Fun

TrueFi introduces dollar-based TRI token for real-world asset trading

News Feed - 2024-03-26 01:03:15

Derek Andersen7 hours agoTrueFi introduces dollar-based TRI token for real-world asset tradingThe credit protocol saw a peak in real-world assets two years ago. Now, it is looking to revive the market.2402 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDecentralized credit protocol TrueFi has introduced the Trinity protocol with an eye on increasing the capital efficiency of on-chain real-world assets (RWA). The new protocol will use the dollar-based TRI token backed by collateral assets to make it easier for users to acquire leverage and hedge risks.


The interest-bearing tfBILL, a tokenized short-term United States Treasury bill product, will be the first collateral asset used to back TRI. Other TrueFi pools, RWA from different protocols and other crypto-native assets could also be used.


A user could mint TRI on Trinity using tfBill or other assets as collateral and swap it for a stablecoin on an automated market maker. The user could then mint TRI through a smart contract it calls a vessel, borrow up to 92% of the loan-to-value ratio in TRI, swap that for the stablecoin again, mint more TRI and repeat the process. Eventually, the process would allow the user to earn up to 15–20% net yield.Schematic of TRI use cases. Source: trinityprotocol.xyz


Alternatively, a user could swap stablecoin for TRI and stake it in the sTRI vault, earning fees for a yield “expected to be near or above T-bill rates.” TRI could also be traded on secondary markets.


Related: TrueFi issues first default notice on $3.4M BUSD loan


The peak of on-chain RWA was in April 2022, according to TrueFi. It had hundreds of millions in loans to trading firms outstanding at that time. Now, the market for on-chain credit is only a third of the peak level.


Trinity is live on the Optimism Sepolia testnet. After an audit is finalized, initial users will be selected. It expects to have a $40 million TRI mint cap on the version that launches.Source: Trueholder


TrueFi is proposing to launch Trinity on Coinbase’s layer-2 Base network. It would not be available to U.S. users under the “most conservative initial rollout.” Base contains around 150,000 verified addresses that can confirm that a user is not U.S.-based and that institutions are whitelisted, it pointed out.


TrueFi introduced its first protocol in 2020 and originated $1 billion in loans in 2021.


Magazine: Unstablecoins: Depegging, bank runs and other risks loom# Blockchain# Business# Decentralization# LoansAdd reactionAdd reactionRead moreSWIFT declares second sandbox connector tests a success for CBDC and moreDeFi fund, Texas apparel company sue to defend airdrop against SECLondon Stock Exchange to launch crypto ETNs on May 28

News Feed

Cointelegraph9 hours agoZkDay conference and Pitch competition comes to Istanbul on Nov. 13ZkDay Istanbul is all set for Nov. 13! The event marks the continuation of the premier zero knowledge-focused community conferenc
Tom Mitchelhill3 hours ago‘Is this a Bitcoin ad?’ Joe Biden unknowingly touts BTC in coffee mug videoCrypto enthusiasts have lauded Joe Biden’s latest social media post for its so-called accidental endorsement of B
How low can the Bitcoin price go?
Biraajmaan Tamuly3 hours agoHow low can the Bitcoin price go?Bitcoin’s latest rejection at $70,000 has presented some support levels below where a BTC price downtrend might stop.1641 Total viewsListen to article 0:00Ma
Nigerian trader’s integrity restores trust in crypto
Amaka Nwaokocha13 hours agoNigerian trader’s integrity restores trust in cryptoThe act of goodwill has gone viral on social media, restoring Nigerians’ trust in the crypto community.9111 Total views3 Total sharesList
Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%
Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16% Ava Labs, the team behind the layer one (L1) smart contract platform network Avalanche,
Binance Looking to Hire Developers, Support Staff in Romania
Binance Looking to Hire Developers, Support Staff in Romania Global crypto exchange Binance is now hiring IT specialists and customer service representatives for its operations in
Shiba Inu Burn Rate Crashes 82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH?
Este artículo también está disponible en español. The Shiba Inu burn ratefaces new challenges, as it has recorded a massive 82% decrease. This decline comes amid a period
BTC price risks $62K dip as Bitcoin sellers return to exchanges
William Suberg8 hours agoBTC price risks $62K dip as Bitcoin sellers return to exchangesBitcoin exchange inflows increase with little relief in sight for those eyeing a BTC price renaissance.2882 Total views6 Total share
Hacker moves $10M from 2023 phishing incident to Tornado Cash
Ezra Reguerra10 hours agoHacker moves $10M from 2023 phishing incident to Tornado CashThe funds were taken from a crypto whale in 2023 when the holder signed transactions that allowed the attacker to access the funds.393
Winklevoss Capital, Coinbase Back $1.8 Million Round for Bitski Crypto Wallet
A startup making it easier for developers to put crypto wallets in their applications is announcing a seed round from the likes of Galaxy Digital, Winklevoss Capital and Coinbase Ventures.
Bitfinex Hackers Move Another $4.1 Million Bitcoin in Their Biggest Pay Day Yet
Bitfinex Hackers Move Another $4.1 Million Bitcoin in Their Biggest Pay Day YetCyber-thieves from the Bitfinex hack of four years ago continue to cash out, this time transferring th
How to Anonymously Buy Bitcoin Online and in Person
How to Anonymously Buy Bitcoin Online and in Person Buying bitcoin is a bit like buying contraception: it’s a basic human right, you should be entitled to do so privately,