This article was first published on TrueFi - Medium
New V2 features launch February 19th, 2021
In the three months since TrueFi’s launch, we have seen the protocol quickly rise as the leading contender in on-chain uncollateralized lending. Version 1 (V1) of TrueFi has brought on respected borrowers like Alameda Research, Poloniex and Wintermute Trading, and in aggregate has processed $57.5 million of unsecured loans with no defaults.
In this same time period, the protocol is on track to pass on $525,715 in returns to lenders and millions of TRU to platform participants and liquidity providers. At time of writing, TrueFi stands in the top 30 protocols by Total Value Locked and is in the top 10 for lending protocols, as tracked by DeFi Pulse.
TrueFi’s goal is to become the ultimate market-driven, automated credit rating and lending system. To that end, the proposed 2021 TrueFi Roadmap lays out a 4-phase plan for building a robust credit model, servicing on-chain lines of credit, and diversifying both the available assets and open pools. It also explores opportunities in protocol-to-protocol lending, tradable loan tokens, and more.
TrueFi’s next milestone, summarily called V2, goes live on approximately February 19th, 2021, pending audit. V2 will include three major protocol changes: an improved TRU staking model designed to improve TRU utilization and participation yield; an on-platform service for exiting the lending pool with the lowest possible slippage, called liquid exit; and the launch of full on-chain governance.
These developments are covered in depth below:
Improved TRU Staking Model
The new TrueFi staking model improves utilization and value accrual for TRU holders. It accomplishes this by changing three existing mechanics of TRU staking: it simplifies the role of staking in the existing loan approval process, rewards stakers with 100% of the loan origination fee on top of increased TRU rewards, and it allows for simultaneous participation in staking and ...
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TrueFi - Medium