Demex Daily #118: TrueFi Launches Trinity for On-Chain Asset Revival with TRI Token

What’s Interesting Today:

TrueFi has launched the Trinity protocol, targeting the on-chain real-world assets (RWA) market with its new dollar-based TRI token. This token is designed to enhance capital efficiency by allowing users to use collateral assets, like the tokenized tfBILL (representing short-term U.S. Treasury bills) and other approved assets, to acquire leverage and manage risks. Users can mint TRI using collateral, exchange it for stablecoins, and potentially achieve a net yield of 15–20%. Alternatively, they can stake TRI in the sTRI vault for yields comparable to T-bill rates or trade it on secondary markets. After peaking in April 2022, the market for on-chain RWAs has declined to a third of its peak level. Trinity, currently live on the Optimism Sepolia testnet, plans a conservative rollout, excluding U.S. users initially, with a $40 million TRI mint cap post-audit. TrueFi is considering launching Trinity on Coinbase's Base network, leveraging its verification capabilities to ensure compliance and user eligibility. TrueFi's first protocol was introduced in 2020, achieving $1 billion in loan originations by 2021.

Originally distributed as a memecoin to Farcaster users, DEGEN has witnessed a remarkable 1,500% increase in value over the last month, achieving a market capitalization of $212 million. This surge is attributed to its escalating involvement in projects within the Base ecosystem, developed by Coinbase, which is experiencing unprecedented transaction volumes. DEGEN's use in applications and its allocation for grants to nascent projects signify its evolution from a mere memecoin to a pivotal element of the Base ecosystem. While there is speculation about Base potentially launching its own token, Coinbase has yet to comment on the matter. DEGEN has been instrumental in funding various projects, including Drakula, dubbed 'web3 TikTok', which has seen over $10 million in trading volume, and other projects like the prediction game Perl and the Superfluid protocol, highlighting its increasing utility and adoption across the ecosystem.