TrueFi & Wallfacer Labs: Chapter 2.5

[ryan.rodenbaugh]

@TylerEther

While the dollar figure is still double the rate of the previous engagement, one must consider the cost of a rushed transition and how this could jeopardize TrueFi’s current traction.

Thank you and I thought we covered this in an earlier comment, but I can’t find it. We intentionally priced less for the last engagement because we had less large-scale engineering work to do and most of our efforts were on BD, commercialization, etc. In some ironic sense, it seems that our biggest error was scaling back pricing last time (TFIP-8)

Of course there was still engineering work (as you know), but we were able to scale back and price accordingly. You may remember our first first engagement (TFIP-4) came out to just about 500k/month with 1.5mm paid in USDC.

This time around, we anticipated a similar scope of work to our first engagement (TFIP4). On top of all the other work we do for TrueFi outlined in previous posts and again below.

@Sanctus

I did note this multiple times, for example, in November 2023, here and here and others here. The point was disregarded, around both headcount, unwind planning, and operational risk calibration. Unfortunately, we now see why this matters.

Yes, we are grateful for your participation every time we have a funding proposal live and then complete disappearance for the rest of the time.

You had 6-months+ to come up with concrete ideas or alternative proposals and did nothing.

@Sanctus

There have been no disclosures on team size despite multiple requests, and absent this disclosure,

@ryan.rodenbaugh

or our current team of nearly 10

Hi @0xcfcfcf

@0xcfcfcf

Out of curiosity, doesn’t Wallfacer Labs also get involved in non-engineering chores as well? from my understanding it’s not only the technical things but this involves other costs of onboarding projects to the ecosystem, marketing (which wasn’t really satisfactory with all fairness), liquidity etc …

Yes, covered both below. Let me know if I can clarify anything else.

@WallfacerLabs

This is on top of our existing and ongoing responsibilities that we do not normally break out, but include:

6. Ongoing general support for managers

• We have weekly check-ins with both Adapt3r and Cicada and would do the same for any new managers as well.
• We regularly attend business development calls, help on collateral or governance opportunities (e.g., TrueFi – tfBILL STEP Application), and speak with prospective managers and partners.
• We have increased the quality of posts on X and see strong engagement for our posts. With the recent announcement, we’ve also revived both the Medium and Substack accounts.

7. Rebuilding community

• As we have seen other communities migrate away from Discord, we would like to do the same. Right now, we also have a Telegram chat that is filled with a fair bit of spam, but is still much more manageable than Discord.
• We may also consider a Farcaster channel

8. Support TrueFi Foundation board and governance initiatives

• Continue to provide assistance to community members who wish to submit onchain proposals, but are not familiar with Tally and smart contracts

and

@ryan.rodenbaugh

Ultimately, we believe two things. One, that we are doing multiple roles today that otherwise would require multiple teams. For example, compared to AAVE (which granted is far more mature than TrueFi), we are doing both the day-to-day work of working with users and customers, future proofing the protocol, supporting governance initiatives, and building for the future. We are also doing BD and marketing coordination for the protocol.

While we are, again, supportive of new service providers, I don’t expect the aggregate cost will be less or much less than Wallfacer.