TrueFi (TRU)

TrueFi is an on-chain capital market, letting portfolio managers launch unsecured lending opportunities to a global base of lenders & borrowers.

Basics

• Started in / Announced on:
• Based in:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found here (5-11-2021).
• Scored 84% on DeFi Safety (2-11-2021):

"Activity is over 10 internal transactions a day on contract Registry.sol

As per TrueFi's GitHub repository, their smart contracts have a coverage of 82%. The coveralls test report is available. No evidence of formal verification. There is evidence of a stress testing environment.

TrueFi has had multiple audits, found here. Out of those, two of the ImmuneBytes audits were performed before the launch of v4 on August 18th 2021, and the third ImmuneBytes audit was performed post-launch.

• Previously scored a 73% (5-2-2021);

"​Both of these audits are good clear audits which took place after contract deployment. For this reasons no corrections were discussed. What is disturbing is the count of high number of findings on a deployed contract. Normally the score for audits after deployment is 70%. In this case a score of 50% is given. Slowmist conducted an audit on November 11th (2 medium, lots Low) jakub wojciechowski did an audit on November 22nd (4 high and 15 medium)"

With the comment: "Code and team is perfect, then just kinda average for the rest. They have an audit but it was after deployment and not the cleanest."

Governance

Admin Keys

• From DeFi Safety (2-11-2021):

"Governance access control information was found in their GitHub repo, as well as in their Medium blog.

a) All contracts are clearly labelled as upgradeable (or not) -- 0% -- No contracts' upgrade status is explicitly mentioned.

b) The type of ownership is clearly indicated (OnlyOwner / MultiSig / Defined Roles) -- 30% -- OnlyOwners and defined voting roles are clearly defined in the code and documentation.

c) The capabilities for change in the contracts are described -- 0% -- No capability for change is described for any of the smart contracts.

There is no documentation to be found on pause control. However, it can be found in their GitHub repository without proper documentation."

Treasury

• From Our Network (3-6-2022):

"Efficient utilization has generated over $27m for TrueFi lenders and stakers, with protocol fees now going to DAO treasury."

Technology

• Whitepaper can be found here.
• Code can be viewed here. TrustToken's smart contracts have 15 branches and 1427 commits (5-11-2021).
• Built on: Ethereum

Roadmap

• Can be found [Insert link here].

Usage

• From The Defiant (15-11-2022):

"Alameda Research owes various unsecured DeFi lenders almost $13M. While a relatively small figure, it accounts for about 7% of $176.8M in total value locked for those protocols. Major players in the space like TrueFi, dAMM Finance and Clearpool have all seen their TVL drop by over 40% in the last week — TrueFi led the way down, with its TVL dropping 71% to $12.4M. DeFi Llama founder, 0xngmi, cited a lack of confidence in lending to market makers as the reason for the drop in TVL. “I’ve got to imagine undercollateralized lending took a big hit here,” Adam Cochran tweeted in response to 0xngmi. “So many pool owners came out and touted no FTX exposure, but had large TVL  drops.”"

• From Our Network (3-6-2022):

"TrueFi has originated $1.65b in loans, received $1b+ in repayments and remains free of defaults. The protocol hosts 10 diverse portfolios across crypto-native and real world asset opportunities. TrueFi is near ATHs in lending activity, with more than $450m in Total Value Outstanding (TVO). More than 10% of TrueFi’s lending comes from partnered or independently-managed portfolios, gradually focusing the protocol on real-world financing and expanding DeFi’s reach. Efficient utilization has generated over $27m for TrueFi lenders and stakers, with protocol fees now going to DAO treasury. These yields, especially from lending into real world assets, has earned the interest of MakerDAO and Frax, who committed $200m of direct deposits in aggregate to TrueFi."

Team, Funding, Partners, etc.

Team

• Full team can be found here (5-11-2021).

Funding

• Turned out (8-12-2022) to have sold $500k worth of tokens to Alameda.

Partners

• Partnered with Perp Protocol "to launch a first-of-a-kind lending portfolio of $5M to facilitate deeper liquidity on Perpetual Protocol v2!" (9-2-2022).

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