AMA Recap: CRYPTO MINERS X TRUEFI

TrueFi is the protocol for uncollateralized lending, powered by the first ever on-chain credit scores and governed by holders of the TRU token. TrueFi is a protocol for credit, governed by the TRU token. TrueFi is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens (TRU) and rewards participants for maintaining stable, high APRs. TrueFi allows lenders to earn returns on loaned cryptocurrencies while having full transparency on how the loaned capital is allocated. Vetted borrowers, meanwhile, can use TrueFi for rapid access to fixed-term, fixed-rate cryptocurrency loans. TrueFi DAO Pools are managed by TRU holders, who collectively assess the creditworthiness of borrowers and individual loans by staking TRU. As of June 2022, TrueFi DAO Pools have originated >$1.5 billion in loans to over 30 institutional borrowers. TrueFi Capital Markets enable third parties to launch their own lending pools, which can be customized and configured to the needs of specific portfolio managers and borrowers.

We hosted an AMA session with TrueFi on 17th August.

Mr. Ramsy was the host from Crypto Miners and Mr. Matt was the guest. He shared delightful knowledge and unique features of TrueFi.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to Our #Special AMA session With TrueFi

To help us learn more about TrueFi, We are lucky to be joined By Mr. Matt

Hello Matt 👋

Matt K:
hi hi

happy to get started if yall are ready! 🙂

Ramsy | Crypto Miners:
Welcome here Mate

I’m pretty sure that our Community is very much excited to know more about TrueFi ✌️

So let’s get started 👍

Matt K:
im excited to share ser 😄

truefi dragon stickers if anyone wants 😜 ^^

Ramsy | Crypto Miners:
Haha that cool 😃

First of all Can you Introduce yourself to us?

Matt K:
yes! of course!

About me — I started working in crypto in 2021 as a copywriter, and social media manager.

Joining TrueFi in May of 2021, I started off booking AMAs and writing blog posts for the company, then made my way to managing all social media and public-facing social channels.

I am also a well-known DJ in the DeFi space, you can catch me spinning at most upcoming Ethereum conferences!

Follow me on Twitter to keep up with all of my upcoming shows and recorded music! –

https://twitter.com/mattkdj 🙂

Ramsy | Crypto Miners:
Nice to meet you DJ 😃

Now let’s start our Project Introduction Part

1. Please Make a concise and brief introduction about TrueFi.
How it is playing its role in development of lending and borrowing protocols?

Matt K:
Lets get started:

In short: TrueFi lets portfolio managers launch uncollateralized lending opportunities on-chain to a global base of lenders and borrowers.

Lenders enjoy lucrative, sustainable yields across a variety of on-chain and off-chain financial opportunities, and borrowers can rapidly access competitively priced capital with no collateral requirements.

We originated the first uncollateralized loan in November 2020, and have completed +$1.7B of originations and $1.3B of repayments with no defaults to date.

Ramsy | Crypto Miners:
Thanks Matt for this well start about TrueFi 👍

So What are the features of TrueFi that makes it superior and special as compared to its competitors?

Matt K:
Good question!

TrueFi allows lenders like you to put crypto into unique real-world opportunities, like business-to-business lending in the emerging world, top crypto market makers like Alameda, and even real estate.

Today, TrueFi acts as a lending marketplace, connecting portfolio managers offering financial opportunities to borrowers seeking capital and lenders seeking yields. You can think of it almost like an app store, but serving up lending opportunities rather than apps!

Benefits over other competitors is we use UNDERcollateralized or zero collateral loans — so on other protocols you need to put up lets say, ETH or a stablecoin, here, once you are vetted by our extensive due diligence and background check process, you get whitelisted and can apply for loans on chain!

Ramsy | Crypto Miners:
3. What makes TrueFi’s lending unique and what options it give to customers? What kind of currencies are accepted as collateral?

Matt K:
Ill answer the second one first — so far the tokens that are accepted NOT (again, we don’t do collateral on our protocol) as collateral but for LENDING OPPORTUNITIES are — USDC, TUSD, BUSD, USDT

now for a little bit more of a lengthy response

TrueFi is designed as a marketplace for four types of players:

Portfolio Managers, who are generally real-world businesses (like investment funds or other protocols), who have a unique lending opportunity they’d like to share with the world — like investing in emerging market fintech businesses. They save time and costs by building their portfolio on TrueFi, while also getting to reach global liquidity.

Borrowers are coming to TrueFi for competitively priced capital with no collateral lockup — so basically, like a large line of credit. These borrowers are rigorously vetted and sign an enforceable loan agreement that imposes collections on them if they default.

Lenders use TrueFi as a source of sustainable, lucrative yields — including opportunities that are diversified away from the crypto markets, like B2B lending. TrueFi has hundreds of lenders from all around the world.

TRU Stakers keep the protocol safe from defaults, by offering their TRU up as assurance in case of default, and also guiding the future of the protocol by participating in governance. TRU stakers also enjoy fees from loans they assure, having earned +$34m to date.

Ramsy | Crypto Miners:
4. Now tell us about the native token $TRU, what are its usecases and utilities in TrueFi ecosystem? Also provide us with the tokenomics

Matt K:
yes would love to

$TRU, TrueFi’s governance token, is used to guide the future of the protocol using binding, on-chain voting. TRU holders command the TrueFi DAO treasury, approve new borrowers and loans, decide on technical upgrades to the protocol — and much more.

Also, by staking TRU on TrueFi, token holders earn substantial rewards in the form of token incentives and loan origination fees, in exchange for assuring lenders of the protocol in case of default. Staking APYs are now +20% — and that’s before origination fees!

Now that we are progressively decentralizing our protocol efforts, you can find out how to participate in our voting with this step-by-step governance guide here:

https://blog.trusttoken.com/from-idea-to-on-chain-journey-of-a-truefi-gov-proposal-3e471f26db9e

As well as our path to decentralization thus far, in a blog post here:

https://blog.trusttoken.com/truefi-dao-step-2-announcement-of-dao-foundation-196cc7a5f0e0

treasury tokenomics are here: https://treasury.trustexplorer.io/TRU

Ramsy | Crypto Miners:
Now let’s move to our last question from this segment

5. what important updates and developments we’ll get in coming months and years in TrueFi ecosystem?

Matt K:
my favorite part 🙂

i love where we are headed — one second — and ill also drop some NFT ALPHA afterwards!

as well as where our token is listed 😄

so, regarding TrueFi, and its future:

As we further our efforts into decentralization, we will look to community members to embrace new roles in the recently rolled out DAO committees to help determine the future of our protocol.

As DAO members and delegates propose new efforts, the community will vote on signaling these and putting them to vote on the blockchain.

The DAO pools will continue to underwrite new loans as the committee sees fit during the upcoming months.

Ultimately, the goal of TrueFi is to become the most widely adopted and trusted protocol for global lending.

The DAO is supported by an experienced team, an engaged community of thoughtful contributors and investors, and one of the strongest engineering teams in DeFi.

Over the next 12 months, TrueFi’s pipeline represents billions of dollars worth of lending opportunities that are not correlated with the broader crypto market.

If the team is able to continue executing the strategy and roadmap, TrueFi is incredibly well-positioned to lead the charge among protocols bridging the gap as a trusted bridge between DeFi, RWA, and the +$8 trillion traditional credit market.

❤️

Thats about TrueFi’s future — now heres some about our Token TRU in case anyone is interested in capturing a position for themselves:

For lenders looking to park their stables in a decentralized protocol with yield generated by real-world lending opportunities, you can review the opportunities right on our protocol at app.truefi.io/home.

For traders looking to establish a TRU position, we are also listed on most all major exchanges in the world, and our token $TRU, can be found there:

Can I drop info about our current NFT campaign on L2 Optimism, powered by Project Galaxy next?

Ramsy | Crypto Miners:
Go ahead 👍

Matt K:
As a special thank you for attending this AMA, I wanted to share our ongoing NFT campaign, LIVE NOW!

FREE MINT can be found here: https://galaxy.eco/truefi/campaign/GC2kKUtsM9

Just follow the steps needed to complete the required credentials to mint your very own original TrueFi NFT!

Some reading/background about the NFT:
https://blog.trusttoken.com/truly-optimistic-our-free-nft-drop-celebrating-truefis-launch-on-optimism-f03e505ce7a4

Ramsy | Crypto Miners:
Try it out guys

Thanks Matt for this well detailed introduction about TrueFi:)

And that’s the wrap up of our the first part of the AMA session ✅

Matt K:
up next is? 😄

Ramsy | Crypto Miners:
Let’s proceed to our Twitter Questions section

i hope you’re ready for that!!

Matt K:
sure!

Ramsy | Crypto Miners:
So let’s start 🚀🚀

Segment 2️⃣: Twitter Questions

1: It’s indeed great for TrueFi to come up with a reputation-based credit scores to make no-collateral loans. How is the repuation-based credit score calculated? What factors or components make up this reputation based credit scores? Is it history of previous loans?

Matt K:
I’ll start by answering this way:

The team consists of many veteran members coming from all walks of life including strategy from VC backed silicon valley tech startups, the leading smart contract engineers from North America and Europe, investment leaders sourced from Wall Street hedge funds, and compliance leaders that, in aggregate, give TrueFi the expertise to succeed in the complex world of on-chain credit.

Beyond that — reputation gets checked before we ever even consider offering loans to someone — background checks, credit checks, we asks instituations to show us thier balance sheets — if they are too ‘risky’ we move on to the next applicant.

If an institution has 10mm AUM+ and has a good credit/debit ratio, and pass the extensive KYC/AML checks, they can move into applying for on chain loans — as a borrower builds history with us, they can pull out higher amounts of capital (if approved by the community via TRU votes)

Ramsy | Crypto Miners:
2: How much interest is paid to lenders whose capital is transferred to #TrueFi? What information will be scrutinised in order to be authorised for a verified loan from #TrueFi? What happens if the borrower is unable to repay the loan?

Matt K:
Interest depends on the loan — interest usually runs from 7%-15% depending on duration of loan, amount, and risk involved

info scrutinized i kind of already covered: KYC/AML, reputational checks, public facing profile is required, minimum 10mm AUM, proper balance sheets within our required parameters

all checked by our in house credit team

if a borrower is unable to pay a loan, there is a process of loan collection that is persued —

More about loan default and mitigation processes can be found here: https://blog.trusttoken.com/mitigating-risk-truefis-loan-default-process-454359a8c4b

Ramsy | Crypto Miners:
Now let’s hear our last question from Twitter

3: Security is the main center of the platform. Recently, many large platforms have been compromised by hackers and caused a lot of losses to its users, how is the current @TrueFiDAO security system safe from hackers?

Matt K:
easy — we get this question at every AMA — our audit process is ever ongoing and verified internally as well as executed by third parties

A list of our audits can be found here:

https://github.com/trusttoken/audits/tree/master/TrueFi

If you are a bounty hunter hacker, you can help make our code even stronger via our ImmuneFi profile here:

https://immunefi.com/bounty/truefi/

Ramsy | Crypto Miners:
That’s the wind up of our twitter segment

Now Moving on to our last segment — Live Q&A

Shall we matt?

Matt K:
lets goooooo!!!

Ramsy | Crypto Miners:
lets goooooo

Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) Jarvis $BTC:
There are so many tokens on TrueFi TrueFi, stkTRU, tfUSDC, tfUSDT, tfTUSD, tfBUSD, Can you tell us more about all of these tokens and about the use-cases for these tokens? also How can we get tokens like tfUSDC, tfUSDT, tfTUSD, tfBUSD?

Matt K:
hey yeah so these tokens are stakedTRU and tf tokens are the stable tokens that are given to the borrower in the form of loan tokens — there is an algorithm built into these tokens that makes them appreciate as you close on a loan — meaning once a loan gets paid off, you’ll own the same amount of lets say tfUSDC that you owned originally, but the underlying value of the USDC is now more, due to the value of tfUSDC going up

stkTRU are staked TRU tokens that stakers can use to vote on the future of the protocol,

2) Munna Bhaiya:
How TrueFi Makes Loans? Can you explain whole process? Doyou also have any videos we can dive in?

Matt K:
here are some videos you can watch for a top to bottom visual representation of the work we do, all on youtube, by our favorite influencer, DeFiNOW:

3) Space Dan:
I got information that TrueFi has partnered with WOO Network, is it true? If so, what are you planning to do with this partnership for the future of the project?

Matt K:
Hey there yeah! NICE QUESTION!!

WOO recently launched a portfolio on TrueFi, and is the sole portfolio to date with a non stable coin token as the currency being used in the portfolio — let me find some info for you to read more about this — we love WOO and the team is great

check out the porfolio here: https://twitter.com/TrueFiDAO/status/1539318852751867905

And some reading about the partnership: https://alexablockchain.com/truefi-partners-with-woo-network-to-launch-its-first-non-stablecoin-portfolio/

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much Matt For your valuable answers and information about TrueFi 💙

It Was Pleasure Hosting An Ama With You

Matt K:
To meet the community and get any questions we didn’t cover today answered, or to explore governance and the DAO, you should visit our Discord community: http://bit.ly/chattruefi

Phew! That just about wraps it up on my end!

Thank you for your time everyone! Here are the TrueFi websites and communities for your information — make sure you join and follow us in order to be considered for the rewards!

dont forget to follow me for all things truefi too!

https://twitter.com/mattkdj

Ramsy | Crypto Miners:
Time To Conclude Our AMA session
Thank you again for being here 😊

Community, if you would like to learn more about TrueFi, here are some useful links for you:

Website: https://truefi.io/
Twitter: https://twitter.com/TrueFiDAO
Telegram: https://t.me/jointruefi
Discord: https://discord.gg/Yx7J4jZ
Facebook: https://www.facebook.com/TrustToken/
LinkedIn: https://www.linkedin.com/company/trusttoken/
YouTube: https://www.youtube.com/channel/UCePpU7NPWENI6rdmFb7HALA
Medium: TrueFi