Proposal: Whitelist TRU

Contract address: 0x4c19596f5aaff459fa38b0f7ed92f11ae6543784

Project Website: TrueFi.io

Discussion

[Reference links have been left as text since the forum limits the # of links that can be shared by new users]

TrueFi is an uncollateralized on-chain lending protocol, powered by TRU. It allows lenders to earn high, stable returns on loaned cryptocurrencies (starting with TUSD and adding others including USDC, wBTC, and more!) while having full transparency on how the loaned capital is allocated. Vetted borrowers can use TrueFi for access to fixed-term, fixed-rate cryptocurrency loans.

We have an aggressive roadmap planned for the next few months with a lot of updates on the horizon. You can find the roadmap at https:// blog . trusttoken . com/the-truefi-protocol-roadmap-92f388ac6eb3

Tokenomics

TrueFi’s native token, TRU is an erc-20 that gives holders governance rights and the option to stake TRU to backstop liquidations in exchange for a protocol incentive and a share of fees accrued. In lieu of on-chain governance being live (should be live in the next few weeks) TRU is also used to vote for governance proposals on our community on Snapshot.

Community and Communication

TrueFi is active on Twitter, Discord, Youtube, and Discourse.

Available Audits

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

Market and Trading Data

  • ATH was $0.615301 (Feb 13, 2021)
  • ATL was $0.108493 (Nov 26, 2020)
  • Max supply of 1,444,746,288
  • TRU is available on SushiSwap and Uniswap (currently incentivizing liquidity on Uniswap and will soon be shifting that over to Sushiswap)

https://www.coingecko.com/en/coins/truefi

I believe this proposal was missed amiss a huge backlog of other proposals when gasless voting went live. We should probably look at getting a snapshot vote for whitelisting TRU next week if possible.

As part of whitelisting a new token on the platform, we typically include a co-investment limit from our side. Typically this is done based on liquidity in order platforms:

image

The largest trading pools for TRU are paired with ETH and they are roughly 15M (uni) and 5M (sushi) in size. Given the above, I think we should aim for 500K co-investment limit for now and we can always increase this amount if there is a high demand for single sided liquidity from LPs.

With a 500K BNT co-investment, we are looking at 3.5M in liquidity from our side (with BNT price at $7) for a pool that could potentially be 7M deep (assuming that the TRU side fills up completely). This is a good starting point and should support the volume for this token:

image

which has had 1.3M average daily volume the past 30 days on uniswap and sushiswap combined. Regarding the following:

  • TRU is available on SushiSwap and Uniswap (currently incentivizing liquidity on Uniswap and will soon be shifting that over to Sushiswap)

Bancor will eventually allow projects to incentivize BNT-TKN pools with their own tokens. Would the TrueFi team consider incentivizing the BNT-TRU pool in the future?

Lastly, for anyone else that’s curious about the token distribution, I found the following from one of their blog post:

Overall, I think this is a solid project for us to onboard and it will get my vote.

References:

Introducing TrueFi, the DeFi Protocol for Uncollateralized Lending

The TrueFi Protocol Roadmap

Audits

One other thing, @rafaelcosman you should add some information about the token security (take a look at the whitelisting template in A Guide to BancorDAO Due Process). Essentially, a few questions from our end that would need to be answer:

  1. Does the token have a rebase mechanism (It doesn’t appear to be the case)
  2. Does it have a fixed supply or is it elastic (i.e. can the team print more)
  3. If it is not fixed, is the team planning on printing more?
  4. Where is the largest concentration of TRU tokens at the moment? Are these team wallets, exchanges, vesting contracts, etc…

Nope

There is a fixed total supply. We’ve done some burns and may implement more burning mechanisms in the future so supply would only be deflationary.

Nope

Details on the top 10 addresses (link)

1 Like

Thanks for putting that list together Ryan. From my end, this proposal looks solid but would love to hear from other community members to see if they have any questions. For this part, I have asked the admins in our discord to create a channel so that we can discuss this proposal there as well. It would be good if some folks from the TrueFi community could join so that you can answer any questions that our community members might have. Lastly, we should edit the title of your post to “Proposal: Whitelist TRU plus 500K BNT co-investment” (feel free to suggest a separate co-investment limit if you think it’s appropriate. 500K was my best judgement based on the data that I saw).

For others that might not be aware, the TrustToken team is also behind the following stable coins:

  1. TUSD
  2. TGBP
  3. TAUD
  4. TCAD
  5. THKD

with TUSD having the largest market cap (~$325M). TUSD might be a good contender for Bancor when we have shadow pools (but that would be for a separate proposal).

1 Like

I’ve asked Raf to go and edit the title of the post. Let me know how we should proceed…

Hey @RyanRodenbaugh unfortunately it’s not letting me edit the title of the post. I think it may be too long since I posted it? If it’s not inconvenient, I’d appreciate if an admin could help us here. Thanks.

Tagging at @mbr who can potentially help with fixing the title of this post. It should be “Proposal: Whitelist TRU plus 500K BNT co-investment”

New to the forum but I’m a holder of both TRU & BNT. Would love to move my TRU liquidity to Bancor for that sweet 100 day IL protection :smiley:

IMO - Some TRU token purchasers from back in 2017 are still unfamiliar with the concept of IL and thereby reluctant to provide liquidity to Uniswap or Sushi. But a TRU/BNT pair could def do well + be a good gateway for the members of our community that are currently less familiar with IL & coming from a more risk-adverse background.

Please reformat this proposal according to the whitelisting template