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TrueFi (TRU) is the 278th largest cryptocurrency in the world by market cap, valued at $96,595,132. The current price of TrueFi is $0.0806, which is -4.942% lower than yesterday. Prices have ranged between $0.09412 and $0.083022 over the past 24 hours. All prices are listed in US dollars and accurate as of March 21, 2023 01:03 UTC.
Launched by TrustToken, TrueFi is a decentralized finance (DeFi) protocol dedicated to collateral-free loan services. Maximising capital efficiency and earning rates, in addition to collateral-free loans, TrueFi also offers access to interest-bearing pools with a high annual percentage return (APR).
The project was launched in late 2020 and has so far completed over $1B in loan transactions with a perfect record of repayment.
According to TrueFi’s website, the application is powered by the first on-chain credit scoring system in the world, which can take into consideration a user’s employment background, repayment history, trading history, and portfolio diversity. The sophisticated on-chain credit score is then used to attribute a score to users, which then determine the terms and conditions for TrueFi loans. By using on-chain credit scores, borrowers do not need to deposit collateral which is usually required by most DeFi lending protocols.
The native utility token of the TrueFi application is called TRU. Developed using Ethereum, the token powers the TrueFi economy and can be utilised to cover any defaults. In addition, the token also allows for the governance of the application. By staking TRU, token holders can vote and decide which loans get approved and at which interest rate.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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