The team hosted two separate workshops, teaching devs how to use the two open source projects, and onboarded around 70 developers through the workshops.
📰 Media:
Besides coverage from the Wall Street Journal, Bloomberg, CoinDesk, and many others reported under the “Responding to TrueFi’s First Ever Default” & “TrueFi Collects $158m in Repayments” headings above, TrueFi also secured
YouTube: Head of Marketing, Michael Gasiorek speaks about assets and transparency at Chainlink’s SmartCon.
Twitter Spaces: Ryan Rodenbaugh sits down with Exponential DeFi to discuss the future of on-chain lending.
Twitter Spaces: Ryan Rodenbaugh discusses Crypto Institutional Adoption with MEXC.
Podcast: Watch talk how TrueFi is reshaping global lending on Mint Ventures Podcast.
TrueFi’s Real World Asset Strategy featured on The Tie, a major institutional research and media group.
Investors Guide to TrueFi Capital Markets featured on Blockworks.
Catch all of the TrueFi Podcasts in one place, on Spotify!