One of TrueFi’s main goals as a decentralized financial platform is to make it simple for its users to access liquid funds.
Loans obtained through the TrueFi network can be obtained without members needing to put up any security.
When compared to other cryptocurrencies offering the same function, its operations are a stark contrast.
The platform’s creators claim they set out to do so to fill the void in the cryptocurrency sector caused by the high demand that must be met before individuals may get cryptocurrency loans.
Due to the availability of loan options, this issue is mitigated or perhaps rendered moot in the sector.
How many are TrueFi (TRU) coins in circulation?
The maximum number of TrueFi tokens that can ever exist is 1,450,000,000,000. Their complete community was allocated 565,500,000 TRU (or 39% of the total supply) through their distribution mechanism.
There was a token sale on the platform, with 26.75 percent of the total token supply being made available. This current group and firm were allotted 29.5% of all tokens.
The proceeds from the token sales and the tokens allocated to the TrueFi team will be locked up for the next two years.
These coins have a quarterly release schedule running from November 21, 2020, to August 13, 2022.
The tokens for the TrustToken firm will be released in stages, with the first third being released in November 2020, the second third in November 2021, and the final third in November 2022.
This operation will release 54,360,866 new tokens into circulation. These days there are 540,298,556 TRU tokens in circulation for TrueFi.
Who are the Founders of TrueFi (TRU)?
Token system built on Rafael Cosman’s Trust Token protocol (TrueFi). Cosman is not only one of the company’s primary founding partners but also the company’s current CEO and the director of its engineering department.
Cosman earned a baccalaureate degree in computer science from Stanford. After finishing college, he found work as a machine learning specialist for companies like Google and Kernel. A while later, he veered off into blockchain and digital currencies. Thanks to his series of articles on blockchain engineering, he has become well-known in the sector.
The platform’s other initial partners hail from Stanford, UC Berkeley, Carnegie Mellon University, and Google. Together with Cooley, WilmerHale, and White & Case, the TrustToken system has created a legal framework that allows currency and asset tokenization. Many banking and fiduciary institutions are also working with the platform.
What is TrueFi (TRU) used for?
The TrueFi platform was created to assist those needing cryptocurrency lending services by giving them access to premium, long-term, and enticing returns and by giving borrowers access to reliable loans that maximize their operating capital.
With TrueFi, supporters of the Defi ecosystem can pledge collateralized or unsecured funds as security for a fast loan at cheap interest rates. For the benefit of the project’s lenders and borrowers, all operations conducted on TrueFi are entirely open and transparent.
Lenders receive interest and TRU tokens for contributing assets to the TrueFi lending pool. Curve.fi’s protocol incorporates unspent funds so that more money is available to provide loans in the future.
When making a transaction on the TrueFi network, you’ll need TRU tokens, the network’s native coin. Value in the coin extends beyond the TrueFi and Trust networks.
That means its tokens can be swapped for other cryptocurrency pairs, potentially yielding a return for their owners.
How is TRU used?
There are three primary applications of TRU:
- Staking on TrueFi, enables the approval or rejection of new loans and gives lenders some security against loan default. Stakers receive TRU and tfUSDC as compensation for their efforts.
- For on-chain votes to execute protocol-level modifications and to enable TrueFi community activities like distributing grants from the TRU community treasury, TRU (or stkTRU) is required for governance.
- Increasing the amount of money that can be traded on decentralized exchanges (DEXs) like Uniswap and Sushiswap. To incentivize LPs, pairs may offer farming incentives in addition to a cut of the transaction fees received on the pair that the LP backs. Check out the current TrueFi farms.
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