Since delving into the DeFi fixed income track in 2021, TreehouseFi has always focused on 'building a value interconnection hub between the crypto ecosystem and traditional assets' as its core, relying on the tAssets liquid staking system and the technological iteration of DOR decentralized interest rate benchmarks to gradually form a development pattern that is 'compliant and credible, diverse in scenarios, and self-driven in ecology'. As of August 2025, the project has achieved stable operation across Ethereum, Arbitrum, and Mantle three chains, with a total locked value (TVL) exceeding $550 million, serving over 65,000 users; the first RWA product 'on-chain treasury bond tAsset' has completed double compliance filings with the US SEC Regulation D and EU MiCA, custodied by State Street, with reserved allocation scale exceeding $10 million; at the same time, the number of derivative teams based on DOR has increased to 10, with the industry's empowerment capabilities continuing to stand out, becoming a benchmark for scenario-based and scalable development in the DeFi fixed income field.
1. tAssets: User Tiered Services and Scene Linkage, Upgrading the Value of Liquid Staking
As the core carrier connecting users, tAssets breaks through the limitations of traditional liquid staking's 'single function and weak adaptability' through 'layered service design, cross-scenario linkage, and optimized income mechanisms', achieving full coverage for small and institutional users while expanding asset usage scenarios, allowing 'liquid staking' to upgrade from a 'yield tool' to an 'ecosystem entry point'.
Regarding user tiered services, tAssets designs differentiated solutions for different user groups to precisely match needs. For small users, a 'small staking package starting at $50' is launched, paired with a 'yield calculator tool'—users can input the amount and holding period to view the details of 'basic staking yield + MEY yield + points' in real time, lowering the decision-making threshold. Currently, small users account for 62%, an increase of 15 percentage points compared to 2024; for institutional users, 'bulk operation APIs' and 'exclusive compliance reports' are provided, supporting tAssets minting/redeeming of over 100 ETH in a single operation, and monthly output of audits on collateral rights confirmation and yield details. One family office manages funds through this API, increasing operational efficiency by 80%, with institutional users currently holding a 15% share in tAssets, contributing to 20% of the TVL increase.
In terms of scene linkage, tAssets deepens cooperation with ecological partners and expands the boundaries of asset usage. In the Pendle protocol, tAssets supports the 'split of principal and income rights'—users can sell the 'future income rights' of tETH separately to lock in profits in advance. In Q3 2025, the average monthly trading volume of this feature exceeded $5 million; in Curve, a 'tETH-ETH liquidity pool' has been launched, and users providing liquidity can earn additional Nuts points as rewards. Currently, the TVL of this pool exceeds $8.5 million, further solidifying the liquidity of tAssets; meanwhile, the collateral scale of tAssets in Aave Prime has surpassed $130 million. After users collateralize tETH to borrow USDC, they can directly subscribe to the 'on-chain treasury bond tAsset', forming a closed loop of 'staking-lending-allocation', increasing fund utilization by 120%.
In terms of yield mechanisms, tAssets optimizes the layered system of 'basic + flexible + equity', strengthening long-term holding incentives. The basic layer (native yield from ETH/LSTs, annualized at 3.2%-3.6%) and the flexible layer (MEY yield, annualized at 1.2%-2.2%) remain stable, while the equity layer introduces 'community contribution rewards'—users who participate in DOR pricing and ecological proposal voting can earn additional Nuts points. Currently, this reward accounts for 15% of the total points issued, driving an average of over 12,000 active users in the community each month and significantly enhancing user stickiness.
2. DOR: Expanding the Developer Ecosystem and Traditional Connections, Empowering Industry with Interest Rate Benchmarks
DOR, as the underlying interest rate infrastructure of the project, advances from 'data tools' to 'industry standards'. Through 'expanding the developer ecosystem, connecting with traditional finance, and deepening data value', it becomes a key link connecting crypto and traditional interest rate pricing, empowering more scenarios to land.
In terms of the developer ecosystem, DOR attracts more teams to participate through 'tool simplification + incentive support'. The launched 'DOR Developer SDK' continues to iterate, adding a 'rate curve visualization module' and a 'derivative pricing template'—developers can directly call the template to generate the core logic for 'fixed-rate financial management' and 'interest rate swaps' without manual calculations. Currently, the number of products based on this SDK has increased to 10, covering three major categories: financial management, derivatives, and cross-border payments; at the same time, the project has established a 'DOR Developer Fund' (scale of $5 million) to provide financial support to high-quality derivative projects, with three teams already receiving funding, one of which, a 'DOR-based interest rate hedging tool', attracted over 2,000 users in its first month after launch, with a trading scale reaching $3 million.
In terms of connecting with traditional finance, DOR's standardization capability has further highlighted. In addition to completing ISDA data format adaptation, DOR has partnered with traditional financial data platform Refinitiv, integrating its 'cross-chain tUSDC interest rate' and 'green RWA interest rate' data into Refinitiv terminals, allowing traditional institutions to directly query. Currently, two European asset management companies have accessed DOR data through this channel for reference in on-chain asset allocation; at the same time, DOR has launched a 'sustainability report' for the 'green RWA interest rate', disclosing the carbon reduction amounts of the underlying wind power projects in accordance with EU SFDR regulations, meeting the ESG due diligence needs of traditional institutions and laying the groundwork for future cooperation on green assets.
In terms of deepening data value, DOR optimizes the 'multiple quotes + dynamic calibration' mechanism to enhance data usability. Among the quote providers, two 'green asset data service providers' have been added to support the underlying data for 'green RWA interest rate'; the frequency of data calibration has been increased from 'once daily' to 'once every six hours', responding faster to market fluctuations—when Ethereum's staking volume surged in July 2025, DOR's 'Ethereum Staking Rate (TESR)' was adjusted within two hours, accurately reflecting market supply and demand changes, with the real-time and accuracy of the data highly recognized by developers.
3. Ecological Coordination: Deepening RWA and Community Operations, Continuously Releasing Ecological Increment
TreehouseFi builds a positive cycle of 'traditional assets attracting incremental users and the crypto ecosystem feeding back into traditional allocations' through 'expansion of RWA categories, deepening institutional cooperation, and optimizing community operations', synchronously growing the ecological scale and value.
In terms of RWA categories, the project is advancing the implementation of 'green wind power RWA tAsset' based on the 'on-chain treasury bond tAsset'. The underlying assets of this product are cash flow yields from compliant wind power projects in Europe, custodied by Deutsche Bank, with a minimum investment of $500 and an expected annual yield of 2.8%-3.2%; it has completed the EU MiCA pre-examination, with over 5,000 users reserving allocations, 40% of whom are traditional investors encountering crypto assets for the first time. RWA has become a key tool for attracting 'incremental users from outside the circle'; at the same time, the project plans to launch 'corporate debt tAsset' in Q1 2026, connecting with short-term bonds from high-rated Asian companies, further enriching low-risk asset categories.
In terms of institutional cooperation, TreehouseFi has added multiple resource endorsements. In addition to MassMutual Ventures, the project has brought in Temasek, a venture capital firm under the Singapore sovereign fund, as a strategic investor, receiving an additional $20 million investment for RWA ecosystem development; on the custody cooperation front, an agreement has been reached with DBS Bank, which will be responsible for the custody of the future 'Asian corporate debt tAsset', further strengthening compliance capabilities in the Asia-Pacific region; as of August 2025, five traditional financial institutions (including two global banks) have established cooperation with the project, with institutional funds continuously flowing into the ecosystem.
In terms of community operations, the project strengthens 'user participation', enhancing ecosystem self-driving force. Monthly 'Ecological Proposal Weeks' are held, where users can submit suggestions for optimizing tAssets functions and DOR asset coverage. In Q3 2025, a total of 87 proposals were received, of which 12 were approved and implemented, such as 'further subsidizing tAssets cross-chain gas fees' and 'new RWA interest rate research for gold by DOR'; at the same time, a 'Community Ambassador Program' was launched, recruiting 100 core users to participate in ecosystem promotion and user feedback. Currently, ambassadors cover 20 regions worldwide, driving an average of over 3,000 new users each month, enhancing community activity and global influence.
4. Future Outlook: Cross-chain Coverage and Industry Penetration, Upgrading Infrastructure Value Again
TreehouseFi's future layout focuses on 'cross-chain scaling, RWA diversification, and DOR industrialization' in three major directions, further reinforcing its positioning as 'DeFi fixed income infrastructure'.
1. Expanding Cross-chain Coverage: Plans to complete BNB Chain and Solana deployment in Q1 2026, simultaneously optimizing cross-chain asset flow efficiency, aiming to increase the scale of ecosystem users to 100,000, with TVL exceeding $800 million, covering more regional markets.
2. Deepening RWA categories: In 2026, 'Gold tAsset' and 'Asian corporate debt tAsset' will be launched, collaborating with more than three global custody institutions, aiming for RWA scale to exceed $300 million, creating a diversified low-risk asset pool of 'crypto + traditional';
3. DOR Industry Penetration: Promote the integration of DOR with more traditional financial platforms (such as Bloomberg), aiming to become a pricing reference benchmark for over 20 institutions by the end of 2026, with a monthly trading scale of derivatives based on DOR surpassing $50 million, truly realizing the industry value of a 'decentralized interest rate benchmark'.
As a benchmark for the scenario-based and compliant development in the DeFi fixed income field, TreehouseFi continuously releases infrastructure value through user tiered services of tAssets, industry empowerment of DOR, and cross-domain collaboration within the ecosystem. With the expansion of cross-chain coverage, diversification of RWA categories, and deepening of DOR industry penetration, the project is expected to become the core hub connecting the crypto ecosystem and traditional fixed income markets, providing key support for the scaling development of DeFi.
