Last updated 13/10/2022
Official Website: https://truefi.io/
TrueFi, a decentralized financial platform that uses on-chain credit scores to provide loans without requiring any collateral, is powered by the Ethereum token TrueFi (TRU). TRU can be used for governance and staking on the TrueFi protocol (approving or rejecting new loans).
A system called TrueFi makes it possible for liquidity providers to create high-APR interest-bearing pools. TrueFi uses TrustTokens (TRU) as a utility and incentive mechanism, rewarding participants for maintaining consistent, high APRs.
The TrustToken holders have the final say on who in the prediction market is a reliable borrower. TRU is the native token of the TrueFi system. TRU enables the account holder to assess the creditworthiness of others. The creation of a permissionless credit system based solely on incentives is made possible through TRU credit scoring.
Investors in TRU have a stake in the development of a new credit system.
Three significant investors have contributed $12.5 million to TrueFi, a marketplace for uncollateralized loans. Blocktower, a New York-based cryptocurrency investment company, was in charge of the token sale. Significant sponsors included A16z and Alameda Research, which is run by FTX creator Sam Bankman-Fried. One of the few uncollateralized Defi-based loan platforms in the market is TrueFi.
Through the introduction of uncollateralized lending, TrueFi hopes to completely transform the DeFi sector. Due to this, bitcoin lenders may make significant long-term profits while also offering stable loans to cryptocurrency borrowers, enabling them to increase their working capital. A crucial aspect of TrueFi is that all loan and borrowing activity is totally visible, enabling lenders to comprehend the borrowers and financial transactions involved.
TrueFi (TRU) tokens are built on the Ethereum (ETH) network and can be stored in any wallet compatible with Ethereum-based ERC-20 tokens. Options to keep your TrueFi (TRU) tokens secure and offline can therefore include the leading hardware wallet providers Trezor and Ledger. All ERC-20 tokens including TrueFi token can be stored on the Ethereum blockchain using MyEtherWallet, allowing users to interact with the network without additional software.
An alternative wallet provider for TrueFi token holders can be Trust Wallet – a multi-currency mobile wallet that enables users to simultaneously store a variety of digital assets in one place. Popular among traders and gamers, the beginner friendly mobile wallet may be appropriate for users looking for a convenience and accessible app, with trusted security and backup options.
Similarly, a user-friendly option to keep your $TRU tokens secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.
Atomic Wallet is a popular custodial wallet option that can hold a wide variety of cryptocurrencies such as $TRU making it highly desirable for users who wish to have a varied portfolio.
You can Buy & Sell TrueFi (TRU) by heading over to the Buy Coins page of our website. TrueFi (TRU) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $TRU has never been easier, simply place your order and provide your wallet address. Once your payment arrives TrueFi (TRU) will be sent directly to your wallet.
If you choose to Sell TrueFi (TRU) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.
Block Explorer: https://etherscan.io/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.