We all love TrueFi (otherwise why would you be here reading this). It is a great project, executed by a talented and experienced team.
I’ve been an active user and supporter since the protocol went live. I’ve provided liquidity to both the protocol and a lender (TUSD) and via the decentralised exchanges (Uniswap and Sushiswap) (TRU/ETH). I also stake a large % of my TRU in securing the protocol. So, I have first-hand experience of using the product (apart from borrowing).
The main problem non-Whale investors have is ETH gas fees. This is not an exclusive problem with TrueFi, but all Ethereum Dapps. This has allowed a small number of super large investors to provide almost all the liquidity and stake/farm the TRU. I personally believe this has limited the growth and decentralisation.
Over the last year we have seen many Dapps migrate or deploy versions of their code on Ethereum L2’s or other L1. I know during the last Town Hall call, looking at other chains was mentioned and was part of the future roadmap. Talking to the borrower on the call (Celsius), they would be comfortable interacting with other chains.
Personally speaking, I would have put a significant amount of my stablecoins into TrueFi this year if the gas barrier to entry was not there. The same for increasing my TRU staking. Talking to others from the Discord, and other non TrueFi friends, they love the sound of the project, and would be willing to put unused stablecoins into the protocol - but are unwilling to spend the gas interacting with the smart contract on Ethereum. I believe we are missing out on a lot of people like this!
I would therefore like to propose, and get feedback on, deploying TrueFi on Cronos - https://cronos.crypto.org/
I see this working in the same way the like of Aave – where they have deployed separate version of their Ethereum protocol on Polygon/Matic and Avalanche (and you can easily switch between chains on their website)
So why Cronos. Well, for starters, Cronos is built on Ethermint, which supports rapid porting of apps & smart contracts from Ethereum and other EVM-compatible chains. Now I am no developer, but I’d like to know how “rapid” and how much work would be involved in doing this. Secondly, the gas fees are super low, talking of less that $1 per transaction, which makes interacting with TrueFi on Cronos a no brainer. Thirdly, as the chain was developed by the team at Cryoto.com – there is a quick and cheap, Fiat on/off ramp for both lenders and borrowers.
Stablecoins (like USDT and USDC) can be moved from Cronos to Cryoto.com and into your bank for less than $1. The same for brining funds into TrueFi too… Finally, is their DeFi wallet - which is growing rapidly. They have just launched a Dapps tab to the app. This provides a very quick and simple way for users to interact with the protocols listed. I have personally moved stablecoins from Cryoto.com into my DeFi wallet on Cronos – then add these stablecoins into VVS Finance. As I was doing this, I thought, I wish I was putting these stablecoins into TrueFi!
I know the team already have a strong relationship with the people at Cryoto.com. Can we piggyback off their aggressive marketing spend, and explosion in user numbers – to help grow TrueFi in 2022?
I would like to hear everyone’s feedback below.
Thank you!
