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TrueFi announces DeFi integrations with Binance, Chainlink, and Sushiswap

By Pavithra R

May 28, 2021

  • America
  • Truefi

TrueFi announces DeFi integrations with Binance, Chainlink, and SushiswapTrustToken, the team behind the TrueFi on-chain credit protocol and maker of asset-backed tokens including TrueUSD, has announced a suite of deep DeFi integrations designed to make the TrueFi platform safer, more robust, and more lucrative for its users.

“We’re thrilled to be rolling out such integral collaborations, with such notable partners, opening the door to millions more to use TrueFi’s credit and lending features—all with the lowest possible risks, and most robust rewards available. These relationships really put us right in the center of DeFi,” said Rafael Cosman, CEO of TrustToken.

Firstly, TrueFi announced its partnership with Binance, the world’s largest cryptocurrency exchange in terms of trading volume, for on-platform TRU staking. Holders of TRU can now participate directly in the TrueFi protocol lending and assurance functionality without leaving the exchange, being rewarded incentives as high as 30% APY for their participation. For Binance users, the integration enables greater accessibility into TrueFi, letting traders profit off their TRU holdings. At the same time, the integration is expected to grow the amount of locked-up TRU, already at 32% of the entire circulating supply (or 101 million TRU).

Secondly, TrueFi introduced its integration with Chainlink, the industry-leading decentralized oracle network that provides real-world data to smart contracts on the blockchain. Expanding on its original integration with the market-leading oracle, TrueFi’s smart contract platform now uses Chainlink Price Feeds to access aggregated price data on TRU. Accurate data is critical for TRU liquidations in case of a defaulted loan, automatically covering a portion of the lender’s losses at the most accurate TRU price relative to the market.

Finally, TrustToken has also announced the migration of its TRU Farm to SushiSwap, the popular decentralized exchange (DEX) built on an automated market-making (AMM) algorithm that ensures liquidity for a wide range of ERC20 tokens. The migration enables TrueFi’s TRU token to benefit om Sushiswap V2’s new “Double Rewards” offering, allowing Sushiswap liquidity providers to enjoy both TrueFi’s native token TRU, and SushiSwap’s native token, SUSHI.

“We’re proud to welcome TrueFi among our first V2 “Double Rewards” integration. We’ve enjoyed a great relationship with the whole TrustToken team and we’re excited to welcome more of their community to Sushi, with even better incentives,” said Amanda Joki, BD and Marketing Lead at Sushi.

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