Let’s talk about a very hot topic in the crypto space right now: Decentralised Finance. But what is really is? Decentralised Finance is a term that encompasses a whole range of game-changing innovations and solutions, including, but not limited to, smart contracts and blockchain-based tokenisation.
A new project called TrustFi claims to have a solution to the growing DeFi (decentralised finance) trend. DeFi refers to the growing number of financial services in the blockchain space, such as lending and payments, that have shifted away from traditional services and are instead now provided by blockchain-based software. Problem is, these services are a bit awkward to use and are not yet accepted by the mainstream. TrustFi says it can change that by allowing users to access DeFi services from any blockchain, or even from a browser.TrustFi Network is a decentralized multi-chain BaaS solution for the DeFi market that focuses on early crypto asset issuance, liquidity management, community operations and DAO management, with the main goal of unlocking the potential of DeFi. Increasing liquidity is essential for blockchain and cryptocurrency startups to ensure profitable trading prices on DEX and other MSA platforms. TrustFi was founded with this goal in mind, to promote fast and easy-to-use liquidity management tools that not only help startups lock and unlock liquidity, but also unlock the potential of on-chain DAOs and build a peer-to-peer DeFi ecosystem. Unlike other DeFi products on the market, TrustFi is focused on expanding the BaaS ecosystem. This will help early stage startups and crypto projects manage cash and DAOs, and fill some important gaps in the existing DAO market. The structure of the TrustFi BaaS ecosystem is shown below: TrustFi BaaS Ecosystem Structure
The TrustFi team, founded by Joseph Cheung and Todor Kolev, consists mainly of Bulgarian and Chinese members. Todor Kolev, the founder of the company, is an entrepreneur with extensive experience in management and business cooperation. As CEO of Quiet Solutions, he led a team of 20 people providing digital and cyber security solutions to small and medium-sized businesses. This team now works at TrustFi as well. Joseph Cheung, who has been involved in blockchain protocols and DeFi research since 2017, is now responsible for TrustFi’s development strategy and consulting. He has extensive experience investing in and advising on various blockchain projects. Simon Lau, the team’s lead developer, has extensive knowledge of Ethereum-based smart contracts and dApp development. With 5 years of experience in full-fledged systems development and as one of the first crypto asset miners, Lau also worked at Microsoft Research Asia where he was responsible for the distributed database.
TrustFi’s BaaS ecosystem framework consists of three main components:
- Common IDO protocol
- Decentralised collective bargaining, and
- Provision of a liquidity operations model (PLM)
While the PLM model connects all the modules and products in the series, the NFT Mint contract will help CADs and the community by providing more features. The following is the technological framework for these three points.
- Structure of the TrustFi auction protocol
- TrustFi tariff framework agreement
- Co-investment agreement and NFT framework programme
TFI is TrustFi Network’s own useful token, worth 100 million. This token can be used for various functions, such as. B. Administration, remuneration, NFT mining, auction shares, liquidity mining, insurance etc.
- Administration: TFI token holders can participate in the management of the community by betting on their tokens.
- Reward: TrustFi Alpha and TrustFi Beta products are used for redemption and cancellation and as rewards for customers who commit to TFI.
- After the NMT: The TFI token can be used to mine NFTs, which can then be used in the PLM model and DeFi revenue protocols to earn additional revenue for incentive programs.
- Share of the auction: The TFI token can be used to bid for priority rights in the TrustFi Alpha auction for selected high value assets.
- Lack of liquidity : TFI is a basic PLM system that can be used to cast synthetic goods. By giving money, users also have the opportunity to earn TFI tokens.
- Insurance: TFI token holders have access to insurance rights and interests against revenue loss and market risk.
As TrustFi’s product matrix continues to grow, there is no doubt that the TFI token can be incorporated into more use cases and benefits in the future.
Fundraising and investment history
TrustFi aimed for $96,000 at $0.048 per token in the seed round, resulting in a total token valuation of $4,800,000, while the private round aimed for $770,000 at $0.055 per token with a token valuation of $5,500,000. Positive news is that both rounds have already been re-signed. TrustFi’s top investors and venture capitalists include AU21 Capital, Fairum Ventures, IBC Capital, KoinSaati, x21, JRR Blockchain Technology Group, Chain Ridge Capital and Pluto Digital Assets.
Milestones and future roadmap
By the fourth quarter of 2020, the company has already completed the market research for the DeFi ecosystem, as well as the design of the solution for the multi-chain liquidity market. In Q1 2021, TrustFi received a grant from HackerLink BSC to launch TrustFi Alpha, a general auction protocol in pre-release on the Binance Smart Chain. The Company also recently completed the product design of a decentralized betting contract and an NFT coin contract. The launch of private and public token sales, TrustFi Beta powered by PLM and TrustFi Spark, as well as a cash extraction program are planned for Q2 2021. The third quarter of this year will be a big one for TrustFi: Deploy on multi-chain ecosystems such as Solona and Nervos, improve the multi-chain interaction environment, support the TrustFi DAO for community management, and improve TrustFi’s investment advisory and storage model. New blockchain ecosystems will come on board in the last quarter of the year, as well as new DeFi protocol integrations. The TrustFi 2022 master plan is also expected to be unveiled in the final quarter. TrustFi will focus primarily on project and product development in line with this quarter’s roadmap, ensuring that their primary focus remains on the three product combinations, including the IDO General Protocol, the Decentralized Staking Contract and the Liquidity Extraction Model (PLM). TrustFi also aims for the fastest possible listing on reputable stock exchanges.
TrustFi will grow and evolve
TrustFi recently announced that they will be hosting an IDO at BSC Station Launchpad in early June. TrustFi certainly has exciting plans for the future, and since their current supporters are primarily influencers in North America, Europe, Australia and Asia, they plan to launch routine operations and marketing plans that include recruiting brand ambassadors and community managers to make the TrustFi community even stronger. They also plan to apply for a technology fair and host a monthly cooperative ecology hackathon. With several new announcements in the works, it’s worth waiting to see how TrustFi develops and evolves. . He is one of the very first enthusiasts of blockchain and cryptocurrency in India. After working in the field for several years, he founded IBC in 2016 to help other early adopters learn about the technology. Before joining CBI, Hitesh founded 4 companies in the field of cyber security and IT.