Currently, the DeFi fixed income sector has two types of core pain points that are easily overlooked: first, the lack of dynamic calibration of asset value, with most similar projects anchoring asset value to 'historical averages + static parameters', failing to match market changes in real-time—tUSDC yield anchors to last month's global interest rate average, when regional market interest rates fluctuate over 1.5% in a single day, the actual yield deviation from user expectations reaches 3%; RWA collateral ratios are fixed according to credit ratings at issuance, and after cash flow improvements in underlying assets, users still bear the original high collateral costs, and institutions need to hedge 'value mismatch' risks additionally; second, insufficient materialization of user participation value, as 'ecological participation rewards' in similar projects are mostly 'symbolic points', which cannot be directly converted into asset appreciation nor can connect to core scenario rights—points earned by users from participating in 10 governance votes can only be exchanged for small transaction fee discounts, leading to weak 'value acquisition' perception for long-term participation, with retail user continuous active rates below 33%.

In response to the above pain points, TreehouseFi innovatively constructs a 'dynamic calibration of asset value + materialization of user participation value' dual-core architecture, allowing asset value to dynamically adapt to market and scene changes through real-time data-driven calibration, quantification and realization of participation value, and ecological synergy feedback mechanisms, enabling user participation behaviors to directly translate into perceivable actual value, addressing the core needs of target users (refined allocation institutions and long-term value retail users), and forming a differentiated value-added barrier for the project's 'dynamic calibration'.

First, dynamic calibration of asset value: addressing the 'value mismatch' on the asset side of the project

TreehouseFi breaks through the limitations of 'static anchoring' in similar projects by innovatively designing a 'three-layer dynamic calibration system', relying on multi-source real-time Oracle and smart calibration contracts to achieve asset value 'real-time adjustment based on market data, precise adjustment according to scene needs, and flexible adjustment in response to risk volatility', ensuring asset value is always aligned with actual demand.

1. Real-time calibration of market data

Core asset parameters (yield, collateral ratio) connect real-time data from both the 'crypto market + traditional finance' dimensions, updated every 15 minutes:

• tUSDC yield simultaneously anchors decentralized interest rate benchmarks (DOR) and the yield on US 3-month treasury bills. When DOR rises by 0.2% compared to the previous period, the base annualized tUSDC yield is adjusted upward by 0.15%;

• the tETH collateral ratio is related to the Ethereum network's overall staking ratio and cross-chain liquidity—when the overall staking ratio exceeds 25%, the collateral ratio is reduced by 2%; when cross-chain trading volume increases by 30% in a single day, the collateral ratio is further reduced by 1%, ensuring parameters are synchronized with market dynamics. An institution allocates $1 million in tUSDC, and due to the real-time calibration mechanism, the average monthly yield is 0.3 percentage points higher than similar static projects.

2. Accurate calibration of scene demand

Customizing 'scene-specific calibration rules' for differentiated needs in various scenarios:

• Cross-border trade RWA scenario: collateral ratios are dynamically adjusted according to trade fulfillment rates—when the corporate fulfillment rate is ≥98%, the collateral ratio drops from 1.4 times to 1.2 times; when the fulfillment rate is below 90%, the collateral ratio rises to 1.6 times, aligning with trade scenario risk needs;

• Local lending scenarios: tUSDC interest rates are calibrated according to regional liquidity supply and demand—when lending demand in Latin America exceeds supply by 15%, the interest rate increases by 0.3%; when demand is insufficient, the interest rate decreases by 0.2%, avoiding disconnection between 'global uniform interest rates' and regional demand.

3. Flexible calibration of risk volatility

The project builds a 'risk calibration buffer pool', with 20% of asset service fees injected into the pool, automatically triggering calibrations during market fluctuations:

• When the price of a certain type of RWA underlying asset fluctuates more than 5% in a single day, the buffer pool automatically subsidizes user yields by 0.2%-0.4%, while also raising the collateral ratio for that RWA by 3%;

• When the cryptocurrency market drops more than 8% in a single day, the redemption fee rate for tAssets is temporarily reduced by 50%, lowering the cost for users to realize gains. During the market volatility period in Q4 2024, this mechanism makes user yield losses 60% lower than comparable projects.

This system controls the 'value matching degree' (the deviation rate between actual value and user expectations) of TreehouseFi assets within 0.8%, reducing institutional precise allocation costs by 48%, and the scale of asset allocation grows by 38% quarterly.

Second, materializing user participation value: addressing the 'participation waste' on the user side of the project

TreehouseFi addresses the issue of 'virtualized participation value' in similar projects by innovatively developing a 'participation value quantification and redemption system', transforming user participation from 'symbolic actions' to 'appreciable behaviors' through a three-step loop of 'behavior quantification - value redemption - long-term enhancement'.

1. Precise quantification of participation behavior

All user ecological participation behaviors are transformed into 'redeemable value points', avoiding 'point virtuality':

• Participating in 1 ecological governance vote (effective vote) earns 100 points, providing $1,000 liquidity for core scenarios for 7 days earns 50 points, assisting in discovering RWA risk loopholes earns 500 points, value points are strongly tied to actual contributions, and are credited to the user account in real-time.

2. Immediate redemption of value realization

Value points can be directly exchanged for 'asset appreciation rights' or 'scene operation discounts', with a clear redemption path:

• 1,000 points can be exchanged for 'tUSDC yield bonus coupons (0.2%, valid for 30 days)', 3,000 points for 'RWA collateral rate reduction coupons (5%)', and 5,000 points for 'new RWA priority subscription rights (limit of $20,000)';

• A retail user exchanges 3,000 points for RWA collateral rate reduction coupons, when investing $500,000 in RWA, they need to pledge $25,000 less in assets, directly reducing allocation costs. The redemption rate of value points reaches 95%, far exceeding the average level of similar projects (40%).

3. Long-term value enhancement

Value points automatically unlock 'appreciation multipliers' upon reaching thresholds, the longer the participation, the higher the value:

• Accumulated value points exceeding 10,000 enjoy a 1.2x multiplier when redeeming rights (for example, 1,000 points yield a 0.24% appreciation);

• Accumulated over 30,000 points unlock the 'calibration suggestion rights', allowing suggestions on asset calibration parameters (such as interest rate adjustment thresholds). A core user pushed for 'Latin America tUSDC interest rate adjustment threshold to be relaxed from 15% to 20%', improving their monthly yield stability by 22%.

This system has increased the active rate of TreehouseFi retail users from 33% to 89% over three consecutive months, with a user participation value point usage rate reaching 92%. The frequency of ecological participation by institutional users has increased by 4.5 times compared to the initial occupancy.

Three, ecological synergy and development path

TreehouseFi relies on 'coordinated calibration contracts' to form a closed loop of 'asset calibration → user participation → scene optimization': dynamic asset calibration attracts user participation, user feedback drives scene optimization (such as simplifying the RWA small calibration process), and scene optimization feeds back to asset calibration efficiency (RWA calibration response time reduced from 1 hour to 30 minutes).

In the next 12 months, the project will introduce exclusive calibration rules for 'green energy RWA + Layer2 tAssets', launch a 'participation value visualization dashboard', aiming to attract 95 institutions (currently 22), with retail users exceeding 240,000 (currently 65,000), and ecosystem TVL growing from $1.1 billion to $3.4 billion, entering the top 10 TVL rankings for DeFi fixed income projects, becoming an industry benchmark for 'dynamic calibration + value embodiment'.

TreehouseFi's dual-core architecture not only addresses the common pain points of 'value mismatch and participation waste' in DeFi fixed income but also promotes the project from a 'single fixed income tool' to a 'dynamic calibration value-added ecosystem', providing a new paradigm of 'real-time adaptation and perceivable value' for the digitalization of global fixed income assets.