Hey C.R.E.A.M community!
This is a proposal to request the addition of Trufi’s tfTokens as a collateral asset on C.R.E.A.M Ethereum, starting with a collateral factor of 0%
The tfToken represents the value of funds a user deposits into TrueFi lending pools. In the simplest terms, tfTokens are tokenized deposit receipts that naturally grow in value as the lending pools generate yield.
TrueFi provides uncollateralized lending to creditworthy borrowers including Almeda Research, Invictus Capital, and more. With $105.5M in loans originated, TrueFi’s community base has been steadily growing with a mix of new users in defi and OG’s from the TrustToken base community.
Within the TrueFi ecosystem, there are two tfTokens to date:
- tfUSDC Token (0xA991356d261fbaF194463aF6DF8f0464F8f1c742)
Total lenders: 78
Note: The USDC pool launched on 05/20/21
- tfTUSD Token (0xa1e72267084192Db7387c8CC1328fadE470e4149)
Current supply/max supply: 92,641,223
Token holders: 147
Today when a user deposits TUSD or USDC into the pool, they receive tfTokens. For example, If you were to deposit 100 TUSD you would receive ~93.72 tfTUSD tokens (100/1.067).
The pool tokens represent a claim on:
- TUSD or USDC
- yCRV (where idle TUSD or USDC is put to work to generate interest)
- CRV (farming)
- 90% of interest generated from each matured loan (as 10% goes to stakers)
At the moment, there is little utility for tfTokens so many users will swap for TUSD on Uniswap if they have a need for collateral.
A listing on C.R.E.A.M. would allow users to take advantage of a natural interest bearing tfToken, but still access the borrowing potential of these assets as collateral on C.R.E.A.M. This would naturally incentive deposits into C.R.E.A.M. as total yield economics would be much higher compared to the base asset.
As of now the tokens are not listed as a collateral asset on any other lending platforms. This would provide a great opportunity to introduce new users to the C.R.E.A.M community.
In short this would increase tfToken utility while increasing C.R.E.A.M. TVL and drive borrower demand.