TrueFi coin is the base token from a decentralized lending platform, allowing anyone to borrow without collateral. At the same time, it brings attractive and sustainable yields to individuals who make cryptocurrency loans.
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What is TrueFi?
TrueFi is a platform that provides decentralized lending solutions (DeFi), where borrowers can request loans without needing collateral through clear lending terms. At the same time, it offers attractive and sustainable yields for cryptocurrency lenders.
However, not everyone can become a lender on this platform. Individuals must undergo a vetting process and lend in TUSD (TrueUSD). Afterward, their loans will be assessed by TRU Stakers, who evaluate the creditworthiness of the borrowers through a voting mechanism.
This process ensures that all lending and borrowing activities on TrueFi are transparent, allowing lenders to fully understand the borrowers and the flow of funds within the platform.
How does TrueFi work?
The TrueFi platform operates relatively simply by dividing participants into two specific parties: borrowers and lenders. Accordingly:
- Borrowers: They need to submit a loan proposal from the Pool, including the amount they wish to borrow and the Ethereum address to receive the loan. From there, the Pool’s smart contract will automatically approve or reject the loan based on risk parameters and the voting results of TRU Stakers.
- Lenders: They need to deposit TrueUSD into the TrueFi Pool, where the funds will be used for lending, earning interest, and farming TrueFi coins. Any unused capital will be deposited into the Curve protocol to maximize returns.
In the process, once a borrower successfully secures a loan, they must repay the principal and interest on or before the due date. If they are late, they will face legal action according to the signed loan agreement.
What subjects are currently present at TrueFi?
On the TrueFi platform, there are several key participants: borrowers, lenders, TRU Stakers, and liquidity providers. The details are as follows:
- Lenders: They are required to deposit TUSD and may also add other cryptocurrencies into the TrueFi Pool to fund loans for approved borrowers. After lending, they receive ERC20 Pool Tokens representing their claim on the principal and interest from the loans.
- Borrowers: These are individuals who submit loan requests based on their creditworthiness, which is evaluated by TRU Stakers and approved by the Pool. Upon successfully securing a loan, they are required to repay both the principal and interest before the loan expires, or they will face reputational and legal risks.
- TRU Stakers: These individuals vote “Yes” or “No” on loan requests to signal their support or rejection.
- Liquidity providers: These individuals support the liquidity of TrueFi coins on Uniswap or Balancer and have the opportunity to farm this token by staking their LP tokens on TrueFi.
What is TrueFi coin?
TrueFi coin, more accurately named TRU, is the official base token belonging to the TrueFi platform, used mainly for credit ratings on this platform.
Specifications
- Token Name: TrueFi
- Ticker: TRU
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x4c19596f5aaff459fa38b0f7ed92f11ae6543784
- Token Type: Utility
- Total Supply: 1.441.129.426 TRU
- Circulating Supply: 343.296.907 TRU
Token Allocation
Currently, TrueFi coin is being allocated according to the following specific ratios:
- Reward distribution: 39%
- Private Sale: 28.5%
- Team and management: 18.5%
- Subsidy/company: 9.5%
- Future Team: 4.5%
TrueFi coin Use Cases
TrueFi coin currently on the platform are being used to allow individuals to participate in the voting process whether to accept loans being made or not.
How to own TrueFi coin?
There are many ways you can own TrueFi coin, including buying directly from the exchange, becoming a lender, and becoming a liquidity provider.
Besides, if you want to buy TrueFi coin, the best crypto exchangeswe recommend you are Binance, Gate.io, MEXC,…
Where to store TrueFi coin?
If you want to find a place to store the TrueFi coins you own, you can try some specific names such as Metamask, Myetherwallet, Mycrypto,…
Conclusion
Finally, we have come to the end of all this content about TrueFi coin as well as the platform it belongs to. Hope you enjoy this content and see you again in newer content at AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
