Wallfacer Labs Q2 Review, Q3/Q4 Strategy and Outlook


Hi everyone,

Please see Wallfacer’s Q2 recap alongside plans for Q3/Q4. This write-up includes an extensive market commentary and detailed presentation: which we believe is a prerequisite to understanding our direction and focus. You can watch here: Wallfacer Labs: State of the RWA Market [Aug 2023].mov

Market Commentary:

RWA is a fast-moving sector with a lot of hype and intrigue. The reality is that across the RWA space, growth has been generally muted (except for US Treasuries).

As you can see from the rwa.xyz chart below the only piece of credit showing significant growth is Blocktower’s deal on Centrifuge, which is financed by MakerDAO at rates below the 3-mo. US Treasuries rate.

I go into significantly more detail on this topic in the presentation above.

Q2 Recap (which bled into Q3):

  1. Web App / Marketing Site Revamp :white_check_mark:
  1. Index Vaults - :white_check_mark: (unaudited)

  2. Adapt3r live with asset vaults :clinking_glasses: :white_check_mark:

  1. Governance Proposals and Decentralization Improvements :white_check_mark:
  1. Lines of Credit User :yellow_circle:
  • WIP still
  1. Content and Marketing :yellow_circle:

More broadly, you can see how we are tracking against the original task list we laid out here Wallfacer’s TrueFi Goals Progress

Q3/Q4 Strategy:

The most important thing we can be doing right now is helping Adapt3r’s T-bill product succeed. As I’ve outlined, on-chain treasuries are the only thing showing growth and Adapt3r is TrueFi’s ‘horse’ in the race.

We believe TrueFi’s credit infrastructure is the best in DeFi. The core protocols provide ERC-4626 compliant building blocks for credit and TrueFi’s modular architecture enables it to support onchain credit of all shapes and sizes. We believe that we are now in the Go-to-Market phase of our tech rollout, and our engineering work is best focused on the “last mile” of customer integrations and configurations.

Today these efforts fall into 3 buckets:

  1. To the extent we can strike mutually beneficial partnerships, we are generally excited to expand TrueFi to any EVM-compatible L1/L2 if it means it will bring deposits to Adapt3r’s product. As of now we are in strategic conversations with 3 L2s we would be able to expand to if we can identify lender interest unique to those chains.
  2. In addition to this, we are exploring compliant ways to give liquidity to tf-tbill holders. Specifically, we are exploring how lenders can leverage their t-bills to get higher yields (similar to, but different than, Flux)
  3. Lastly, we continue to provide support on Adapt3r’s pitch and on integrations with large sources of on-chain capital (DAOs and others, such as FRAX) alongside building partner integrations, improving interfaces, and providing general user support.

In addition to these areas, we also want to foster good governance and strong relationships across the DeFi ecosystem – two key areas for the longer-term growth of TrueFi.

We are pushing forward on proposals to attract new PMs to TrueFi and to put in place key stkTRU governance functions.

In Q3/Q4, we will continue to support Archblock’s and Adapt3r’s efforts to bring on institutional players and collaborate with them on product enhancements/features.

Outside of these core focuses, there are some smaller items that we will give attention to. These include:

As always, please reach out with questions or feedback.

-Wallfacer Labs