Blockchain
TrueFi powers WOO X’s institutional services through decentralized loans to verified clients
TrustToken, the core team responsible for building the leading unsecured lending protocol TrueFi unveils its collaboration with WOO X, a zero-fee digital asset trading platform incubated by Kronos Research, the leading digital asset quant company and market maker. WOO X will use TrueFi to support its institutional services by issuing loans to its clients through the protocol.
The amount of value locked into the smart contracts powering decentralized finance (DeFi) services soared in 2021, and despite some fluctuations in the first months of 2021, the ecosystem is still very much in the green year-on-year. While lending has emerged as one of the most lucrative DeFi applications for both retail and institutional clients, decentralized lending protocols still largely have to rely on over-collateralization to avoid risks, which makes the service capital-inefficient. With its total of more than $1 billion loans originated in 2021, TrueFi ups the DeFi lending game by enabling loans to verified institutional borrowers through its lending protocol.
WOO X will rely on TrueFi as the lending protocol of choice for uncollateralized loans to its institutional clients in its native WOO token, making it TrueFi’s first non-stablecoin portfolio. WOO DAO, a decentralized autonomous organization working to foster the growth of the WOO Network, will provide the tokens for the loans, with all yields returning to the WOO DAO. The financial institutions trading on the WOO X platform have been verified through KYC measures, and the loan principal will only be released into their WOO X wallets. Due to TrueFi’s protocol technology, this type of transparency will show WOO token holders where DAO funds are moving.
The uncollateralized lending program follows an update of WOO X’s staking program, which now allows institutional clients to stake 600,000 WOO tokens to trade without fees through the platform’s API. The update has prompted demand for WOO loans among financial institutions looking to gain access to the service fast and with reduced risk exposure.
Rafael Cosman, CEO of TrustToken
“Uncollateralized on-chain lending is the most capital-efficient credit a financial institution can get,” says Rafael Cosman, CEO of TrustToken. “Our first non-stablecoin portfolios are further testimony for how versatile TrueFi lending can be, supporting any digital assets at all—Bitcoin, Ether, and other top coins are also very much a possibility. We are excited to be reimagining loans for the 21st century as we work to push TrueFi’s total originated loans to $10 billion.”
“The institutional interest for crypto is soaring, and readily-available capital is one of the key conditions for big players to delve deeper into the space, especially in the current climate,” says Ran Yi, Chief of Ecosystem at WOO Network. “We are thrilled to be partnering with TrueFi to grant institutions fast and efficient credit through DeFi’s first uncollateralized lending protocol. By giving traders more flexibility, we enable more usage of the network, which ultimately benefits the entire ecosystem.”
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
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Blockchain
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