TrueFi (TRU) is a cryptocurrency and a decentralized lending platform built on the Ethereum blockchain. TrueFi aims to provide a more transparent, efficient, and secure way for borrowers and lenders to access and provide loans without the need for intermediaries.
The TrueFi platform uses a unique approach to lending called uncollateralized lending, which enables borrowers to access loans without the need for collateral. This is made possible through a combination of credit scoring and a community-based approach to loan approval, which enables users to evaluate and approve loan applications based on the borrower's creditworthiness and reputation.
The native cryptocurrency of the TrueFi platform is called TRU, which is used as a means of payment within the TrueFi ecosystem for transaction fees and as a governance token for voting on platform changes and updates. TRU holders can also participate in liquidity mining and yield farming to earn rewards.
TRU has been listed on various cryptocurrency exchanges, making it easy for users to buy, sell, and trade TRU. The price of TRU is determined by market supply and demand and can be affected by various factors, such as the adoption of the TrueFi platform, the demand for decentralized lending services, and the overall performance of the cryptocurrency market.
The TrueFi platform has formed partnerships and collaborations with various blockchain projects and companies, including Chainlink and Aave. The platform aims to provide a more transparent and efficient way for borrowers and lenders to access and provide loans, enabling users to retain control over their funds and protect their privacy.
However, as with any cryptocurrency, there are risks associated with investing in TRU, such as market volatility and regulatory risks. Investors should conduct their own research and evaluation of the TrueFi platform and TRU token before making any investment decisions.