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TrueFi is a protocol that creates interest-bearing pools with high APRs for liquidity providers. It incorporates utility and reward mechanisms using TrustTokens (TRU) and rewards participants for sustaining stable, high APRs.
What is TrueFi (TRU)?
TRU is the native token of the TrueFi protocol and is used for: TrustToken holders ultimately have the right to voice their opinion in the prediction market about who is a trustworthy borrower. TRU grants its holder the ability to rate credit for third parties. A permissionless credit system operating entirely on incentives can be established with the TRU credit score. TRU holders partially own the right to create a new credit system.
On the other hand, TrueFi is a DeFi lending platform similar to Aave or Venus, allowing you to earn interest on stablecoin deposits. However, a significant difference is that TrueFi enables borrowers to secure uncollateralized loans. The idea here is that the protocol aims to attract large industry players and institutions as loan takers who want to secure high-value, long-term loans.
Additionally, there are three use cases for TRU tokens on the TrueFi platform:
- Staking: When a loan request comes through the TRU token, stakers vote “Yes” or “No” on the loan’s approval. Since rewards are based on the loan being repaid successfully, stakers are incentivized to vote carefully.
- Farming: To bootstrap liquidity, TRU tokens are initially distributed to lenders and stakers as rewards through liquidity mining programs on Uniswap or Balancer.
- Governance: After TRU is distributed fairly and decentralized, the future development of TrueFi will be community-driven.
It is reported that TrustToken has taken many steps since its launch. For example; the protocol code underwent a complete security audit by Slowmist. Furthermore, the distribution of TRU is 100% through farming, ensuring a fair launch. Moreover, any tokens collected by the team’s own funds will either be burned or reinvested into the community.
Additionally, the TRU token does not follow an inflationary economic model since it has a fixed supply. Thus, potential yield farmers do not need to worry about continuous downward selling pressure.
Where to Buy TRU Coin?
TRU Coin can be quickly and securely purchased via Binance, the world’s largest cryptocurrency trading platform by trading volume.
To buy TRU Coin, one must first sign up to Binance and then send fiat money. After sending a fiat currency like dollars, the purchase can be made in the Bitcoin (BTC), BUSD, and Tether (USDT) TRU trading pairs.
Additionally, on Binance, users can place orders to buy at a lower price than the market value. For this, you just need to use the Limit tab and enter the amount and price you want to buy at.
