Question 1

What is it?

Accepted Answer

**The Token (TRU):**
TrueFi (TRU) is an ERC-20 token on the Ethereum blockchain. It serves as the governance and utility token within the TrueFi platform. By holding and staking TRU tokens, users can have a say in the governance decisions of the platform, ranging from protocol upgrades to loan approval parameters.

**The Platform (TrueFi):**
TrueFi is a decentralized finance (DeFi) platform that facilitates uncollateralized loans. Unlike many other DeFi lending protocols which require borrowers to over-collateralize, TrueFi evaluates and approves loans based on the trustworthiness of borrowers, essentially bringing credit scores and reputation to the blockchain. This allows it to offer loans without needing collateral, which is a unique approach within the crypto lending space.

Question 2

What is it used for?

Accepted Answer

TRU tokens play a multifaceted role in the TrueFi ecosystem:

* **Governance:** TRU token holders can participate in voting on various proposals and platform changes.

* **Staking:** Users can stake their TRU tokens to earn rewards and also to indicate trust towards borrowers. If a loan defaults, staked tokens might be used to cover the loss.

* **Rate Setting:** TRU holders can influence interest rates on the platform.

Question 3

Who created it?

Accepted Answer

TrueFi (TRU) was founded by Rafael Cosman. Rafael Cosman is also the CEO and Co-Founder at TrustToken, the company behind TrueFi.