TRY is the TrueFi project's liked-named native cryptocurrency, which is a protocol providing lending services. For those seeking to earn, it provides an opportunity to invest funds at a high interest rate. As for users in need of working capital, it gives them the opportunity to receive funds even without collateral. The project's coin is listed under the ticker TRU on trading platforms.
The protocol captured special attention on August 5, 2021, when the price of the cryptocurrency TRY rose more than 300% just in a day. In this article let's take a closer look at the principles of the project and get the experts' opinion about its future prospects. And most importantly - let's find out if it is worth investing in this coin.
How does TrueFi work?
One of the features of the protocol is complete transparency. Lenders get detailed information about the people applying for loans and can study the cash flow. It works in the following way:
- The money all lenders are willing to lend is collected into a single lending pool. From there, it is distributed to approved loans. In addition to the income from lending money in the form of interest, lenders additionally receive TRY tokens.
- Potential borrowers undergo a complicated registration process. A large number of requirements are imposed in order to filter out unscrupulous users who don't plan to pay back the money or have a high risk of bankruptcy. At the moment of writing this article, borrowers will only be companies whose activities are scrutinized during registration.
- Registered borrowers apply for loans when they need funds. They can take money until they reach the credit limit approved according to their current credit rating.
- TRY cryptocurrency holders vote for or against available applications. This procedure they have to approach very responsibly. If their decision turns out to be successful - they will get additional profit. If not, they may lose some of their TRY tokens.
- In case the application is approved, the borrower receives funds at a certain interest rate. After that, he must return them on or before the term expires. Otherwise, the borrower will face legal action pursuant to the loan agreement signed during onboarding.
Over time, a base of high-quality borrowers who bring relatively stable profits to the lenders is formed. This keeps TrueFi growing.
As the protocol improves, it is expected that those who decided to buy TRY crypto at a favorable rate, or received it as a reward, will have the opportunity to vote not only on loan applications, but also on possible directions for the entire protocol.
TRY cryptocurrency price
The project has existed for a little over a year. When TRY cryptocurrency became possible to buy on major exchanges, the rate was $0.24 per coin. Now, a year later, the value is at $0.4. However, at the peak, as seen on the chart, the price reached $0.72. So, some users were able to sell the coins three times more expensive than they were bought (especially taking into account the fact that the price was lower than the starting price a couple of times and was kept on that level for about 2 months).
Sharp rises of TRY crypto, as well as falls, are natural. Almost all new projects in the market go through these cycles. This is even an advantage, since you can wait for another drawdown to buy cryptocurrency TRY at a rate below average.
Experts believe that the project will develop successfully, because over the past year, it has already proven to be a reliable and profitable way to invest money. Since TRY tokens allow you to participate in the development of TrueFi, and vote on outstanding loans, it is likely that this cryptocurrency will gradually grow. Of course, we're talking about the long term - in short timeframes, it's almost impossible to predict the price dynamics of a not very big project.
Where to buy crypto TRY
Investing in this project won't be a mistake, even though there is a risk involved. However, a new market participant can easily make a wrong choice when choosing a platform for buying cryptocurrencies. There are a lot of exchangers and other platforms, and not all of them work faithfully and honestly.
That's why you should trust only licensed exchangers, such as Broex. It belongs to a company officially registered in Estonia, which has passed all the checks of the state authorities. Not only does this speak to the reliability of the exchanger, but it also allows you not to worry when using it to buy and store cryptocurrencies.
In addition, however, there are other advantages of Broex worthy of your attention:
- Mobile app. You can get convenient access to your personal account both from your PC and your smartphone.
- Low commissions. Broex takes a commission of 0.1% of the transaction amount for exchanges. In some cases there is no commission at all.
- Large selection of digital assets. More than 40 cryptocurrencies and over 2,000 tokens will be available to you.
- Instant crediting of funds. Money is deposited to your personal account immediately after being sent from your bank card or via AdvCash. In this case, the minimum deposit is only 1500 rubles.
Broex allows you not only to buy digital assets, but also to access them directly through your personal account, trusting their storage to the company. That is, you don't have to withdraw coins to third-party wallets at all, because the latter is not convenient for everyone. Broex will keep your assets safely, and you can save your time and spend it on more important things. For example, to study new crypto projects.
Register on Broex now to buy TRY crypto, bitcoin or any other popular coins at the current exchange rate!