TrueFi Roundup #001

December 23, 2020

Sharing the best of the past two weeks in an easy to read update. 

For more updates, please join our Discord, Twitter, and Governance Forum


Happy Holidays, TrueFi Community!

Today we are releasing the first issue of our TrueFi Newsletter, another step in creating better community engagement and highlighting important updates for TRU holders.

This newsletter will be mostly focused on governance and product changes. In today’s issue we will cover 3 main areas of interest:

  • Accomplishments: What the team & community has gotten done

  • Changes: Product, governance, token, or other changes that may affect TrueFi users and TRU holders

  • Proposals: Ongoing discussions to onboard new borrowers or change the product that will benefit from your input - possibly the most important part of this roundup!

Recap: The First 30 Days of TrueFi

Since launching a bit over 30 days ago, we’ve been able to make a bunch of improvements to V1 of TrueFi. Rafael goes into more detail on Discord, but some highlights include: 

In Case You Missed It: 

  • $5mm loan to Alameda Research was fully repaid - the first ever on TrueFi

  • 4 active loans totaling $12mm made to borrowers including Grapefruit Trading, Alameda Research, and Invictus Capital

  • Built on-chain governance system (based on Compound’s model), this is viewable in Github awaiting further audits

  • TrustToken has now burned over 3,000,000 TRU, in keeping with its commitment to a fair marketplace for the token.

  • Fixing lots of front end bugs (incorrect APY calculations, etc.)

  • Finished smart contract upgrade that will solve TFI-LP slippage issues for token holders that wish to leave the lending pool early

  • Reductions of TRU farming incentives, reducing the daily outgoing supply dramatically

Behind the Scenes:

  • Spec'd, built, and had audited a smart contract upgrade will allow users to sell their TFI-LP tokens back to the pool at a reasonable price (the pool still makes a little extra $ every time someone does this)

  • Made significant progress on the plan to decentralize from an entity side (i.e. how to not have the company play any privileged role in the protocol, will be moving to something like a foundation)

  • Hired and on-boarded another engineer!

Roadmap for Next 60 Days: 

Going forward, our roadmap will be focused around four broad pillars that we think will lead to TrueFi's ultimate goal of being the most valuable on-chain lending protocol:

  1. Decentralize TrueFi and enact governance

  2. Create a valuable ecosystem around TRU and TrueFI 

  3. Strengthen the TrueFi risk management and credit assignment process 

  4. Create the most user-friendly experience in DeFi

Over the next 60 days, this means: 

  1. Decentralize TrueFi and enact governance

    1. All protocol upgrades and changes require the consent of TRU holders and the TrustToken team does not have the ability to make upgrades without this consent 

    2. Governance contract is the owner of the smart contracts and future updates require TRU holder votes (TrustToken Inc. has no special powers whatsoever)

    3. Actions within TrueFi (CRV claims, close out a loan, etc.) happen without human intervention

  2. Create a valuable ecosystem around TRU and TrueFI 

    1. Drive additional value to the TRU token 

    2. Get support from more partners (exchanges, wallets, other Dapps)

    3. Ability to lock TRU for increase voting power (e.g., something like veCRV)

    4. Overall better job at communicating publicly

  3. Strengthen the TrueFi risk management and credit assignment process 

    1. Hire (or consult with) a credit risk expert to help outline an improved risk framework

    2. Finish scoping out process to offer open-term loans 

    3. Scoping out improved staker diligence process which would not require borrowers to share their identity upfront  

  4. Create the most user-friendly experience in DeFi

    1. Offer in-depth documentation on the protocol (e.g., Compound’s documentation). Every protocol related questions should be documented and referenceable in the documentation. 

    2. Governance UI, locking TRU interface, etc. are beautiful and easy to use and understand (lots of tooltips, etc.)

    3. Connect with companies that already have beautiful UI’s (Zapper, Instadapp, Fireblock, Curv) to open up the pool of users

Ongoing Governance Proposals

There are currently two proposals in the TrueFi Discourse forums that have been well received by the community and will soon be turned into our first two Snapshot proposals. You can check them out in detail via the links below.

1. [Proposal] - Value Accrual To $TRU

2. [Proposal] - Tweak Loan Origination Fee Model

Beyond these changes to TRU staking and the new loan origination fee model, we will also be making upgrades to the TrueFi smart contracts based on additional audits that we received.

Community Announcements

Thank you to all our community members that continue to speak up and report bugs in the TrueFi Discord. Your unfiltered comments and feedback will only make TrueFi better for all participants please continue to be vocal.

Launch of TrueFi Merch + January Promo 

The TrustToken Merch Store powered by Origin Protocol is now live! If you buy now and send a selfie of yourself wearing your TrueFi Swag, you’ll be eligible to receive 250 TRU from the TrustToken team! Explore the store at merch.trusttoken.com

Media & Interviews

“If DeFi has disrupted and lowered the barriers towards securing loans, TrueFi by TrustToken has utterly broken down the barriers. TrustToken’s TrueFi is a revolutionary decentralized protocol that allows for people to borrow tokens without the need of securing any collaterals.” - TrueFi as reported on by TechBoullion, read the full story here.

Additional coverage by Fintech Inshorts, The Cryptonomist, Finextra, and Cryptomode.

In China, TrueFi is enjoying substantial coverage by Chain News, a top Chinese-language crypto outlet.

Podcasts & AMAs