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0xe416de13…bd97sent to0x585cca06…23c9·#20,734,780·0x4e2864ec…048022
# [TFIP-19] TrueFi Forward Vision and Operational Expense Request # Background: TrueFi was originally an ecosystem built around the stablecoin TUSD as one of the first stablecoins in crypto from the 2017/2018 vintage. In 2020, TrueFi pivoted as an ecosystem to house credit-related vaults and these vaults allowed for borrowers (mainly crypto trading firms) to interact with lenders for stablecoin funds. By 2022 it was one of the largest protocols of its kind with peers like Maple Finance and Clearpool. However, from spring to winter 2022, saw a near annihilation of these credit-linked markets with bankruptcies such as 3AC, Celsius, Babel, Orthogonal, and Alameda/FTX. Many of these have also been tied with strong accusations of fraud and misrepresentation to its now claimants. TrueFi’s active TVL shrank to near zero by early 2023. Since about September 2023, Truefi (or its vaults) have been used for the following, with a Real World Asset (“RWA”) theme: * Adapt3r Whitelisted T-Bill Vault (housed at app.archblock.com): 13.5 million USD * Kryptonim Whitelisted Credit: 0.5 million USD * Gravity Team/Wincent/Fasanara (Cicada related): 2.1 million USD Revenues that have been generated or collected from the vaults are currently at sub few thousand dollars. Yet, hundreds of thousands of dollars (in fact, millions) of value in stablecoins and Tru tokens have been paid out to develop the vault technology and on efforts to bring users to the platform. Nonetheless, The DAO has an opportunity to take a competitive segment of the RWA market, and we are already excited by the discussions that we have had with service providers. TrueFi has the name, product, and partners to evolve in the right direction. # Moving Forward - Strategy: While RWA has immense potential in its next iterations to come there are many question marks just how the adoption will look like and more importantly when it will come. How to deal with the uncertainty? The first solution is to build and house products that allow for enhancing the user experience with RWA brought on-chain but are also not RWA-exclusive. Before, Truefi was considered a CeDeFi protocol and with loan managers and such, there was a emphasis on the Ce (Centralised) portion, but now for flexibility, there’s much merit to place more emphasis on the De (decentralised) portion. The board has thought of plans to create enhanced versions of innovative products that can fit the bill, with manageable costs to build it. As the plans may be materially economically impactful, specific plans are yet to be divulged. Through the onboarded members of the Foundaiton we will construct a more detailed roadmap that will encompass this vision. We have already been connecting with strategic investors and partners to curate this roadmap, and the board is keen and open to working with any and new counterparts especially in RWA to find/create ecosystems that can net or potentially can net significant value and utility for TRU holders. Of course, we need to find ways to revive the community. Forum participants are limited. Discord has been turned off for discussion. Twitter has been at a standstill. We want to revive these and revive the awareness of Truefi to the crypto community. Treasury of the DAO must also be actively managed as well, as expenses are borne in USD (or stablecoin equivalent) and there is uncertainty of payments with TRU price fluctuations. The current treasury looks to consist mostly of yet to be minted Truefi tokens and gives rise to significant payment premiums potentially paid to counterparts and service providers. # Next Steps: Starting on the right footing The DAO (and the foundation as a BVI entity) should gain some legal clarity on its activities. What is viewed as grey, white, or black zones would be helpful. Legal advice should be sought for its current state and help set guidelines for future activities. We have already had advice set for some counterparty onboarding (“KYC”) and anti-money laundering procedures. The DAO also should seek to get an update of the financial standing both from a historical and current perspective. For example, versus how much of tokens being expended, how much revenue is being collected. There is also looking at how to deal with legacy assets such as funds in vaults potentially. The DAO Foundation should also ensure that assets that belong to the DAO and in the name of the Foundation have been properly handed over. These assets include multi-signature wallets and its assets, vault operations, websites and social media channels. These are noted on the following Tally votes: * Tally | TrueFi | Assignment Agreement between Archblock Inc. and TrueFi Foundation Ltd. * Tally | TrueFi | \[TFIP-7] Decentralize admin and owner rights to smart contracts (Second Attempt) But this is not an exhaustive list of items that would need to be audited or be in a handover process of the DAO and in the name of the Foundation. Expanding headcount and outsourcing for the benefit of DAO stakeholders: Currently, there are only the 2 directors, Ferengi and Nathan on the payroll as the Foundation Directors alongside the 2 community moderators. Cicada as a borrower introducer is the only other entity being paid as Wallfacer has not had a 2H 2024 contract passed by vote. Expenses are required for: * Legal Advice from Outside BVI Counsel * On-chain and financial auditing * Additional Community or Outreach person * Operations and Administrative Coordinator * Day to day website user interface (“UI”) and user experience (“UX”) tech managers * Smart contract maintenance (could be in conjunction with 5) * New product development from technology standpoint * New product or counterparts liaison specialist * Compliance related personnel (from onboarding service providers, projects, and making sure that the DAO Foundation acts in a compliant manner) * Additional directors Of course, there are significant costs to this to get on the right footing and to start expanding. More details on activities to be pursued are also noted on the budget below. ### Budget – Financial Overview 6 months of operating expenses, covering essential areas like governance, operational costs, and community initiatives. The proposal also includes setting a budget for future expenses and strategic development at an estimated 1,175,000 USD The proposed budget will take a ~30% earmark in TRU’s token price at the execution of the proposal before being swapped into stablecoins. This is to consider price fluctuations before the TRU to USDC/USDT conversion. A multi-signature wallet will be created and owned by the Directors to manage this before we directly manage service provider operational costs through a bank account Any excess funds will be reported to the DAO at the end of the six months and quarterly reports will be provided to the community # Next Governance Steps 1. Set up TrueFi Foundation Treasury Wallet (3-out-of-4 multisig) which has been tested by the Board and dedicated community members (0xC03151bAc97F692e5b71Eb49635A624141f7477b) 	[@vandynathan](https://www.tally.xyz/u/vandynathan) ( 0xE416dE13e7859Ba860de0DE3563dA1e4e97dbd97) 	[@ferengi](https://www.tally.xyz/u/ferengi) (0x25022f216b97641d396e6Efe68ba45F80AD7A56b) 	[@StrategoHoldings](https://www.tally.xyz/u/strategoholdings) (0x623EeaAe05FB5A4Be01D45613928d4233da80Fd7) 	[@Marcus\_Leanos](https://www.tally.xyz/u/marcus_leanos) (0x57cD8ecAA060C857B23f9C68853f09dFfC3b7453) 2. Tally Vote: The proposal will be posted to Tally for the final vote minting and sending an estimated 1,175,000 USD worth of TRU including a ~30% earmark in TRU’s token price at the execution of the proposal
0xe416de13…bd97sent to0x585cca06…23c9·#20,548,842·0xe3ec6f37…9b8d74
# TrueFi Board of Directors Compensation (H1 - 2024) #### [](#p-4553-introduction-1)**Introduction** We are maintaining the core TrueFi operations, as we move into the next stage of TrueFi’s development, the Board of Directors will be collaborating more closely with our service providers to scale both current and future TrueFi offerings. #### [](#p-4553-increased-workload-and-board-member-replacement-2)**Increased Workload and Board Member Replacement** With the transition demanding more time and effort from the Directors than initially anticipated, we are in the process of looking for someone to replace the resigned Board member and have discussed increased support from service providers. #### [](#p-4553-transparency-in-board-activities-and-compensation-3)**Transparency in Board Activities and Compensation** In the spirit of transparency, we have outlined the total hours worked by the Board over the past 7 months, on top of the regular 4 hours per week. This can be found here: [https://forum.truefi.io/t/truefi-board-of-directors-update-and-compensation/1820](https://forum.truefi.io/t/truefi-board-of-directors-update-and-compensation/1820) ### Duration * Period: January 2024 to July 2024 ### Compensation * Source: DAO Treasury * Preferred Currency: TRU tokens #### ETH Addresses * Joseph Appolos: 0x79aB78Fe4b4B166da1B868527E587bc9b8B6A3AE * Emmanuel Boamah: 0xc2069e336596adbef917d8af715610f221d848db Given the price volatility, the current TRU price ($0.08436 - [source](https://www.binance.com/en-AE/trade/TRU_USDT?type=spot)) with a 25% buffer will be provided to calculate TRU amounts.  **1000 additional TRU** will be minted to account for the Tally transfer fee. This proposal: * Mints **1,072,715 TRU** TRU * Transfers **228025 TRU** to Ferengi to 0x25022f216b97641d396e6efe68ba45f80ad7a56b * Transfers **644169 TRU** to vandynathan to 0xb381FF1f6796528bf6237319De47eEc600c88F0A * Transfers **199522** **TRU** to Masahide to 0x44b14569D3e25260d6D40C54Eb33997698912754 
0xe416de13…bd97sent to0x585cca06…23c9·#20,520,507·0xa76dce40…68f75e
# Contract Extension For Community Moderators - H2 2024 (re-up) ## Summary Joseph Appolos (@solexj1000) and Emmanuel Boamah (@emmagh) request payment to extend their community moderation term. ## Terms for Extension ### Duration * Period: July 2024 to December 2024 ### Compensation * Source: DAO Treasury * Preferred Currency: TRU tokens * Payment Method: \*[Sablier](https://sablier.com/) \*\* payment streams * Monthly Amount: **$500 total ($250 per person)** #### ETH Addresses * Joseph Appolos: 0x79aB78Fe4b4B166da1B868527E587bc9b8B6A3AE * Emmanuel Boamah: 0xc2069e336596adbef917d8af715610f221d848db Given the price volatility, the current TRU price ($0.0837 - [source](https://www.binance.com/en-AE/trade/TRU_USDT?type=spot)) with a 25% buffer will be provided to calculate TRU amounts. Each of them should receive: **22,401 TRU** **1000 additional TRU** will be minted to account for the Tally transfer fee. This proposal: * Mints **45,802** TRU * Transfers **22,401 TRU** to Solex 0x79aB78Fe4b4B166da1B868527E587bc9b8B6A3AE * Transfers **22,401 TRU** to emmagh 0xc2069e336596adbef917d8af715610f221d848db
0xe416de13…bd97sent to0x585cca06…23c9·#20,491,832·0x6eda529a…861a61
# [TFIP-16.1] Restoration of gov procedures & reassignment of CANCELLER multi-sig ## [](#p-4518-summary-1)Summary This proposal below builds on the previous \[[TFIP-16](https://forum.truefi.io/t/tfip-16-restoration-of-governance-procedures-and-reassignment-of-canceller-multi-signature-wallet/1781)] maintaining the previously mentioned governance improvements while modifying the technical process of changing the new CANCELLER role. This means both the revocation of the old multisignature and approval of the new one will be completed in one transaction. ## [](#p-4518-abstract-2)Abstract As part of the current transition, there is a clear need to (1) reinstate the governance procedures and (2) implement a committed, business, and technically adept group of individuals on the CANCELLER role to ensure no potentially malicious proposals. The community has aggregated some candidates including Board members and long-term, aligned community members, to act as new holders of the canceller multi-signature wallet. The following steps will be implemented. #### [](#p-4518-h-1-maintenance-of-previously-mentioned-governance-amendment-3)1. Maintenance of previously mentioned governance amendment Firstly, the previous governance amendments mentioned in \[[TFIP-16](https://forum.truefi.io/t/tfip-16-restoration-of-governance-procedures-and-reassignment-of-canceller-multi-signature-wallet/1781)] will be maintained and implemented to improve the governance process. > ### Proposal for Governance Restoration > **Compliance with Governance Protocols: > All forum proposals must follow the TFIP structure, be subject to a 3–5 day discussion period, and include a “For” or “Against” poll. > > **Enhancing Community Engagement:** Encourage active participation from all community members to improve engagement and decision-making. > > **Board’s Role in Reviewing Proposals:** As part of the transition of Wallfacer being the core service provider and according to the initial proposal for the Board’s role, the [Foundation](https://medium.com/trust-token/truefi-dao-step-2-announcement-of-dao-foundation-196cc7a5f0e0) will take over the multi-signature wallets connected to the Canceller function. The Board’s role includes reviewing incoming and approved Timelocked proposals for modifications or outright veto. > > **Neutrality and Conflict of Interest:** DAO Board members are elected by, serve at the pleasure of, and may be terminated by stkTRU holders. The neutrality of the Board’s individual Directors is crucial. Potential conflicts of interest should be disclosed and mitigated promptly. It is likely that service providers may come from the network of current TrueFi participants, mitigating these potential conflicts of interest as seen in the Teragon proposal which disclosed Bastion Trading as an advisor and enabled the Directors to maintain neutrality through an internal Chinese wall [allowing members to voice their singular opinions independently](https://forum.truefi.io/t/malicious-governance-attack-a-call-to-action-to-stop-the-attack-opine-in-the-next-42-hours/1746/37) . Furthermore, Cicada and Wallfacer noted that they would potentially have a conflict of interest regarding the canceller vote on the Teragon on-chain proposal and decided to abstain. Such transparency and community support are essential, aligning with the suggested canceller wallet policy. > > **Board’s Role in Onboarding and Compliance** The Board primarily supports the governance, legal, and compliance process for the TrueFi protocol, including onboarding new partners. The Board will support the enforcement of the established governance protocols in the future. Additionally, it is suggested that partners should onboard before their proposal goes on-chain to ensure compliance with our required AML laws. This process protects the DAO and limits the need for the Canceller function in the future, as partners will be aligned internally; be able to discuss confidential, commercially sensitive information; and the provision of KYC documents will act as a deterrent to harmful behaviour. > > **Simplified Governance and Snapshot Utilization** In response to concerns regarding the complexity of governance and the low participation, we propose a more streamlined approach. A middle ground, requiring a longer process using Snapshot for significant developments, while allowing exemptions for renewals and minor adjustments. > > **1. Termination of Contracts:**\* Exemption: The termination of a contract proposed by the Board of Directors due to reasons such as legal risks, failure to reach KPIs, and other risks can be exempted from the lengthy Snapshot process to allow for swift action. > **2. Status Quo:**\* Exemption: Renewals of existing agreements or minor adjustments previously mentioned in a TrueFi Improvement Proposal (TIP) can skip the extended Snapshot process. > **3. Smaller Treasury Adjustments:**\* Exemption: Treasury adjustments including swaps of TRU to ETH, WBTC, or stablecoins below 1.5 million USD can skip the extended Snapshot process.For these exempted proposals:\* A 72-hour voting period on the forum will be required.\* A forum poll, if deemed necessary, will be conducted.\* A 72-hour Tally vote will be held.\* > **Proposed Changes for Non-Exempted Proposals:** For proposals not falling under the above exemptions:\* > **1. Forum Posting:**\* A 72-hour posting period on the forum is required to introduce the proposal.* **2. Snapshot Vote:**\* A 48-hour Snapshot vote will be conducted with the options: “OK to vote on Tally,” “Not OK to vote on Tally,” and “Abstain.” > * At least 5% of staked TRU must participate in this Snapshot vote to meet the quorum. > * **3. Amendment Period:**\* If the 5% quorum is met, with a majority negative vote, a 72-hour period will follow to allow for any amendments or discussions before the proposal is posted to Tally. > * **4. Tally Vote:**\* After the amendment period, the proposal will be posted to Tally for the final vote. > * During this time, TrueFi Foundation will ensure the onboarding of the client and proposed business, assuming all other qualifications are met and there are no technical or procedural issues warranting the Canceller’s intervention. > * **Clear Definition of the Canceller Role:** It’s vital to define the Canceller role, which reviews approved and Timelocked proposals, with the power to freeze code merges or veto proposals if they are deemed harmful to the protocol or its users. > * **Canceller Function Usage** We propose the following criteria for the Canceller function: > 1. Any Tally Transaction not referenced in the Truefi Forum (and obviously relevantly referenced) will be cancelled. > 2. Any Tally Transaction that is notified to have a legitimate technical flaw will be cancelled. > 3. Any Tally Transaction (even if there is a corresponding Forum Proposal) where the Proposed Partner party has not been onboarded (KYC and AML cleared) will be cancelled for transactions where more than 5,000 USD value is being transferred. > 4. Any Tally Transaction that does not follow the following procedure will be cancelled: > 5. A forum post must be made with the appropriate “\[TFIP-XX]” prefix in the title with the next sequential number of the TFIP on it. The category of the post must be made to be “Proposal”. > 6. The TFIP must be left for 96 hours before a vote on Tally vote is initiated. > 7. There must be an announcement by the proposer that the vote would be on Tally by the initial proposer on the forum prior to placing the proposal on Tally. > 8. The proposal must include at least a description of each Tally transaction to be submitted. > 9. The Tally Transactions must coincide with the description of the Tally Tx on the Proposal. > 10. A proposal must also provide the terms and conditions that the DAO can unilaterally terminate its arrangement with the service provider (if it is relevant). Such examples are termination upon not meeting interim KPI metrics. > 11. A proposal must also acknowledge that payment streams (Sablier streams) as part of their service contract may be terminated despite the best efforts of the DAO and cancellers, and/or incentive payments proposed via future tally payments are subject for such proposals passed by a quorum and majority votes at that time, even if KPIs were completed. The DAO and Foundation are not responsible for these circumstances. > 12. A proposal must provide a procedure for any handing off items at the end of the contract to the DAO (or Foundation) including a timeline. > 13. The proposal must have a set of terms and conditions that can be mostly transferred to a legal agreement between TrueFi Foundation Ltd and the counterparty where the contract value is greater than 5,000 USD, with satisfaction to the Board. The Board cannot unreasonably refuse that the terms and conditions are not in such format. An agreement draft may be provided (with NDA) to the TrueFi Foundation if significant parts of the agreement should be private. > 14. Extraordinary Discretionary Cancellations: If the Board, each individually, believes that the Forum Proposal was passed through highly divergent economics or control metrics from standard practices, then the Board has the right to use the Canceller function. Either on the forum or on-chain, reasons for the cancellation must be provided by each who has canceled the passed tally vote.If governance rules are not met, the Board must unanimously vote to cancel and will approach the additional cancellers to use their address. If all the rules are followed, but there is still potential harmful activity a canceller believes merits the use of the Canceller function, then cancellers must provide adequate reasoning. #### [](#p-4518-h-2-creation-of-new-multisignature-wallet-4)2. Creation of new multisignature wallet Rather than each holder of the current wallet transferring their rights to a new wallet, it has been suggested that a completely new wallet should be created. The canceller rights on the old multisignature wallet should be revoked and canceller rights to the new wallet should be approved. Therefore, the proposed candidates have built a new multisignature wallet that will be 2 persons connected to the Board, and 4 long-time community members: * [@vandynathan](/u/vandynathan) ( **0xE416dE13e7859Ba860de0DE3563dA1e4e97dbd97**) * [@ferengi](/u/ferengi) (0x25022f216b97641d396e6Efe68ba45F80AD7A56b) * [@TylerEther](/u/tylerether) (0xc8A69971DAa3C3ADd85Ab0d0AF297515769ddfFC) * [@StrategoHoldings](/u/strategoholdings) (0x623EeaAe05FB5A4Be01D45613928d4233da80Fd7) * [@Marcus\_Leanos](/u/marcus_leanos) (0x57cD8ecAA060C857B23f9C68853f09dFfC3b7453) * [@cicadasefton](/u/cicadasefton) (0xb6F4542a1Fc32C7Ff69303Cb8ED0Ec4404252119) Multisignature threshold is 4/6 and can be found here: **0x38358B194A863d40677D774823e6Fc922a100471** #### [](#p-4518-h-3-tally-proposal-for-the-revocation-and-approval-of-canceller-multisignature-wallets-5)3. Tally proposal for the revocation and approval of canceller multisignature wallets Thirdly, a Tally proposal would need to call Timelock’s (“0x4f4AC7a7032A14243aEbDa98Ee04a5D7Fe293d07”) and include two actions: #### [](#p-4518-a-revoke-role-6)A) Revoke Role: **This will revoke access on the previous canceller multisignature wallet to canceller rights** revokeRole(role, account) function with args: revokeRole (“0xfd643c72710c63c0180259aba6b2d05451e3591a24e58b62239378085726f783”,“0x8c8FcA3812c4272756120E207D3ED496A73Bc528”) #### [](#p-4518-b-grant-role-7)B) Grant Role: **This will provide access on the new multisignature wallet to canceller rights** grantRole(role, account) function with args: grantRole(“0xfd643c72710c63c0180259aba6b2d05451e3591a24e58b62239378085726f783”, “0x38358B194A863d40677D774823e6Fc922a100471”) ### [](#p-4518-next-steps-8)Next Steps * **Implementation:** Upon a successful Forum proposal, the final proposal will be brought to all stkTRU holders for an on-chain vote on Tally. If approved, the necessary actions will be executed automatically with the Canceller role will be transferred to the multi-signature wallet controlled by the Independent Board of Directors and the mentioned individuals.
0xe416de13…bd97sent to0x585cca06…23c9·#20,469,446·0x27dc913e…b78b7d
# Contract Extension For Community Moderators - H2 2024 ## Summary Joseph Appolos (@solexj1000) and Emmanuel Boamah (@emmagh) request payment to extend their community moderation term. ## [](#proposed-terms-for-extension-11)Terms for Extension ### [](#duration-12)Duration * Period: July 2024 to December 2024 ### [](#compensation-13)Compensation * Source: DAO Treasury * Preferred Currency: TRU tokens * Payment Method: \*[Sablier](https://sablier.com/) \*\* payment streams * Monthly Amount: **$500 total ($250 per person)** #### [](#eth-addresses-14)ETH Addresses * Joseph Appolos: 0x79aB78Fe4b4B166da1B868527E587bc9b8B6A3AE * Emmanuel Boamah: 0xc2069e336596adbef917d8af715610f221d848db Given the price volatility, the current TRU price ($0.0837 - [source](https://www.binance.com/en-AE/trade/TRU_USDT?type=spot)) with a 25% buffer will be provided to calculate TRU amounts. Each of them should receive: **22,401 TRU** **1000 additional TRU** will be minted to account for the Tally transfer fee. This proposal: * Mints **45,802** TRU * Transfers **22,401 TRU** to Solex 0x79aB78Fe4b4B166da1B868527E587bc9b8B6A3AE * Transfers **22,401 TRU** to emmagh 0xc2069e336596adbef917d8af715610f221d848db
0xe416de13…bd97sent to0x585cca06…23c9·#20,464,034·0x3b8c3cbb…6b0aa0
# [TFIP-16] Restoration of gov procedures and reassignment of Canceller multi-sig # Summary: This proposal aims to restore and establish general, forum, and Canceller wallet governance procedures while confirming the candidates for the multi-signature wallet. # Background & Rationale: To enhance governance integrity in TrueFi, this proposal seeks to reassign the Canceller role to a multi-signature wallet managed by selected community and board members. The objective is to ensure compliance and better community engagement by adhering to established and proposed procedures. From the initial Forum post, there were no additions to the proposal regarding governance restoration, exempted proposals, the definition of the canceller role, and the function of its usage.  However, it was suggested that we should maintain having six (6) addresses for security reasons. Therefore, unless amendments are suggested through the Snapshot vote and amendment period, they shall remain as described in the TFIP-16 proposal. # Proposed Multi-Signature Wallet Signatories: Based on the six (6) candidates that came forward, the confirmed multi-signature wallet will have a 4-out-of-6 policy for approvals. ## Community Members: @TylerEther (0xc8A69971DAa3C3ADd85Ab0d0AF297515769ddfFC) @StrategoHoldings (Stratego.eth) @Marcus\_Leanos (0x57cD8ecAA060C857B23f9C68853f09dFfC3b7453) @cicadasefton (0xb6F4542a1Fc32C7Ff69303Cb8ED0Ec4404252119) ## Board of Directors: @vandynathan (0xCd263ADcD76e4d81CB7EA6Ad32447d2810f37e13) @ferengi (0x25022f216b97641d396e6Efe68ba45F80AD7A56b) # Next steps ## Implementation: If the on-chain Tally vote passes, the governance process will be re-established as outlined, and the Canceller role will be transferred from the current holders to the Independent Board of Directors and the mentioned individuals.  The onboarding process for partners will also be implemented as described.