Full disclosure. I am fairly new to crypto and Davy enough to have figured out how to purchase TrueFi and get it staked (which for a noob that doesn’t know people that invest in crypto is no small feet. If crypto was more accessible to us normal folk, man this would get bigger). Anyway I am the CDO for an equipment leasing/finance company and am so impressed with what TrueFi is doing.
Anyway, I really need a help with a few things and would beyond appreciate someone making the attempt. If I could I’d bake you cookies. If possible, please try to respond as basically as possible as I am teaching myself everything, which means it each let of this process like adding a token to a wallet, I’ve been winging it.
1-Is there a way to suggest a change on this board to TrueFi. I staked quite a bit of True and love it, however the gas fees are annoying. Because of that it doesn’t make sense to claim your rewards and then restate them all that often. I’d like to suggest and option where TrueFi re-stakes people’s rewards if they opt in. I imagine there would be a fee for that on the end of True for re-staking, but if enough people opt in they could just do it in buckets. It would make the returns so much more attractive for people and the only place I am staking crypto that does that is Kraken, but because of that I know it’s possible. If there is a way to suggest that, please tell me how. I also think if this was active, it would really incentivize minor investors (guys/gals/whoever with like $1000 of true to stake because if it could compound, they’d actually make up their fees if they wanted to hold long term) - I’d also like to recommend marketing this APR some or asking people with channels to do so. I’ve personally had 4 friends that don’t do this buy True and stake it when I explained the risk/reward of doing so. I believe that if more people simply knew what was being offered to TrueFi token holders through the stake alone, this would be massive and I only found out about it by doing a lot of digging after I had already invested in TrueFi because I simply loved the company and what they were trying to accomplish. I’m even considering having my company look into being whitelisted to borrow
2-With the trTUSD reward is that different that TUSD if so, where can you swap or trade those, so you can at some point sell them.
3-In my meta wallet I created a token for stTruFi. Does it in anyway hurt me that those tokens are in my wallet?
4- I can’t vote on loan applications and would very much like to. While I am a crypto newbie, I have expansive underwriting knowledge and experience. When I watched the brief TrueFi video on staking there was a box underneath where the staking information was that said “delegate your Tru” and they said to do that to vote. In my chrome browser I have no option to delegate. My page simply doesn’t have that blue box. Is there anything I can do to participate in voting
You’re definitely not the only one appalled by Ethereum gas fees. Unfortunately my understanding of automatic re-staking suggests it’s basically impossible on-chain in Ethereum. Can you send a link to something showing that Kraken does this for an on-chain Ethereum asset? I see that they have some off-chain staking going on, in which case they can do whatever they want, and I also see they’re working with some other blockchains which might do things differently and/or the transaction fees might be much smaller.
tfTUSD (I assume that’s what you mean by trTUSD) represents your share in the lending pool; it should go up in value as loans produce interest (and down in value if a loan defaults), and it can be redeemed for TUSD via the Withdraw button here: TrueFi | Uncollateralized Borrowing & High Yield Lending
stkTRU (I assume that’s what you mean by stTruFi) represents your share of all TRU that has been staked. I’m not sure what you mean by hurting you in your wallet - where else would they be if not in your wallet?
so to clarify, you staked your TRU after the v2 launch yet did not see the delegate option? or is it that you want to vote without staking?
Wow- thanks so much for getting back to me so fast. I apologize as I am probabbly not tech savvy enough to do what I do with crytpo. I’m actually proud of myself for figuring enough out to do things like purchase TrueFi and stake it. I beyond appreciate your reply and help.
1-I had no idea the staking was different. Kraken does this when you stake through them (I don’t know if it’s off-chain or not) but I’m guessing you know better lol. Thanks.
2-I did mean trTUSD. I see the reward and I see how to claim it. What I was confused about was if I needed to add the trTUSD token to my wallet or if when I claim that I can simply put it in a wallet for TUSD. If it is a separate token when I claim it, the link you gave me is where I go to swap it for TUSD? Thanks. Again, when you are not in crypto, have no knowledge base and no one to show you, it’s far from idiot proof, so it beyond helps to have someone point out what seems easy to them to a complete noob. Thanks so much. Your prompt reply made me more happy I bought so much of this
3-I did mean StTruFi When I staked my TruFi I did not realize it went to my wallet. Once I deciphered that it was technically a different token, I spent hours hunting it down and teaching myself how to add a token to a wallet. To my surprise when I added the StTruFi token to my MetaMask wallet the tokens where there. As someone that really has a limited understanding of this, I just wanted to make sure I didn’t pull out my stake in some weird way. Your response makes me feel they should be in my wallet and that I didn’t mess anything up. I probabbly should have had the token there before staking?
4-I did stake my TRU and it was after the V2 launch. I do want to vote AND I did not and do not see the delegate button or that blue box that it was in. I am staked for a good bit and would love to vote as a stakeholder, but it says voting is unavailable to me and I don’t see that box. It does show I’m on V2 and I have an option to go to the V1 page from the staking page. I believe my stake is working as I am getting rewards tallied and all of that
5-Is this discussion board the best place to find TruFi news and updates. Not just on the currency but the company. I’m genuinely considering investing a lot more into your company as I really like it, but I’d like to learn more.
Thanks so much for your help. In journey of crypto I’ve never gotten such a helpful response from anyone or anywhere. Not even places I’ve moved large amounts of capital through. I just think it’s a great thing and thank you
For point 4 you can only stake for loans that have been submitted after you started staking. This could be why you cant vote yet. You will be able to on the next ones.
2/3: I’m a bit concerned by your “I did mean trTUSD” and “I did mean StTruFi” - there are no tokens I can find by those names. I would strongly suggest you only use the exact ticker symbols (i.e. “tfTUSD” and “stkTRU”) rather than alternate abbreviations, since there are many similar-sounding tokens and you don’t want to get either wrong advice or e.g. buy the wrong token.
2/3: Through MetaMask, you have a general-purpose Ethereum account which can hold any kind of token. The key thing to understand about how these tokens actually work: when I “transfer” say some tfTUSD to you, nothing actually interacts with you or your address directly at all. Instead, I tell the tfTUSD smart contract that some of the tokens currently being recorded as my balance should instead be recorded as your balance. This means that from your perspective, unless you are watching the tfTUSD contract, you won’t know anything has happened at all. The transfer still goes through just fine, but your MetaMask won’t know about it and thus won’t show it to you unless you “add the token” to the list that MetaMask is watching. You don’t lose anything by adding the token late though - the transfer is binding regardless of whether you are watching it happen or not.
5: Discord (TrueFi) is probably a better place than this forum for this kind of discussion, and it also has links to various other faqs and stuff.
