TrueFi 2025
A Year of Cleaning Up, Leveling Up, and Positioning for What Comes Next
As we wrap up 2025, the TrueFi community deserves a clear and honest look at what we’ve accomplished over the past year and where we are going next. It has been a year of rebuilding from the inside out. Not the loud, flashy kind of rebuilding that makes headlines. The quieter kind where systems get untangled, expenses get streamlined, and foundations get strengthened so that meaningful growth can happen again.
2026 is going to bring some of the most exciting announcements in the project’s history. Before we get there, though, it is worth reflecting on how far the protocol has come.
Reversing Years of Bloat and Reclaiming Operational Discipline
TrueFi entered 2025 with a number of legacy issues that needed to be addressed. Much of this stemmed from earlier eras of the project where processes were handed off, wallets were scattered, contracts were unclear, and costs tended to drift upward rather than downward.
One of our core priorities this year was tackling those issues head-on. The most measurable result is the dramatic reduction of our monthly burn. At the start of the year, TrueFi’s monthly operating costs were still running above $400,000. Through systematic cost reviews, renegotiation of vendor relationships, consolidation of IT services, and a careful rethink of every recurring expense, we have brought that figure down to about $150,000 per month.
Importantly, we expect this number to fall even further in early 2026. Many of the decisions made over the past year have lagging cost benefits that will show up in the coming months. Of course, the goal is not austerity for its own sake. We’re ensuring that every dollar spent moves the protocol toward long-term sustainability and value creation.
Another major initiative in 2025 was completing the cleanup of legacy IT and service infrastructure. This included untangling systems still linked to old founder cards and reorganizing accounts so the DAO has clear, auditable control. While this type of work rarely gets attention, it is essential for any protocol that wants to operate responsibly and maintain security. It also took a long time to complete! That said, we are leaving 2025 with a much cleaner, simpler, and more transparent operational footprint than we started with.
Wallet Cleanup and Recovering Idle Capital
Another meaningful win has been the work on wallet cleanup. As TrueFi evolved, various assets were scattered across legacy wallets, multisigs, and smart contracts that were no longer in active use. This led to stranded capital, as well as unnecessary complexity around financial reporting and treasury management.
In 2025 we took a systematic approach to reviewing all known addresses, recovering idle assets, standardizing ownership, and building a clean map of protocol-controlled capital. That effort is now in its final stages. Once completed, TrueFi will have a much tighter grip on its treasury and a clear picture of its resources as we enter 2026.
Completing the Acquisition of Cyan and Growing the NFT Credit Vertical
One of the most exciting developments this year was the completion of the Cyan acquisition. Cyan is a revenue-generating NFT lending platform with a talented team and a product that complements TrueFi’s long-held vision for permissionless credit markets.
This acquisition gives TrueFi exposure to a new category of on-chain credit, one that behaves differently from RWA lending (today) and opens the door to new use cases for both users and partners.
Cyan also launched on Hyperliquid in 2025, expanding its reach into one of the most active ecosystems in crypto. As we head into 2026, we are rolling out a new incentive program designed to encourage activity on Cyan in a way that is economically positive for the protocol. Unlike traditional emissions-based campaigns, ours focuses on strengthening activity and deepening real usage rather than paying for short-term spikes. Full details will be released publicly in the coming weeks.
The team at Cyan has been exceptional to work with. Their culture blends well with ours and we look forward to building with them in the coming year.
A New Front End and Better User Experience Across the Protocol
While much of our focus over the past year was dedicated to internal cleanup and infrastructure improvements, we also made progress on the user-facing side of TrueFi. The front end underwent a complete reskin, giving users a cleaner and more modern interface. Our aim is to make TrueFi feel intuitive and accessible while still maintaining the sophistication expected of an institutional-grade credit protocol.
Alongside the redesign, we have been integrating Keyring as a compliance gateway for the protocol. Now in final testing, this system will give institutions and regulated entities a smooth, secure way to access TrueFi without requiring bespoke integrations or manual processes. Compliance infrastructure is a critical ingredient for bringing larger borrowers, lenders, and market participants into the fold, and we are excited to roll this out in the coming days.
Strategic Investment in Accountable
Another important step this year was our participation in Accountable’s $7.5 million round led by Pantera Capital. We’re big fans of Accountable. They’re a company whose technology and team will provide meaningful synergies as we resume growth in the lending business. Their expertise deepens TrueFi’s capabilities in risk, transparency, and reporting, all of which are essential for scaling responsibly. As markets recover and demand for credit increases, these capabilities will play a central role in re-establishing trust in RWA lending.
Progress on Elara and the Treasury Management Architecture
Although the external funding we expected for Elara did not come through, that has not slowed our momentum. The team developed a robust protocol that will allow TrueFi to operate a capital-efficient, economically aligned asset with real utility across the ecosystem. Even without outside capital, we retain full ownership of the intellectual property and are now exploring how to make use of it in a sustainable manner.
This work positions TrueFi well for future cycles, especially as stablecoins become the gravitational center of on-chain activity. The technical foundation we built also informed our next major development initiative.
Testnet Release of the CDP and Yield-Looping Architecture
We also shipped a major technical milestone: a CDP system on testnet that supports looping of yield-bearing assets. For users, this means the ability to deposit yield-generating tokens as collateral and borrow against them to purchase more of the same assets, amplifying potential returns in a controlled environment. This architecture opens the door for new product lines within TrueFi and potentially allows lenders to access leveraged yield in a transparent, risk-managed way. Early testing has been promising and we expect to share more in the new year.
Looking Back at 2025 with Pride and Forward to 2026 with Energy
We know the last few years have been difficult for the community. Trust was broken and the project struggled under the weight of legacy baggage. That is exactly why the current team approached 2025 with a focus on discipline, transparency, and execution.
We cleaned up operations. We recovered capital. We reduced unnecessary burn. We integrated new platforms. We made strategic acquisitions that strengthen our roadmap. And we laid the groundwork for new products that will define the next phase of TrueFi’s evolution.
All of this happened in a year when crypto token prices were broadly down and sentiment was mixed. Even so, the team is incredibly proud of what has been achieved. These results are the foundation of everything that comes next.
2026 is shaping up to be a transformative year. We have several important announcements on the way and a roadmap that is clearer, more focused, and more economically aligned than it has been in years.
Thank you to everyone in the community for your patience, your feedback, and your belief in what TrueFi can become. We wish you a restful holiday season and look forward to building with you in the New Year.