This category is used for Borrowers that are planning to request a loan from the TrueFi protocol and want to share information with the community and engage with lenders and stakers.
As we go through the ‘progressive decentralization’ process, some things such as this whitelist and loan agreement will be in place for early versions of the TrueFi protocol.
Over time, this will move towards greater decentralization.
At present, the steps to become a borrower include:
Borrower Steps (in order):
- Complete TrustToken’s KYC/AML
- When asked for the purpose of your account please select “Other” and fill in “Applying as a TrueFi Borrower”
Sign a Master Loan Agreement. For the time being, please reach out to @ryanrodenbaugh on Telegram to proceed to this step (or more generally, for any questions you might have)
Complete financial review.
Once KYC/AML is completed, the borrower makes a post on https://forum.truefi.io/ providing information about themselves or their fund.
- Here is some example text with all the details that are recommended to cover.
The borrower provides TrustToken an ETH address to whitelist for borrowing
Borrower posts the loan on the TrueFi platform and TrustToken stakers will stake for or against the loan. If enough TRU are staked for the loan then the borrower will be able to withdraw funds.
While ultimately it will be up to TRU participant to decide on formal criteria they want prospective borrowers to present, for now, some suggested details include:
- Name of you and/or your firm
- Social links (Firm’s Website, Twitter, etc.)
- Estimated Loan size
- Estimated range of loan terms
- Estimated APY
- Assets under management
- Trading / investing strategy
- Use of funds
- Years in business
- Approximate number and type of counterparties (if applicable)
- Other relevant information about you or your business