What is TrueFi? TrueFi is a DeFi-focused Blockchain project that offers high interest earnings and unsecured loans. In this article, you can access answers to frequently asked questions such as what is TrueFi, what it offers, what is TRU coin, how to get it, and what it is used for. As Kriptokoin.com, we have prepared it for our curious readers. Let’s examine the project together.
What is TrueFi?
TrueFi is a decentralized finance (DeFi) focused Blockchain protocol that provides unsecured loans and interest earnings to its users. Liquidity providers can create pools with high interest rates using the protocol. Investors can borrow and borrow unsecured from these pools by choosing their own risk and return rates. Lenders can earn additional tokens through interest.
The native cryptocurrency of the protocol built on the Ethereum Blockchain is TRU coin. The platform has a decentralized and distributed structure. This means that the platform is managed by users. TrueFi offers its users the opportunity to perform unsecured and low-risk debt transactions, as well as staking. It is possible for users to earn passive income by staking their assets.
What is TRU coin? What is it used for?
TRU coin is a token that works as the native cryptocurrency of the lending protocol TrueFi. The token was created on Ethereum with an ERC-20 smart contract and has a capped maximum supply of 1.45 billion units. Acting as a governance token, TRU ensures the decentralization of the protocol. Users who hold the token can vote and submit offers to the community by participating in the management of the platform through their assets. Besides, TRU is used to perform various DeFi operations within the network.
Users who earn interest income from liquidity pools within the protocol receive their earnings as TRU coins. In addition, users can harvest income through TRU. Users can stake their TRU tokens by locking them with a certain maturity. Staked assets return to their owners at maturity with additional token rewards. At the time of writing, TRU coin was the 375th largest cryptocurrency with a market cap of around $107 million. In addition, 549 million TRUs were in circulation, corresponding to 38% of the token’s maximum supply.
What are the advantages?
- On TrueFi, users can earn interest income by investing capital in liquidity pools and lending to other users. Interest income is taken as TRU coins.
- Users have the possibility to stake their TRU assets. Users who lock their assets into liquidity pools for a certain maturity are rewarded with additional token rewards at maturity. Users transacting with
- TRU pay low transaction fees. However, the processing speed is quite high.
What are the disadvantages?
The protocol concentrates only on liquidity pools and credit. It does not offer other products from DeFi or different areas of the blockchain like Web3. This can cause it to be overshadowed by its competitors over time. Keeping TRU in internet-based wallets can result in loss of funds in any attack on the network. This disadvantage can be solved by transferring assets to a hardware wallet.
What is rueFi? How to get TRU coins?
TRU coin is supported by many crypto exchanges, including the world’s largest crypto exchange Binance. Among the exchanges listing the token, Binance, KuCoin, FTX, Gate.io and Uniswap stand out. Investors interested in the TrueFi project can become a member of one of these exchanges and buy the token by depositing money in their wallets.
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