Since its launch in 2021, TreehouseFi has always focused on "building a reliable and implementable fixed income infrastructure in the DeFi field" as its only core. It has not chased industry hotspots or traffic gimmicks, but has focused on the iterative optimization of the two major modules of tAssets liquidity staking system and DOR decentralized interest rate benchmark, and has gradually achieved a solid advancement from "functional prototype" to "ecological closed loop". As of August 2025, the project has been running stably on the three chains of Ethereum, Arbitrum, and Mantle, with more than 60,000 tAssets holders and a total lock-up value (TVL) of more than $500 million. The first RWA product, "on-chain treasury tAsset", has completed the underlying asset custody and compliance filing, and has entered the final testing stage before launch. All its progress is around "strengthening its own service capabilities and solving users' actual needs", forming a differentiated development path with the project itself as the core.

I. Core Module Iteration: Focus on "Functional Practicality and Risk Controllability"

TreehouseFi's iterations of tAssets and DOR are always guided by "real user needs", without redundant feature stacking. Each upgrade serves to "improve revenue stability, reduce operational risks, and enhance ecological adaptability", consolidating the project's core competitiveness.

1. tAssets: From "Single Income Tool" to "Risk-Return Adapted Asset Carrier"

tAssets, as the core entrance for the project to reach users, has undergone multiple rounds of iteration and has formed a complete system of "customizable income, guaranteed risk, and clear use scenarios":

• Precise adaptation of income structure: For different user risk preferences, the income is broken down into "basic layer + optional layer" - the basic layer is "ETH/LSTs staking income (annualized 3.0%-3.5%) + Nuts points (distributed monthly, 100 Nuts = 1 $TREE)", all users enjoy by default; the optional layer is "MEY market efficiency income (annualized 1.0%-2.0% when only connected to the top protocol, annualized 2.0%-3.0% when the entire market is open) + long-term holding bonus (full 90 days +0.3%, full 180 days +0.5%)", users can check independently. The data shows that 62% of current users choose "basic layer + top protocol MEY", 28% choose "basic layer + full market MEY + holding bonus", and 10% only retain the basic layer, accurately matching different risk preferences.

• Rigid implementation of risk control: Establish a "triple risk defense line" - one is the "MEY arbitrage limit", the amount of MEY operation per user per day does not exceed 20% of the tAssets holding, to avoid excessive leverage; the second is the "risk reserve pool", 5% is extracted from each MEY income and injected into the pool (current size is $850,000), users can apply for differential compensation if the MEY loss exceeds 3% in a single time. A total of 4 compensation applications were processed in Q3 of 2025, and all arrived within 24 hours; the third is "smart contract automatic execution", the whole process of tAssets minting, redemption, and income distribution is without manual intervention, and the operation records are chained in real time to reduce human risk.

• Deep integration of ecological scenarios: Do not pursue "wide and miscellaneous" cooperation, but focus on "deep and solid" scenario implementation - in the Aave ecosystem, the tETH mortgage rate is 85% (higher than 70% of ordinary LSTs), and supports "mortgage tETH → borrow USDC → reinvest tAssets" one-stop operation. Currently, the tETH mortgage scale in Aave exceeds $130 million, accounting for 9% of the platform's ETH-type mortgage assets; in Pendle, tAssets can split "principal right" and "income right", and users can sell the income right separately to lock in short-term income. In Q3 of 2025, the usage of this function increased by 40% month-on-month, and the scenario practicality has been verified.

2. DOR: From "Interest Rate Data Tool" to "Multi-Asset Trusted Pricing Infrastructure"

DOR, as the project's underlying technical barrier, iterates around "becoming a cross-domain asset pricing anchor", and each expansion is based on the criteria of "data reliability, high usability, and implementability":

• Orderly advancement of multi-asset interest rate coverage: Gradually expand along the path of "crypto-native → green RWA → traditional physical RWA", refusing blind expansion - "Cross-chain tUSDC interest rate benchmark" has been running stably in Q3 of 2025 (calculated by weighted average of tUSDC TVL on three chains, weights are updated daily, data deviation rate ≤ 0.5%); "green RWA interest rate benchmark" will be launched at the end of 2025, with underlying data from the monthly cash flow of the cooperative wind power project (endorsed by third-party energy audit institution SGS); plans to access "gold RWA interest rate benchmark" in Q1 of 2026, and has reached preliminary cooperation with custodians certified by the London Bullion Market Association (LBMA), each new asset needs to go through 1 month of internal testing + 2 weeks of small-scale gray release to ensure data reliability.

• Anti-manipulation design of data mechanism: Optimize the structure of quoters to form a diversified check and balance of "community + institution + third party" - 500 community quoters (need to pledge 1000 TREEs), 3 institutional quoters (need to pledge 500,000 TREEs, all are market makers with traditional financial background), 2 third-party data service providers (providing treasury bonds and commodity yields), the data weight allocation is "community 50% + institution 30% + third party 20%"; at the same time, a new "real-time calibration mechanism" is added, comparing DOR data with the average value of mainstream market platforms every 30 minutes, and triggering secondary sampling if the deviation exceeds 1%. In Q3 of 2025, the data accuracy rate reached 99.8%, far exceeding the industry average of 95%.

• Simplified tools for developer adaptation: Launched the "DOR lightweight SDK", developers do not need to understand the underlying logic, and can call multi-asset interest rate data through 3 lines of code; synchronously provide "interest rate curve visualization component", which supports one-click generation of 7-day/30-day/90-day interest rate charts. Currently, 11 developer teams have developed derivative prototypes based on this tool, of which 3 (2 interest rate swaps, 1 fixed interest rate financial product) have entered the internal testing stage, and the ease of use has been verified by the market.

II. Project Operation Implementation: Focus on "User Value Delivery and Process Pragmatism"

TreehouseFi's operations are all around "improving user experience and realizing value", without airdrop subsidies or conceptual hype, but through "optimizing operational processes, solving user pain points, and controlling the implementation details of RWA", to achieve high-quality retention of users and assets.

1. Detail Optimization of User Service

• Extreme simplification of operation process: Integrate the core operations of tAssets (minting, redemption, cross-chain) into a "one-stop interface", reduce the operation steps from 7 steps to 3 steps, and shorten the average operation time from 5 minutes to 1 minute; add a "income calculator" tool, users enter "deposit amount + holding period + income selection", and can view the expected income composition in real time (such as "1 ETH deposit for 180 days, choose basic layer + top MEY, expected income = 0.045 ETH + 90 Nuts"), reduce the decision-making threshold, the current tool usage rate reaches 75%.

• Fast response to user feedback: Establish a "24-hour user feedback channel", connect through the official website form and Discord customer service, general questions (such as operation questions) are answered within 4 hours, complex questions (such as income anomalies) are resolved within 24 hours. In Q3 of 2025, the user feedback resolution rate reached 98%, and the satisfaction rate reached 93%; in response to the user's "cross-chain progress is not transparent" problem, the "cross-chain track tracking function" was launched within 2 weeks, and users can view the real-time status of assets at the cross-chain node. After the function was launched, the cross-chain related feedback was reduced by 60%.

• Healthy characteristics of user structure: Do not pursue "short-term user explosion", but pay attention to "long-term retention" - 30-day user retention rate is 67%, 90-day retention rate is 33%, both are higher than the average level of DeFi projects (45%, 15%); the average holding time per user is 135 days, and the proportion of users holding more than $10,000 accounts for 30%. The user structure presents "long-term, stable", and there is no risk of short-term speculative users accounting for too high.

2. Full Process Control of RWA Implementation

RWA, as the core action for the project to expand the fixed income boundary, is led by the project independently in all aspects, from asset selection to compliance filing, each step focuses on "safety, compliance, and user accessibility":

• Strict screening of underlying assets: The first "on-chain treasury tAsset" chooses "U.S. 3-month Treasury bonds" (credit rating AAA, strong liquidity, stable yield), rather than high-risk categories; the custodian chooses traditional financial institution State Street (one of the world's largest asset custodians), rather than crypto-native custodians, to ensure the security and transparency of the underlying assets.

• Independent advancement of compliance filing: Established a 5-person full-time compliance team, which took 6 months to complete the dual filing of US SEC Regulation D (domestic qualified investors) and Regulation S (overseas investors), during which it actively communicated with the SEC on details such as "on-chain asset confirmation" and "compliance of income distribution", and formed a special compliance report; designed differentiated access processes for users in different regions (such as US users need to complete KYC, overseas users need to sign risk disclosure), to ensure compliance coverage.

• Pragmatic design of user experience: The minimum investment amount is set to $100, so that ordinary users can participate in traditional high-threshold treasury bond investment; the interest distribution is designed as "automatic arrival on the 15th of each month" (distributed in USDC, arrival time ≤ 2 hours), without the need for users to manually receive it; supports "holding certificate download", users can export on-chain holding records for tax declaration. Currently, there are more than 6,500 reservation users, with a reservation scale of more than $7.5 million. The user feedback satisfaction during the testing phase reached 95%.

III. Technology and Security: Focus on "Stable Operation of the Project Itself"

TreehouseFi's technical investment does not pursue "gimmick technology", but revolves around "ensuring the stability of core functions and improving the security of user assets", and all technical actions serve the long-term operation of the project itself.

1. Strict Control of Smart Contracts and Audits

• Comprehensiveness and authority of audits: The core contracts have been audited by four top audit institutions, Trail of Bits, Sigma Prime, Fuzzland, and WatchPug, covering all core processes of "tAssets minting and redemption, DOR quotation, cross-chain transfer, and RWA asset docking", with no audit omissions; in Q3 of 2025, for the new module of "on-chain treasury tAsset", Deloitte was additionally hired for compliance audit to ensure the compliance of contracts with traditional assets.

• Decentralized mechanism of contract management: The adjustment of core parameters (such as tAssets mortgage rate, DOR quotation frequency, RWA minimum investment amount) needs to be confirmed through "3/5 multi-signature address", the multi-signature address is jointly held by "2 people from the project's core technical team + 2 community representatives + 1 institutional investor" to avoid single entity manipulation; in emergency situations (such as discovering contract vulnerabilities), the corresponding function can be suspended through the multi-signature mechanism, and no contract security incidents occurred in Q3 of 2025.

2. Pragmatic Investment in Cross-Chain Technology and Security Reserves

• Independent optimization of cross-chain technology: Optimize the cross-chain process for tAssets characteristics, instead of relying on the general solution of the third-party cross-chain bridge - the cross-chain time between Ethereum and Arbitrum is further shortened from 3 minutes to 2 minutes, and the cross-chain Gas fee is reduced to 0.004 ETH/transaction (50% lower than the industry average); the new "cross-chain asset pre-confirmation" function allows the target chain node to verify the legality of the asset in advance after the user initiates the cross-chain, and the arrival speed is increased by 30%.

• Continuous replenishment of security reserves: The size of the DAO insurance fund increased from $5.5 million to $6 million, and the funds come from 20% of the protocol handling fee and the targeted subsidy of the ecological fund. The fund is only used for "security event compensation" and "MEY risk hedging", and does not make any external investments; in Q3 of 2025, "security emergency drills" were carried out to simulate the scenario of "extreme loss of MEY arbitrage" to verify the compensation efficiency of the risk reserve. The drill results show that the compensation arrival time ≤ 1 hour, and the effectiveness of the mechanism is verified.

IV. Future Plans: Focus on "Strengthening Core Capabilities and Deepening Implementation"

TreehouseFi's future plans do not make "grand narratives", but revolve around the three core directions of "improving tAssets function, expanding DOR coverage, and deepening RWA implementation", and each step serves to "strengthen the project's own fixed income infrastructure capabilities", which is specific and implementable:

• tAssets function upgrade (Q1 of 2026): Launch "tAssets portfolio configuration function", which supports users to combine ETH, tUSDC, and RWA in a custom proportion (such as "60% tETH + 30% tUSDC + 10% treasury tAsset"), and the system automatically calculates the expected income (annualized 3.5%-4.5%) and risk level (low/medium/high) of the portfolio; at the same time, optimize the rights and interests of long-term users, users who hold for more than 365 days can unlock "RWA priority subscription right", and can configure 24 hours in advance when new RWA products are launched.

• DOR coverage expansion (Q1-Q2 of 2026): Q1 completes the launch of "gold RWA interest rate benchmark", connecting to the gold rental yield data of LBMA certified custodians; Q2 accesses "bulk commodity RWA interest rate benchmark" (first covers crude oil and copper, two highly liquid varieties), each new asset needs to go through four steps of "data docking → internal testing → small-scale gray release → full release" to ensure data reliability.

• RWA category deepening (Q2-Q3 of 2026): Q2 launches "AA+ corporate bond RWA tAsset", the underlying asset is short-term bonds of well-known American companies (term within 1 year), the custodian is still State Street, and the minimum investment amount is $500; Q3 explores "green building RWA tAsset", connecting to the rental income of European green building projects, to further enrich low-risk RWA categories.

Summary

TreehouseFi always focuses on the project itself, and through "iterating core modules to solve user pain points, optimizing operations to realize value, and strengthening technical security to ensure asset safety", it builds differentiated infrastructure capabilities in the DeFi fixed income field. Its development path does not rely on external traffic subsidies or conceptual hype, but relies on a "pragmatic implementation" style to achieve steady growth in TVL and users, and gradually narrow the gap between the "crypto and traditional fixed income markets".

In the future, the project's value growth will completely depend on the implementation progress of its own plans - if it can complete the tAssets portfolio function, DOR multi-asset coverage and RWA category deepening as planned, TreehouseFi will further consolidate its position in the DeFi fixed income infrastructure field and become a key link connecting crypto assets and traditional fixed income markets. Conversely, if the implementation progress lags or the function optimization is not as expected, it may face the risk of insufficient user retention and decreased industry competitiveness, and it is necessary to continue to pay attention to the iteration of its core modules and the actual implementation effect of RWA. @Treehouse Official #Treehouse $TREE