TRUF Token: Powering Permissionless Access to Financial Data
Along with overwhelming support in our quest to further democratize finance, we’ve also had a lot of questions regarding the TRUF token. Truflation has answers.
In this comprehensive overview, we delve deeper into the TRUF token and its role and purpose in the Truflation ecosystem.
What is the TRUF Token and what will it be used for?
The TRUF token serves as the economic layer for Truflation’s product and ecosystem, including the Truflation Stream Network (TSN), which is a protocol designed to integrate real-time economic data into decentralized finance applications.
TRUF is an ERC20 compatible (Ethereum blockchain) token.
The 3 main utility functions for TRUF are:
1) Data Provider Node Operation
For Data Providers to join the network they will need to stake TRUF tokens in the Governance Portal. This ensures commitment and alignment with the protocol.
These staked TRUF tokens will also allow Data Providers to participate in the governance of the overall protocol, to authenticate and adjudicate protocol direction.
2) Data Provision and Data Consumption
Users of Truflation will pay TRUF tokens to access data on the network. These rewards will also be used to further reward data providers and contributors across the network.
3) Governance
TRUF token holders can participate in the Truflation governance by staking and locking their tokens for designated periods of time. As a result of this staking and locking mechanism, users receive Vote-Escrow TRUF tokens (veTRUF). veTRUF tokens grant holders voting rights in various protocol decision-making proposals.
TRUF Token Distribution and Economics
At launch, the TRUF token supply will be limited to one billion (1,000,000,000), with initial allocations for the following ecosystem contributors:
- Investors and early contributors
- Team and protocol developers
- Ecosystem and growth
- Advisors
What is the TRUF vesting & distribution schedule?
The TRUF vesting schedule is as follows:
Total token vesting stretches over 96 months (8 years), aiming to secure the protocol's long-term sustainability. At launch, there will be 9.4% (94,000,000) of total supply circulating.
Along with our aim of data decentralization, TRUF’s ecosystem pools will be managed and led by the governance token holders. By empowering governance, token holders oversee the ecosystem pools, ensuring direction and allocation of resources are guided by the collective wisdom and interests of the community while promoting transparency, fairness, and resilience within the ecosystem.
We will continue to release more information around governance proposals and forthcoming programs designed to expand the data network.
We’re thrilled to be bringing TRUF and TSN to our loyal community. Do you want to join the data revolution? Follow us on our socials to keep up with the latest developments:
Website: https://truflation.com
Twitter: https://twitter.com/truflation
Telegram:https://t.me/truflation
Discord: https://discord.com/invite/5AMCBYxfW4
YouTube: https://www.youtube.com/channel/UCZJSvVppUtK7F22xjBcbV0A
Github: https://github.com/truflation
About Truflation
Empowered by Coinbase and Chainlink, Truflation stands as the foremost DRP (Definite Reference Point) for economic veracity, driving the tokenization of Real World Assets through its independent, transparent, and real-time financial data. With a comprehensive index tracking over 13 million items, Truflation offers censorship-resistant data infrastructure, fueling systemic advancements in the DeFi economy. This empowers decentralized applications (dApps) such as DEXs to unlock boundless markets. From predicting orange juice and uranium prices, to facilitating BTC-denominated oil, gas, and corn markets, Truflation unlocks a diverse range of financial instruments, heralding a new era in the Web3 landscape.