SAN FRANCISCO–(BUSINESS WIRE)–TrustToken, the team behind the TrueFi on-chain credit protocol and maker of asset-backed tokens including TrueUSD, announces a suite of deep DeFi integrations designed to make the TrueFi platform safer, more robust, and more lucrative for its users.
Firstly, TrueFi is proud to partner with Binance, the world’s largest cryptocurrency exchange in terms of trading volume, for on-platform TRU staking. Holders of TRU can now participate directly in the TrueFi protocol lending and assurance functionality without leaving the exchange, being rewarded incentives as high as 30% APY for their participate. For Binance users, the integration enables greater accessibility into TrueFi, letting traders profit off their TRU holdings in just a few clicks. At the same time, the integration is expected to grow the amount of locked up TRU, already at 32% of the entire circulating supply (or 101 million TRU).
Secondly, TrueFi introduces its integration with Chainlink, the industry-leading decentralized oracle network that provides real-world data to smart contracts on the blockchain. Expanding on its original integration with the market-leading oracle, TrueFi’s smart contract platform now uses Chainlink Price Feeds to access aggregated price data on TRU. Accurate data is critical for TRU liquidations in case of a defaulted loan, automatically covering a portion of the lender’s losses at the most accurate TRU price relative to the market. The price oracles inform an automated coverage mechanism that, if a loan defaults, ensures TrueFi lenders are at least partly, if not fully, made whole by TRU stakers.
Finally, in a move to build even further inroads in the DeFi space, TrustToken also announces the migration of its TRU Farm to SushiSwap, the popular decentralized exchange (DEX) built on an automated market-making (AMM) algorithm that ensures liquidity for a wide range of ERC20 tokens. TrueFi’s TRU token is proud to be among the first assets to benefit from Sushiswap V2’s new “Double Rewards” offering, allowing Sushiswap liquidity providers to enjoy both TrueFi’s native token TRU, and SushiSwap’s native token, SUSHI. The combination of rewards, incorporated into the farm via Onsen – SushiSwap’s exclusive liquidity farming program – provides the pool with over 100 percent APY at launch.
“We’re thrilled to be rolling out such integral collaborations, with such notable partners, opening the door to millions more to use TrueFi’s credit and lending features—all with the lowest possible risks, and most robust rewards available,” says Rafael Cosman, CEO of TrustToken. “These relationships really put us right in the center of DeFi.”
“We’re proud to welcome TrueFi among our first V2 “Double Rewards” integration.” says Amanda Joki, BD and Marketing Lead at Sushi. “We’ve enjoyed a great relationship with the whole TrustToken team and we’re excited to welcome more of their…
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