Tag: TrustToken

TrueFi powers WOO X’s institutional services through decentralized loans to verified clients

TrustToken, the core team responsible for building the leading unsecured lending protocol TrueFi unveils its collaboration with WOO X, a zero-fee digital asset trading platform incubated by Kronos Research, the leading digital asset quant company and market maker. WOO X will use TrueFi to support its institutional services by issuing loans to its clients through the protocol.

The amount of value locked into the smart contracts powering decentralized finance (DeFi) services soared in 2021, and despite some fluctuations in the first months of 2021, the ecosystem is still very much in the green year-on-year. While lending has emerged as one of the most lucrative DeFi applications for both retail and institutional clients, decentralized lending protocols still largely have to rely on over-collateralization to avoid risks, which makes the service capital-inefficient. With its total of more than $1 billion loans originated in 2021, TrueFi ups the DeFi lending game by enabling loans to verified institutional borrowers through its lending protocol.

WOO X will rely on TrueFi as the lending protocol of choice for uncollateralized loans to its institutional clients in its native WOO token, making it TrueFi’s first non-stablecoin portfolio. WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO Network, will provide the tokens for the loans, with all yields returning to the WOO DAO. The financial institutions trading on the WOO X platform have been verified through KYC measures, and the loan principal will only be released into their WOO X wallets. Due to TrueFi’s protocol technology, this type of transparency will show WOO token holders where DAO funds are moving.

The uncollateralized lending program follows an update of WOO X’s staking program, which now allows institutional clients to stake 600,000 WOO tokens to trade without fees through the platform’s API. The update has prompted demand for WOO loans among financial institutions looking to gain access to the service fast and with reduced risk exposure.

“Uncollateralized on-chain lending is the most capital-efficient credit a financial institution can get,” says Rafael Cosman, CEO of TrustToken. “Our first non-stablecoin portfolios are further testimony for how versatile TrueFi lending can be, supporting any digital assets at all–Bitcoin, Ether, and other top coins are also very much a possibility. We are excited to be reimagining loans for the 21st century as we work to push TrueFi’s total originated loans to $10 billion.”

“The institutional interest for crypto is soaring, and readily-available capital is one of the key conditions for big players to delve deeper into the space, especially in the current climate,” says Ran Yi, Chief of Ecosystem at WOO Network. “We are thrilled to be partnering with TrueFi to grant institutions fast and efficient credit through DeFi’s first uncollateralized lending protocol. By giving traders more flexibility, we enable more usage of the network, which ultimately benefits the entire ecosystem.”

About TrustToken

TrustToken is building the protocol for global lending. TrustToken’s TrueFi protocol brings uncollateralized lending and credit scoring on-chain, offering borrowers the highest possible capital efficiency at competitive rates, while offering lenders the broadest marketplace of financial products in DeFi. TrueFi has completed over $1B in loan originations with a perfect record of repayment.

The company’s TrueCurrencies are the world’s first independently-verified, fully collateralized stablecoins, trading on top exchanges like Binance, Huobi, and OKEx, generating billions in monthly trade volume. TrueCurrency users enjoy lightning-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from fiat currency, and obsessive customer service.

Start using TrueFi at https://truefi.io, or learn more about TrustToken products at https://trusttoken.com.

For interested borrowers or asset managers looking to build financial products on TrueFi, please contact ryan.rodenbaugh@trusttoken.com.

About Kronos Research

Kronos Research is a leading quantitative trading company and cryptocurrency market maker, headquartered in Taipei. Founded in 2018, it grew its daily trading volume to about $5 billion per day while working to build an infrastructure for democratizing investment and trading with both traditional and crypto-assets. WOO X is its digital asset trading platform listing a wide array of coins and tokens, as well as futures contracts pairing $PERP against a variety of popular digital assets. The exchange relies on the WOO Network for liquidity, with WOO DAO working to foster the development of the ecosystem.

For more information, visit https://kronosresearch.com/

TrueFi Launches First Protocol-to-protocol Lending Portfolio for Perpetual Protocol, Powering Up to $100m in DEX Liquidity

TrustToken, builders of the leading unsecured lending protocol TrueFi, as well as popular stablecoins like TrueUSD, announces its partnership with Perpetual Protocol (PERP), an Ethereum-based decentralized derivatives exchange with up to 10x leverage. As part of the collaboration, TrueFi launches its first protocol-to-protocol lending portfolio, supporting market makers with access to competitively priced loans to support even deeper liquidity on Perpetual Protocol. The portfolio opens with a $5 million asset cap, to be expanded over time.

The decentralized finance ecosystem expanded by 1,200 percent in 2021 in total value locked’a dramatic upshoot in parallel with increased interest from traditional financial institutions and institutional investors. Decentralized exchanges – trading platforms powered by smart contracts – have emerged as one of the key cornerstones of the space. Since they rely on algorithmic market-making instead of the usual order book, they need a community of dedicated liquidity providers to maintain pools large enough to avoid slippage on executing trades.

TrueFi helps Perpetual scale its liquidity efforts by launching a dedicated lending portfolio to market makers providing liquidity directly to Perpetual’s trading pairs. While launching with support for a limited list of participants, drawn largely from the Perpetual Foundation and PERP’s ecosystem supporters like Multicoin Capital and Dragonfly Liquid, the portfolio is designed to support a broad scope of lenders in the future. Future Perpetual Protocol portfolios may also benefit from added lender rewards, including TRU and PERP incentives.

TrueTrading, a TrustToken affiliate company, will manage the portfolio on behalf of Perpetual Protocol and provide compliance services to create the smoothest experience for Perpetual Protocol and its partners. Additionally, the collaboration benefits from TrueFi’s large and growing network of trusted crypto-native funds, such as Amber Group, who will be able to engage with Perpetual on TrueFi with ease.

“Smart contracts allow us to build sophisticated financial products in a transparent way,” says Rafael Cosman, CEO of TrustToken. “Perpetual’s decentralized futures contracts, with no settlement date, are a prime example of novel financial engineering enabled by the promise of blockchain technology. TrueFi is thrilled to support Perpetual as its first protocol-to-protocol lending partner, powering liquidity for Perpetual’s groundbreaking offerings, in a portfolio we expect to pass $100 million by year’s end.”

“Committed market makers are crucial for any user-driven decentralized exchange, as they are the engine that keeps it going,” says Yenwen Feng, Co-Founder at Perpetual Protocol. “By teaming up with TrustToken, we bring our market makers more liquidity to tap into as they support our own trading pairs. This grants liquidity providers more confidence through greater market stability and reduced slippage which ultimately results in a better trading experience for all of our users.”

About TrustToken

TrustToken is building the protocol for global lending. TrustToken’s TrueFi platform brings uncollateralized lending and credit scoring on-chain, offering borrowers the highest possible capital efficiency at competitive rates, while offering lenders the broadest marketplace of financial products in DeFi. TrueFi has completed over $1B in loan originations with a perfect record of repayment, and has approximately $1B in total assets under management.

The company’s TrueCurrencies are the world’s first independently-verified, fully collateralized stablecoins, trading on top exchanges like Binance, Huobi, and OKEx, generating billions in monthly trade volume. TrueCurrency users enjoy lightning-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from fiat currency, and obsessive customer service.

Start using TrueFi at https://truefi.io, or learn more about TrustToken products at https://trusttoken.com. For interested borrowers or asset managers looking to build financial products on TrueFi, please contact ryan.rodenbaugh@trusttoken.com

About Perpetual Protocol

Perpetual Protocol is a decentralized perpetual futures exchange operating on the cutting edge of decentralized finance. The protocol allows its users to go long or short using crypto’s most popular financial instrument: perpetual futures contracts. Perpetual Protocol also empowers developers with its highly composable and deeply liquid protocol, providing an all-new design space for builders to create on while tapping into the exciting potential of Web3. For more information, please visit their website at https://perp.fi/

TrustToken Acquires EthWorks; Doubling Team Size for TrueFi Scale-Up

TrustToken, the team responsible for launching TrueFi, the leading unsecured lending protocol, and maker of popular stablecoins including TrueUSD, announces the acquisition of EthWorks, a leading Web3 development company with a deep portfolio of successful blockchain projects. The acquisition doubles TrustToken’s team size, quadruples the company’s technical talent, and brings in senior technical and design leadership to take TrustToken’s mission to the next level.

Recognized as one of the world’s top Web3 engineering firms, EthWorks has been a TrustToken partner for over a year, and contributed to the development of many of the most widely adopted Layer 1 blockchains and DeFi protocols. EthWorks has worked with the Ethereum Foundation, Bitcoin.org, Maker DAO, Polkadot, Dharma, and many more. The EthWorks team will fully integrate into TrustToken’s staff and join the technical, design, and operational roadmap across all products and services, with a special focus on scaling the TrueFi protocol.

In onboarding the EthWorks team, the TrustToken team is growing to over 100 members and significantly expands the company’s engineering, design, and cybersecurity capabilities. This new talent is expected to substantially accelerate TrustToken’s development schedule, user experience and protocol security across the company’s various products and services. TrustToken will also maintain and expand EthWorks’ open-source projects including Waffle and useDApp which are used by Ethereum developers globally.

EthWorks’ industry-recognized engineering and design leadership join TrustToken in senior positions, guiding the company’s development and branding efforts. The senior leadership team will see Marek Kirejczyk, Founder and CEO of EthWorks, become Chief Technical Officer (CTO) of TrustToken. EthWorks’ Head of Design, Natalia Kirejczyk, rises to become TrustToken’s VP of Design, while EthWorks’ CTO Krzysztof Jelski will become TrustToken’s VP of Engineering. With this investment in senior talent, Poland is set to become TrustToken’s primary engineering hub.

“As TrustToken matures and expands, we need to make sure our products and services are among the most robust, safe, and accessible in the blockchain industry,” says Rafael Cosman, CEO of TrustToken. “The acquisition of EthWorks and its world-class team of engineers and designers is crucial for the future of TrueFi, helping us scale the speed, security, and experience of the protocol, while creating the greatest possible opportunities for our lenders, borrowers, and token holders.”

“We’re very excited to now be part of TrustToken’s story,” says Marek Kirejczyk, Founder of EthWorks. “TrueFi is the fastest growing uncollateralized lending protocol in DeFi. Our joining forces creates an unique opportunity to accelerate growth and create an outstanding impact in the DeFi space – and soon, in the world of institutional finance.”

About TrustToken

TrustToken frees money. TrustToken’s TrueFi platform, powered by the world’s first on-chain credit model, brings uncollateralized lending to DeFi, offering lenders competitive, transparent returns, and borrowers maximum capital efficiency. TrueFi is host to +$1 billion in total value locked, has originated over $500m in collateral-free loans in less than a year, and enjoys a 100% repayment rate across its dozens of vetted borrowers. TrueFi’s governance token, TRU, is trading on top exchanges like Coinbase, Binance, FTX, as well as DEXs like Uniswap and Sushiswap.

TrustToken’s TrueCurrencies are the world’s first on-chain, independently-verified, fully collateralized stablecoins, generating billions in monthly trade volume across +100 exchange and OTC partners. TrueCurrency users enjoy lightning-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from fiat currency, and obsessive customer service.

Start using TrueFi at https://truefi.io, or learn more about TrustToken products at https://trusttoken.com

About EthWorks

EthWorks is a blockchain-oriented smart-contract development shop with a full stack engineering team utilizing high quality craftsmanship to deliver high quality coding. The company has been involved in the development of popular open-source projects including Waffle and useDApp. EthWorks practices test driven development, continuous delivery, rigorous code reviews, and pair programming. Successful clients include Ethereum Foundation, Polkadot, Dharma, and Status.

For more information and to explore EthWorks services, visit https://ethworks.io/index.html

Source: PlatoData Intelligence