Recently, there was a misdistribution of TREE, how many TREE tokens did everyone airdrop?
If we understand the returns in the crypto world as an "interest rate system", the past issue has never been the absence of interest rates, but rather the lack of standards, term structures, and hedgable benchmarks. Treehouse's approach is not to create a new lending pool, but to properly set up two underlying components: the first is tAssets (starting with tETH), which standardizes "verifiable excess returns"; the second is DOR (Decentralized Offered Rates), which makes on-chain interest rates governable, priceable, and settleable benchmark sequences. Combining these two components means that returns can be referenced, hedged, and designed into fixed-rate products, which is the true meaning of the "fixed income layer".
According to the project report from Binance Research: tAssets use "interest rate arbitrage" to push fragmented rates toward a "convergence point", while DOR generates a benchmark curve similar to LIBOR through "panel submission + staking accountability"; the initial TESR (Treehouse Ethereum Staking Rate) has been jointly driven by 8 institutional panels, forming a closed loop around TREE's fees, staking, and governance.
tETH is not a "nested leverage", but turns historically existing price differences into composable assets.
From the engineering details of the white paper, tETH (tAsset v1.0) follows the route of "LST + lending market + controllable LTV + multi-machine parallel proof": obtaining wstETH from Lido, then supplying it on Aave and borrowing ETH with controllable LTV, flowing back to LST to form a "multiple re-staking" link—however, the strategy does not simply add leverage, but ensures that in extreme re-staking interest spreads and LST deviations, the healthy factor remains greater than 1 by retaining liquidity buffers, capping LTV, and setting risk control parameters. The backtesting period of the white paper (from 2023-06-09 to 2024-06-09) shows that tETH has a sustained excess return over Lido's basic returns, and this is not due to "luck", but due to the replicable price differences brought by interest rate stratification (sporadic spikes in supply rates, changes in funding structure, and Flash Loan activities, etc.). This white paper presents the derivation of APR/APY, safe boundaries for LTV, and mechanisms to mitigate bias in a very practical manner, facilitating external verification.
Why is the "convergence" of interest rates a necessary condition?
Without a standard interest rate, fixed income will only be "pseudo-fixed". What DOR does is transform the interest rate expectations of real market participants into usable benchmarks through submissions with penalties and aggregation (panel members bet on their prediction accuracy, and errors will incur penalties); Treehouse currently operates 4 DORs: TESR (Ethereum staking rate), TEBR (borrowing rate), TELR (lending rate), and EERR (re-staking rate) in collaboration with ether.fi. When an available benchmark exists, forward rate agreements, swaps, and fixed-rate loans can have a pricing foundation. The project public statement simultaneously emphasizes that DOR fees are paid in TREE, panel members need to stake TREE or tAsset, and governance is also participated in by TREE holders, firmly tying "data and incentives" together.
Hard progress on the TVL and user side.
As of the end of July, the research page version disclosed: tETH mainnet TVL has exceeded $450 million, and the total TVL of tAssets across Ethereum, Arbitrum, and Mantle exceeds $550 million; the number of active participating users is about 50,000. This is not a promotional phrase, but a level of information belonging to "suggesting developers to check the data dashboard for verification". The research page also states the status of "Aave and Compound accepting tETH as collateral", which means tETH is both an income certificate and a collateralizable asset, significantly enhancing its combinability.
Integrating "composable yields" into the larger DeFi picture.
When tETH can be collateralized in mainstream currency markets, provide liquidity in AMM, and serve as a base asset in vault strategies, while DOR provides cross-period interest rate references, only then can fixed income products be considered as "mass-produced" on-chain. This is also a key emphasis in the project's roadmap: tETH will continue to expand to more Ethereum L2s and extend tAssets to PoS chains such as Solana, Avalanche, and Cosmos; at the same time, it will launch TESR-based FRA (Forward Rate Agreement, initially starting in OTC form), turning "interest rate expectations" into tradable curves. The roadmap clearly states in the research page the sections "2H 2025" and "Beyond 2025", and along with Dune's public dashboard, you can keep an eye on three "hard metrics" over the long term: TVL, number of users, and benchmark curve calls.
Supply side and funding side: Tightening the binding of "token - mechanism - usage".
The token economy of Treehouse is not a "one-way incentive", but forms a closed loop around the use of DOR and tAssets:
Fees and withdrawals: Accessing DOR benchmark contracts or institutional payment queries incurs a fee (priced in TREE), generating protocol revenue;
Panel staking: Panel members (including institutions) stake TREE/tAssets to participate in predictions and bear accountability;
Consensus rewards: Issuing TREE based on participation and prediction accuracy;
Governance and funding: Voting and funding integrators and developers with TREE.
The liquidity data and holding structure provided by the research page are transparent and verifiable: as of 2025-07-29, the circulating supply is 156,122,449 tokens (15.6% of the total), along with various address labels (team, vault, ecology, airdrop, exchange cooperation, etc.).
Price and market cap are merely "thermometers", while structural data is more critical.
As of 2025-08-26 (UTC+8), CMC shows: price approximately $0.296, 24h volume approximately $438.5 million, circulating supply 156.1 million, FDV approximately $296.3 million, ranking #600; the timestamp of ATH and ATL is also synchronized on the page (late July and late August). These can explain the sentiment of the day, but cannot explain the structure; to see the structure, one must return to the indicators directly linked to "usage" such as DOR calls, tAssets TVL, and collateral integrations.
Funding and ecological events: Aligning the "growth story" with a "verifiable path".
Funding aspect: The research page timeline lists "strategic financing, valued at $400 million" for Q2 2025, and places the previous early financing and ratios (investors totaling 17.5%) in "Token Distribution" and "Roadmap & Updates";
Ecological aspect: tETH has landed on Arbitrum/Mantle and is accepted as collateral by Aave and Compound; community activities (GoNuts program, NFT Mint, Gaia Airdrop) are being advanced in parallel with the main line products. Aligning these events with TVL/user/interest rate curves can form "self-verification" over time.
Risks and boundaries, not avoiding:
1) Strategy risk: Extreme LST decoupling, spikes in borrowing rates, and congestion in liquidation paths may compress excess returns; tETH is designed to retain liquidity buffers and LTV caps to address such tail risks, and the white paper has provided a safe LTV formula and historical extreme value calculations.
2) Benchmark generation risk: The accuracy of DOR relies on panel coverage and accountability intensity; if the staking accountability and penalty parameters are set improperly, it will weaken the credibility of the benchmark.
3) Cross-chain expansion risks: When tAssets expand to non-EVM ecosystems or new L2s, the semantic differences in collateral, liquidation, and bridging will add new operational boundaries, requiring synchronization and refinement with the target ecosystem's risk control and vault tools.
Conclusion (providing a workflow for "fixed income", rather than just a term):
The value of Treehouse lies in simultaneously implementing "replicable yields forming standard assets" and "governable benchmarks forming term structures". tETH provides a "composable yield certificate that can be held in hand", while DOR provides an "interest rate curve that can be referenced and hedged"; composable + settleable + governable is the real reason why DeFi fixed income will truly grow. Establishing fixed columns for weekly TVL, active users, DOR calls, and collateral integrations will help your readers quickly understand "it is not a hot topic, but rather an infrastructure".
@Treehouse Official #Treehouse $TREE