VeSync Collaboration with TProtocol
TProtocol aims to address the lack of risk-free interest-paying instruments in the current DeFi system by providing interest-bearing tokens backed by the treasury. DeFi users can benefit from the mid-term interest rate gap between stables and the rising treasury. TProtocol will provide a solution so that DeFi users will no longer be underpaid even in a cooling crypto market.
TBT is a rebasing token that is fully backed by sTBT, a permissioned token issued by a multi-billion ceDeFi institution. sTBT is a rebasing token whose price is always $1 and is only available for high net worth individuals or institutions. TBT is permissionless and can be minted with USDC at a minting fee of 0.1%. The minting price of TBT is always $1, and users can redeem TBT for USDC with a redemption fee of 0.3%. TBT can be converted to wTBT, a non-rebasing token that allows TProtocol to be integrated into existing DeFi protocols that do not support rebasing tokens.
TProtocol handles the daily operations including trading, liquidity management, and risk management, and charges fees to cover interest rate costs and protocol fees. The redemption process takes 4 business days, and it is recommended to obtain liquidity from the secondary market instead of redemption.
Introducing TBT and sTBT
TBT is short for T-Bill token. TBT is fully backed by permissioned sTBT issued by a multi-billion ceDeFi institution. sTBT has the following properties:
- It is a rebasing token whose price is always $1. Users’ holding amount will grow continuously as the interest from the treasury accrues.
- Its rebasing happens once a day at 6pm HKT for every workday.
- It is not permissionless. Only KYCed high net worth individuals or institutions are able to purchase.
- It is issued on ETH mainnet.
- This ceDeFi institution handles the daily operations of T-Bill including trading, liquidity management and risk management.
- The T-Bill business of this ceDeFi institution is operated under an independent SPV. So even if the ceDeFi institution faces a liquidity problem, the T-Bill business will remain intact.
Below are the basic properties of our TBT token:
- It is a rebasing token.
- It is permissionless.
- Users can mint TBT with USDC. The minting price will always be $1, if fees are excluded.
- Users can redeem TBT for USDC. The redemption price will always be $1, if fees are excluded.
wTBT is a non-rebasing token that can be converted to TBT or the other way around. Below are the basic properties of our wTBT token:
- It is a non-rebasing token. So the amount will not increase, but its price will increase over time.
- wTBT and TBT can be converted into each other without any fees. They are equivalent mathematically.
- It is permissionless.
The purpose of wTBT is to enable TProtocol to be incorporated into existing DeFi protocols as most of the DeFi protocols do not support rebasing tokens.
TProtocol is the first DeFi native protocol that uses T-Bill as its underlying asset, providing DeFi-composable on-chain T-Bill tokens to meet the demand of risk-free real yield in the DeFi ecosystem.
veSync is a community-driven, ve(3,3) Decentralized Exchange (DEX) built on the zkSync network, providing a powerful and efficient platform for DeFi liquidity.