December 31, 2023 is the end of Wallfacer Labs’s initial engagement with TrueFi DAO.
This post is intended to open a discussion about ongoing priorities for the DAO and propose Wallfacer’s scope of work for the first half of 2024.
Wallfacer Labs, started by several of the longest-tenured and most engaged TrueFi contributors, began our work in April 2023. Over the past 9 months, Wallfacer Labs has delivered tangible value to TrueFi by launching and supporting flagship products like asset vaults, advancing decentralization through governance improvements, and providing critical maintenance.
Wallfacer began its work with TrueFi by focusing on launching asset vaults which is now TrueFi’s flagship product for portfolio managers and RWA activity. After completing an audit with Chainsecurity in July, asset vaults moved from “beta” to fully live and today are used by Adapt3r Digital to manage US Treasuries on-chain.
We also completed all necessary development work on Index Vaults. Those are ready to go to audit, which we will do once we have a user ready to go live (similar to how we rolled out asset vaults alongside Adapt3r’s timeline).
In addition to this, we delivered a faster, simpler front end and advanced the decentralization and security of TrueFi, passing ownership of crucial functions to governance and implementing the canceller role, which can protect the DAO from governance attacks.
A more detailed overview and recap of our work from April 1, 2023 - today can be found below along with projected work for the remainder of our existing engagement.
- 2023 Recap: Wallfacer Labs 2023 recap
With foundational products built and launched, we look ahead to further utility and adoption.
We’re eager to expand TrueFi to new chains like Kinto in 2024, in addition to other L2s that may present unique opportunities. Ongoing maintenance, governance facilitation, and business development are critical too. Our broad scope as a trusted partner will provide the flexibility TrueFi needs to succeed in 2024.
This renewed engagement ensures TrueFi has our attention for critical initiatives in 2024. We are aligned on driving utility, adoption, and ultimately, value. Our experience makes us uniquely positioned to deliver.
We are available to support the DAO on larger scopes of work, on a more ad hoc basis, should they be presented.
Things that clearly fall into the new scope would include:
Chain expansions (Kinto being the concrete example, but broadly speaking we are open to launching TrueFi on any L2 where a clear opportunity is defined)
- This includes expanding KYC whitelisting functionality to those new chains
Integrate with additional KYC and institutional service partners
- To date, TrueFi has relied on Archblock to support third-party manager KYC and other processes.
- To expand TrueFi’s reach and audience, it is important for TrueFi to work with more partners beyond Archblock. This also helps to reduce TrueFi’s reliance on any one provider for off-chain services.
Build a Conduit for TrueFi and MakerDAO
- Conduits provide a standardized way for Maker subDAOs to provide liquidity to protocols, managing the movement of funds between them.
- By building a conduit for TrueFi, managers can deploy on TrueFi and easily put forth a proposal to MakerDAO for providing liquidity to their vault
Any and all governance facilitation (including writing code to move proposals on-chain)
Continued support of asset vaults for Adapt3r and others
- Our target for Adapt3r in the first half of 2024 is >40,000,000 in TVL.
- We are working closely with one Layer 2 to have Adapt3r’s product included as collateral in their flagship stablecoin product
Development of controllers / “hooks” for managers who want customization on top of TrueFi vaults
Onboarding for new participants on TrueFi (Portfolio Managers, Line of Credit borrowers)
- We have and will continue to be close partners to existing managers like Adapt3r and Kryptonim
Technical support in assistance of lenders, borrowers, and PMs
Business development support with DAOs and on-chain organizations
Increase marketing presence and content
6 months, beginning Jan 1, 2024, and ending June 30, 2024.
100,000 USDC and 22,000,000 TRU, with 30% paid upfront and the remainder streamed over 6 months beginning on January 1, 2024.
This post requests comments and will remain open to comments for at least 2 weeks.
In that time, we encourage discussion about what the highest returning actions you think Wallfacer (or other/additional teams) could do for the DAO in 2024.
Following this feedback period, we will move the proposal to a TFIP on-chain vote.