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# [TFIP-32] Extending Directors Term to March 31st, 2026 Preface: Current Directors As per TFIP-17, (\[TFIP-17] Extending the TrueFi Foundation Board of Directors - #5 by vandynathan) voted in September 2024, there are five directors Ferengi, Krysh, Seb Davies, Romain Rechtman, and Nathan Vandy. The directors’ term is set to end on September 30th 2025 or earlier if a director resigns. Given that there is a need for leadership stability at least at the directorship level, I propose that a majority of the directors be given an extension to March 31st, 2026. The original TFIP-17 provided for a simple governance guideline vote to extend only to Dec 31st, 2025. However, a longer period and a non-year-end holiday period timing for individual director re-elections I believe is better. Proposal: This TFIP provides the extension for four out of the five directors elected or had their term extended last September 2024 below: Romain Rechtman Sebastion Davies Krysh Type3 Ferengi Please see their original Board Candidate proposals here: Dear Community, I am very thankful to be considered for a seat on the Board. My background is a mix of traditional finance, fintech and crypto. After post graduate studies in France, I started my career in Hong Kong marketing structured products for JPMorgan. I then joined Goldman Sachs to cover Hedge Funds. After 8 years in Hong Kong I continued my career in the US back at JPMorgan and then London, this time at HSBC, in a similar director position. Overall my 15 years in banking made me rea… TL;DR: Over Three Years in Digital Assets: Extensive experience in both traditional and decentralized finance, with a focus on innovative financial products and secure ecosystems. VP, Research & Market Strategist at Aquanow: Played a key role in scaling operations, managing complexity, and delivering insights into the digital asset landscape. Yield Fund Experience: Involved in launching a yield fund with a mix of over-collateralized crypto loans, trading strategies, and DeFi exposure. Strategi… Thank you for your application, it is really appreciated. Summary This statement presents Ferengi’s candidacy for a Board Member position at the TrueFi DAO Foundation. It delineates the motivation, qualifications, contributions, and envisioned compensation for the role, leveraging my extensive experience in DeFi, particularly in lending markets and DAO operations. Motivation The Board Member role is pivotal in steering TrueFi DAO towards its strategic goals. The Foundation’s limited yet critical responsibilities, including supporting protocol decent… The new Directorship Term End is proposed here to be now March 31st, 2026. The Compensation and Commitment for the Director Roles will be unchanged at: A monthly retainer of $2,000 for basic responsibilities, covering up to 4 hours of work per week (paid in stables or TRU) Beyond the basic retainer, additional work and operational duties will be billed at a rate of $200 per hour In the case where this proposal is not voted through: If this proposal is not passed, then the term of the directors may end on September 30th 2025, and a follow up simple extension proposal will be posted for an extension of the existing board members if and at such time to December 31st 2025. To memorialize the proposal on Tally, 8,000 USDC (1 month of director fees) will be withdrawn from Timelock contract to the Truefi Foundation Operational Treasury address. Next Governance Steps As the proposals does not fall under the simplified governance exemptions, the proposal will require the following steps: Forum Posting: A 72-hour posting period on the forum to allow the community to provide feedback. 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. 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. Tally Vote: Otherwise, the proposal will be posted to Tally for the final vote.
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# [TFIP-31] Expanding and Specifying powers of the Foundation (Vaults) Preface: The Foundation Previously the Truefi Foundation (“TF”) on its formation was granted limited enumerated powers and such powers to be exercised by votes the the Board of Directors (“BOD”). Since then, the Foundation has expanded its operations as many functions have been brought in-house from outside service vendors. Vaults Since 2022, various credit vaults have been introduced and its display and the process of how it is categorized on the Truefi UI has not been formalised. For example, if a vault has been introduced by a credit manager or service provider which no longer is contracted, then there is no procedure to label the vault for the information benefit of the platform users. (As there can be a case where a vault maturity extends beyond a credit manager or service provider’s contracted relationship with the DAO). Enumerated Powers The Foundation’s Enumerated Powers of the Foundation might currently provide relevant powers in the case of vaults allowing the Foundation to: A. Manage off-chain corporate responsibilities and B. Act as the initial administrative agent in TrueFi’s decentralized lending architecture to pursue defaults unless DAO members approve an alternative administrative agent. Author: Michael Bland Progressive Decentralization of TrueFi to Date TrueFi was created to become the open-source financial infrastructure for facilitating uncollateralized lending of digital assets. Since its launch in November 2020, the core team has been executing on a progressive decentralization step plan for turning the ownership, control, and future development of the protocol over to the community through the creation of the TrueFi DAO (the “DAO”). From the start, TrueFi has sought to… Proposal: This TFIP looks to expand the Foundation’s powers to allow for it to administer non-defaulted vaults at its discretion where there is not a clear (continuing) mandate on managing such vaults from the DAO. Actions to adminster such vaults may include actions by the Foundatin or BOD to: Contact borrowers to return funds in a timely manner upon maturity and if lenders are known, to remind them upon receipt of funds to withdraw such funds from the vault Moving the vault links to a special section of the Truefi Platorm website and label them, likely once closed to move vault links to a legacy-closed webpage or similar Potentially restructure the vaults for non-default matters such as chain migration or stablecoin migration And any other actions deemed necessary by the Foundation BOD in respect to such Vaults. As there is no immediate funding requirement I believe for this, this TFIP, if passed can be memorialised by withdrawing 5,000 USDC from the Timelock contract to the foundation as an initial buffer to handle such contingencies by the BOD. Next Governance Steps As the proposals does not fall under the simplified governance exemptions, the proposal will require the following steps: Forum Posting: A 72-hour posting period on the forum to allow the community to provide feedback. 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. 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. Tally Vote: Otherwise, the proposal will be posted to Tally for the final vote.
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# [TFIP-25] Bastion Trading as Additional MM for TRU Token Truefi Additional Market Maker Introduction Truefi has been a long time standing token with who was the pioneer in the uncollateralized and undercollateralized lending crypto space with prestigious centralized exchange listings. Bastion Trading Bastion Trading has been trading cryptocurrencies since 2017 across various CEX and DEX platforms, as a proprietary trader and market maker. Bastion Trading is no stranger to Truefi being one of the first borrowers on the Truefi platform starting in 2021. Currently Bastion Trading trades billions of dollars monthly across cryptocurrency tokens, coins, options, swaps and other derivatives on various centralised and decentralised exchanges. Bastion Trading also has provided market making services since 2018, and adjusting strategies across multiple market cycles. Proposal Bastion Trading aims to increase the liquidity profile of various CEX token and derivatives markets. The identified markets are to augment liquidity on Binance, while providing orderbook depth to Kraken spot markets, and Bybit swap markets. The goal is to increase order book health to encourage more volumes across trading venues for the TRU token. Given the state of the Truefi treasury in the timelock contract where a retainer model less feasible, Bastion Trading proposes the following TRU token loan with option market making contract (where Bastion Trading will provide the stablecoin side of the capital): Token Loan Amount: 9,000,000 TRU Tenure: 24 months from the market making start date. Market Making Objectives: On Touch Bid-Ask Spread: 30 bps Minimum Depth Provided per 2% from mid-market: USDT 40,000 across all venues Target Venues: Binance, Bybit Swap, and either of Kraken or Coinbase (with lean to Coinbase) SLA (Uptime): 24/365 95% Call options provided by Truefi: there are two call options and each gives Bastion Trading the option (not obligation) to purchase the loaned tokens 24 months from the market making start date at following amounts and strike prices: Call Option 1: The option to purchase 50% of loaned tokens (4,500,000 TRU) at strike price 1, which has 17% premium to the spot price reference of when Bastion receives the tokens from Truefi. Call Option 2: The option to purchase 50% of loaned tokens (4,500,000 TRU) at strike price 1, which has 32% premium to the spot price reference of when Bastion receives the tokens from Truefi. Next Governance Steps As the proposals does not fall under the simplified governance exemptions, the proposal will require the following steps: 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. Tally Vote: Otherwise, the proposal will be posted to Tally for the final vote.