TrueFi is a decentralized lending platform for uncollateralized loans launched by TrustToken in 2020. In the span of two years, TrueFi has released two upgrades and surpassed $200 million in loans with no defaults.
In TrueFi, lenders deposit stablecoins such as TUSD and USDT into the platform to earn rewards, a part of which is paid in TRU tokens. The borrowers need to be reviewed and whitelisted by TRU stakers before being able to request loans from the protocol. To take out loans, their lending requests have to be approved by TRU stakers. If TRU stakers vote yes on a lender whose loan is defaulted, up to 10% of their TRU tokens can be liquidated to protect lenders. The borrowers who fail to repay their debts on time will have to face punishments.
As can be seen, TRU token plays a very active role in the protocol. It is used for both governance and utility. TRU can be earned as a lender or a TRU staker.
TRU has a total supply of 1,450,000,000. The circulating supply is 978,168,958.
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