Background
Wallfacer Labs is in the final month of its second engagement with TrueFi, which started Jan 1 2024 and runs through June 30 2024.
We are proud of the contributions we’ve made so far in 2024 and are excited about TrueFi’s growth and current position in the market.
Key Contributions
In summary, the key wins we’ve contributed to have been:
- Reemerging as leaders in the crypto-native credit vertical by onboarding Cicada Partners as key underwriting partner
- Securing Arbitrum Foundation grants of up to [redacted] ARB for deploying TrueFi Lines of Credit on Arbitrum with Cicada Partners
- Creating Trinity, a CDP lending protocol built on top of TrueFi, which positions TrueFi assets for broader reach across DeFi
- Increasing awareness of TrueFi by building relationships at major crypto publications and by creating our own content, such as our podcast interview with Cicada co-founder Sefton Kincaid and our Coindesk feature covering RWA activity
Commentary
During the first months of 2024 we’ve seen TrueFi garner an increased amount of attention. We’ve moved to capture this interest and turn it into tangible growth for the protocol.
Landing Cicada’s partnership was a notable win because their team previously underwrote >$850m in loans on Maple and Atlendis, and maintains strong relationships with lenders and borrowers in the industry. TrueFi’s technical ability to support Cicada’s current and future requirements was instrumental in attracting them to the protocol. @TylerEther’s developments on ALOC interest rate models were also a key factor in building TrueFi’s longer-term future with Cicada. As 2024 progresses, we hope to support Cicada as the first in the space to run a fully onchain diversified lending portfolio, using TrueFi Index Vaults to manage a portfolio of ALOCs, T-bills, and other DeFi-native opportunities.
Additionally, we have supported Adapt3r’s work to grow the tfBILL tokenized US Treasuries product. This past month saw tfBILL surpass $10M in TVL. We worked with Adapt3r to prepare and review their application to Arbitrum’s Stable Treasury Endowment Program, and we will provide technical support on Adapt3r tfBILL as continue their outreach to new lenders (1,2).x
Last March we wrote that we aimed to “position TrueFi as the leader in this market once again by continuing to build best-in-class products” (link). We believe Trinity is one such product that can help expand TrueFi’s market and make RWAs more prevalent across crypto. In March of this year, we deployed Trinity contracts on Optimism Sepolia testnet and kicked off the audit process for Trinity. We are currently wrapping up this audit and are excited to share more shortly about how we see Trinity integrating into TrueFi.
Looking Forward
Today, TrueFi has multiple external contributors driving activity on the protocol and pushing TrueFi into the multichain world. While other RWA/credit teams have built centralized companies or protocols managed by a single team, we are proud that more ecosystem actors are joining us to grow TrueFi.
We view 2024’s developments as significant steps towards establishing TrueFi as crypto’s leading ecosystem for onchain credit.