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Analysis of TProtocol: RWA liquidity center, realizing high-utilization treasury bond income
MakerDAO has high interest rates but it’s fun to play. In addition to buying government bonds, it also lends small loans. Ondo pure government bonds can’t be bought. KYC has a high threshold of trouble and there is little liquidity. Now the market still lacks a pure asset that can be provided to ordinary users. , TProtocol V2 is the product born for this. This article will analyze the current pain points of RWA treasury bond tokens and the problems that Tprotocol solves.
On the surface, Tprotocol is a lending product, such as the Matrixdock pool supported by the first launch, what it does is to allow Matrixdock, which ranks top three in TVL of the current RWA track, to use its issued national debt token STBT as collateral to borrow USDC. USDC deposit users will give rUSDP, similar to AAVE's aUSDC, which is an interest-bearing token.
The highlight is that the LTV of STBT loans is as high as 100.5%, so if the utilization rate can be as high as 99.5% under extreme conditions, that is to say, 99.5% of the national bond yield can be given to rUSDP. With such a high utilization rate, how to deal with a super-large withdrawal? It adopts the OTC model with the borrower, which is to give Matrixdock a certain period of time to sell treasury bonds and pay back the money. For small amounts, you can usually withdraw money or sell USDP on DEX.
For compliance reasons, Ondo-OUSG/Matrixdoc-STBT tokens are only open to qualified investors. Ondo’s recent USDY with slightly looser conditions still requires KYC and the value contributed by the two-month Mint cycle Tprotocol , In fact, through the institutional mortgage lending model, the interest of national debt tokens is maximized and transmitted to USDC deposit users, so that ordinary users can also enjoy the benefits of national debt.
Different from the institutional credit loans that were frequently thundered before, Tprotocol focuses on special-purpose products. For example, the terms of STBT make it clear that the investment objects are short-term treasury bonds and reverse repos of treasury bonds, and will regularly publish asset reports and cooperate with Chainlink Reserve certificate.
Of course, although there are proofs, it still relies on the trust of the underlying treasury bond asset custody institution as a whole, so Tprotocol will launch independent Pools for different RWA assets to isolate risks. For example, if one day cooperates with Ondo in the future, a new Ondo Pool will be built, and USDC will be deposited in new tokens such as rUSDP-Ondo to isolate risks.
The design of Tprotocol in other aspects is also more Degen. For example, the design of the governance token TPS/esTPS is similar to GMX, and the longer it is stored, the higher the dividend. In addition, the iUSDP/USDP double-layer structure is also designed. iUSDP/USDP is similar to the structure of sfrxETH/frxETH. iUSDP is the rUSDP version with automatic accumulation of income, while USDP has no income and is used to provide liquidity in DEX and other places.
This model allows Tprotocol to improve capital efficiency and increase the income of iUSDP through other protocols of Bribe, so that its income can be higher than that of general government bonds, which is the same as the income improvement mode of sfrxETH.
At present, the battle on the RWA track is fierce, and MakerDAO has already taken an absolute advantage. However, as an over-collateralized stablecoin, the proportion of assets at the bottom of MakerDAO that can be used to purchase government bonds is limited. Previously, MakerDAO has been using USDC in the PSM module to withdraw cash to purchase government bonds However, this space is not particularly large. If there are too many users who deposit DAI and receive interest, the interest may even fall below the national bond interest rate.
Summarize
Tprotocol transmits the income of pure national debt tokens to general users who do not need KYC through the model of institutional mortgage RWA asset lending, and imitates the design model of sfrxETH/frxETH, so that its income has the opportunity to exceed the basic income of national debt.