TrustFi: A Multichain-based Decentralised BaaS Solution for DeFi

TrustFi Network is an exciting, multichain-based decentralised BaaS solution for the DeFi market, which focuses on early crypto asset issuance, liquidity management, community activities, and DAO governance with the primary aim of unlocking DeFi’s potential.

Bootstrapping liquidity is a critical factor for blockchain and cryptocurrency startups to ensure profitable trading prices on DEXs and other AMM-based platforms. TrustFi was created with this goal in mind, in an attempt to promote quick and easy-to-use liquidity management tools that will assist startups in not only locking and releasing liquidity, but also in unlocking the capacity of on-chain DAO and building an equal DeFi ecosystem.

Unlike other DeFi products in the market today, TrustFi is focused on expanding the BaaS ecosystem. This will help early-stage startups and crypto projects with liquidity management and DAO governance issues, while also filling some significant gaps in the existing DeFi market. The following is the TrustFi BaaS Ecosystem Framework:

TrustFi BaaS Ecosystem Framework

Team Background

The TrustFi team, which was founded by Joseph Cheung and Todor Kolev, is primarily powered  by Bulgarian and Chinese members. 

Todor Kolev, the founder, is an entrepreneur with vast experience in leadership and business cooperation. As CEO of Quiet Solutions, he oversaw a team of 20 individuals that supplied cyber security and digital solutions to SMEs. This team now also works for TrustFi.

Joseph Cheung, who has been working on blockchain protocols and DeFi research since 2017, is now in charge of TrustFi’s development strategy and consultation. He has extensive expertise in driving investment and consultancy work for a variety of blockchain projects.

Simon Lau, the lead developer of the team has a deep understanding of Ethereum based smart contracts and dApp development. With 5 years of experience in full-stack development and having served as an early miner in the crypto-assets space, Lau has also worked for Microsoft Research Asia, where he was in charge of their distributed database.

Technology Architecture

The BaaS Ecosystem Framework of TrustFi essentially consists of three parts:

• IDO General Protocol
• Decentralized Staking Contract, and
• Providing Liquidity Mining model (PLM)

While the PLM model will connect all of the series’ modules and products, the NFT Mint Contract will help DAO and the community by giving more possibilities. The following are the technological frameworks for these three items.

• TrustFi Auction Protocol Framework

• TrustFi Staking Contract Framework

• Staking Contract and NFT Mint product Framework

•  PLM Model Framework

Token economics

TFI is the native utility token of TrustFi Network, and its total supply stands at 100 million. 

This token can be utilized for several functions such as governance, rewards, minting NFTs, auction shares, liquidity mining, and insurance, among other things.

• Governance: TFI token holders can participate in community governance by staking their tokens.
• Reward: TrustFi Alpha and TrustFi Beta revenue will be utilized for repurchase and destruction, as well as a reward for customers that stake TFI.
• Minting NFTs: The TFI token may be used to mint NFT, which can then be deployed into the PLM Model and DeFi yield protocols for further returns in incentive programs.
• Auction Share: The TFI token can be staked to get priority auction rights on TrustFi Alpha for selected high-quality assets.
• Liquidity Mining: TFI is the PLM System’s core token and gas, and it may be used to cast synthetic assets. By providing liquidity, users also stand the chance to earn TFI tokens.
• Insurance: Holders of the TFI token have access to insurance rights and interests against revenue loss and market risk.

Given that the product matrix of TrustFi is still growing, there is no doubt that in the future, the TFI token could be involved in more use cases and utility. 

Fundraising/ Investment history

TrustFi targeted $96,000 in its Seed Round at $0.048 per token, putting the total token valuation at $4,800,000, while the Private Round was targeting $770,000 at $0.055 per token with a token valuation at $5,500,000. In some majorly bullish news, both rounds are already oversubscribed.

Some of the major investors and venture capitalists in TrustFi include AU21 Capital, Fairum Ventures, IBC Capital, KoinSaati, x21, JRR Blockchain Technology Group, Chain Ridge Capital, and Pluto Digital Assets. 

Milestones and Future roadmap

In the fourth quarter of 2020, the company already completed its market research on DeFi ecosystems, while a solution design for the multichain liquidity market was also completed. 

Off to a great start in the first quarter of 2021, TrustFi was awarded the HackerLink BSC Grant for launching TrustFi Alpha, the General Auction Protocol pre-release on Binance Smart Chain. The company also recently completed the product design of the Decentralized Staking Contract and NFT Mint Contract. 

The launch of private and public token sales, TrustFi Beta based on PLM, and the TrustFi Spark, and liquidity mining programs are expected to happen in the second quarter of 2021. 

The third quarter of this year is going to be a great time for TrustFi, with its deployment on multichain ecosystems like Solona and Nervos, improvements in its multichain interaction environment, TrustFi DAO support for community governance activities, and improvements in the investment council model and TrustFi Vaults. 

As for the final quarter of the year, new onboard blockchain ecosystems are set to be introduced along with new DeFi protocol integrations. The launch of the 2022 TrustFi Master Plan is also expected to happen in the last quarter. 

 TrustFi will primarily focus on the development of projects and products according to this quarter roadmap, while they ensure that their primary focus remains on three product combinations, including IDO General Protocol, Decentralized Staking Contract, and Providing Liquidity Mining model (PLM). TrustFi is also looking forward to getting listed on prominent exchanges at the earliest. 

TrustFi Will Develop & Evolve

TrustFi recently announced that, it will IDO on BSC Station Launchpad early in June. 

TrustFi surely has several exciting plans for the future and since their current supporters are mainly community influencers in North America, Europe, Australia, and Asia, they are aiming at launching routine operation and marketing plans as follows that would include the recruitment of brand ambassadors and community managers in an effort to make the TrustFi Community more powerful. They are also planning to apply for the technology grant and hack marathon of cooperative ecology every month. With several new announcements  coming up, it is worth waiting to see how TrustFi will develop and evolve.