Since focusing on the DeFi fixed income track in 2021, TreehouseFi has always centered on 'building a scenario-based value hub connecting the crypto ecosystem and traditional assets', continuously deepening 'user experience, industry applications, and ecological synergy' through the tAssets liquid staking system and the technological iteration of DOR's decentralized interest rate benchmark. As of August 2025, the project has achieved a TVL of over $550 million across Ethereum, Arbitrum, and Mantle, serving over 65,000 users. The first RWA product, 'on-chain treasury tAsset', is custodial by State Street and has completed dual compliance filing, with reservation amounts exceeding $10 million. Based on DOR, the project has added three traditional asset management institutions, with monthly trading volume of derivatives exceeding $10 million, and the effects of scenario implementation and ecological increment continue to stand out.
1. tAssets: Refinement of experience and closed-loop scenarios, upgrading the value of liquid staking
tAssets break through the limitations of traditional liquid staking, which often has 'single-function and fragmented experience', by adding 'intelligent features, deep integration across protocols, and optimized user tiered services', upgrading itself from a 'yield tool' to a 'comprehensive asset management hub', covering users' full range of needs from daily financial management to long-term allocation.
In terms of refined experience, tAssets launched 'Smart Yield Manager' and 'Multi-chain Asset Dashboard', significantly reducing user operating costs. The 'Smart Yield Manager' allows users to preset 'yield distribution rules'—for example, '50% reinvest yield into tAssets, 30% convert to USDC, 20% convert to $TREE', with the system executing automatically every day without manual operation. The usage rate reached 45% in the first month, and the average daily operation time for users was reduced from 15 minutes to 3 minutes. The 'Multi-chain Asset Dashboard' integrates three chains of tAssets holdings, yield details, cross-chain progress, and RWA reservation status, allowing users to manage assets globally without switching pages. Currently, the dashboard has an average of over 12,000 visits per day, with user satisfaction reaching 94%.
In cross-protocol integration, tAssets deepens cooperation with Yearn Finance and Convex, creating a closed-loop scenario of 'staking-value-added-reconfiguration'. After integrating with Yearn Finance, users can connect tAssets to Yearn's 'yield aggregation strategy', gaining an additional 1.0%-1.5% aggregated yield on top of the basic staking yield. Currently, the managed scale of this strategy exceeds $8 million. Collaborating with Convex, a 'tAssets liquidity mining zone' was launched, where users staking tETH-ETH LP tokens can earn dual rewards of $TREE and CVX. During the promotional period, over 3,000 new users were attracted, leading to a 25% increase in tAssets liquidity pool TVL. At the same time, the collateral scale of tAssets on Aave Prime surpassed $130 million. After users collateralize tETH to borrow USDC, they can seamlessly jump to the 'on-chain treasury tAsset' subscription page, enhancing fund utilization efficiency by 120%, thereby forming a seamless experience of 'staking-borrowing-allocation'.
In user tiered services, tAssets optimizes the rights system for different groups. For small and micro users, a 'fragmented staking package starting from $10' has been launched, paired with a 'yield trial calculation tool' (input amount to view expected yields for 30 days/90 days in real-time). Currently, small and micro users account for 62%, an increase of 15 percentage points compared to 2024. For high-net-worth users, 'exclusive asset allocation plans' are provided—traditional wealth management teams collaborating with the ecosystem offer 'tAssets+RWA' composite suggestions. This service currently covers over 500 users, with an average holding amount exceeding $50,000, further enhancing high-value user retention.
2. DOR: Deepening industry applications and breaking through traditional connections, expanding the value of interest rate benchmarks
DOR is advancing from 'on-chain data tools' to 'cross-domain pricing infrastructure', continuously expanding the industry boundaries of interest rate benchmarks through 'green finance applications, traditional asset management integration, and data service upgrades', becoming a key link connecting crypto and traditional finance.
In green finance applications, DOR launched a 'carbon asset interest rate benchmark', empowering on-chain green ecosystems. This benchmark is based on carbon quota trading data from cooperative carbon exchanges and cash flows from wind power projects, calculating 'carbon asset staking interest rates' and 'green project financing interest rates'. Currently, it has been integrated with two European green funds for pricing 'on-chain carbon asset staking loans'. The first loan based on this benchmark reached $2 million, facilitating the on-chainization of green assets. At the same time, DOR released a 'green interest rate white paper' according to the EU (Sustainable Finance Disclosure Regulation) (SFDR), disclosing the benchmark calculation logic and underlying asset ESG data, becoming an important reference for traditional institutions assessing on-chain green assets. The current download volume of the white paper has exceeded 800 times.
In traditional asset management integration, DOR has achieved a leap from 'data adaptation' to 'business implementation'. A partnership with global asset management giant Fidelity has been established, integrating DOR's 'cross-chain tUSDC interest rate' and 'Ethereum staking interest rate (TESR)' into Fidelity's 'crypto asset allocation system' for its 'hybrid fund' asset pricing. The fund is initially set at $100 million, targeting high-net-worth clients, with over $30 million raised in the first month. Meanwhile, DOR is collaborating with HSBC to provide interest rate data support for its 'digital asset custody business', helping HSBC offer 'custody + interest rate reference' integrated services, further strengthening traditional financial institutions' recognition of DOR.
In data service upgrades, DOR launched a 'customized interest rate API' to meet the needs of different industries. For cross-border payment companies, 'real-time minute-level interest rate data' is provided to support high-frequency settlement scenarios; for derivatives teams, a 'historical interest rate backtracking API' is offered to query interest rate data from the past three years for strategy backtesting; for traditional asset management, 'compliance data reports' are provided, including audit opinions and regulatory filing information. Currently, 12 institutions have accessed the customized API, with an average monthly data call volume exceeding 100,000 times. Data service revenue accounts for 15% of the total ecosystem revenue, becoming a new point of value growth.
3. Ecological synergy: Partner expansion and community self-drive, continuous explosion of ecological increments
TreehouseFi constructs a positive cycle of 'attracting incremental traditional assets and retaining users through community operations' through 'regional partner cooperation, RWA category expansion, and community mechanism optimization', synchronously growing ecological scale and value.
In terms of regional partner cooperation, TreehouseFi expands into Southeast Asia and the Middle East markets, deepening localized implementation. In cooperation with the Southeast Asian payment platform Gcash, users can purchase tAssets using Gcash fiat currency (Philippine Peso), while providing customer service in Filipino and localized tutorials. In the first month after launch, over 5,000 new users were added, with TVL increasing by 8%. In collaboration with Middle Eastern digital asset exchange BitOasis, a 'tAssets+RWA' composite product was launched, targeting high-net-worth users in the Middle East, with sales reaching $5 million in the first month, further expanding the global market footprint.
In terms of RWA categories, the project is advancing the implementation of 'Asian corporate bond tAsset' and 'gold tAsset' based on the 'on-chain treasury tAsset'. The 'Asian corporate bond tAsset' is connected to AA+ rated short-term bonds from Singapore and Japan, custodial by DBS Bank, with a minimum investment amount of $500 and an expected annual return of 3.0%-3.5%. It has completed preliminary review by the Monetary Authority of Singapore (MAS), with over 3,000 users reserving allocations. The 'gold tAsset' is connected to gold certified by the London Bullion Market Association (LBMA), custodial by Brink's, a London precious metals custodian, and is planned to launch in Q1 2026. Currently, two family offices in the Middle East have expressed interest in allocation, with reservation amounts exceeding $4 million.
In optimizing community mechanisms, the project launched 'lightweight DAO proposals' and 'ecological contribution incentive plans' to enhance user participation. The 'lightweight DAO proposals' allow users to submit functional suggestions through simple questionnaires (such as 'add support for certain chain tAssets' or 'optimize MEY yield algorithms'); proposals with support from 1,000 users can enter deliberation. By Q3 2025, a total of 8 lightweight proposals have been approved, including the proposal to increase cross-chain user subsidies for 'tAssets cross-chain gas fees' to 40%, which led to a 30% growth in cross-chain users. The 'ecological contribution incentive plan' quantifies user contributions (such as content creation, new user invitations, and DOR quotations) into 'ecological points', which can be exchanged for 'RWA preferential allocation rights' and 'transaction fee discounts'. Currently, over 20,000 users are participating in the plan, with an average of over 15,000 active users per month, significantly enhancing self-drive.
4. Future outlook: Global layout and industry standardization, building a fixed income ecological hub
TreehouseFi's future layout focuses on three major directions: 'cross-chain synergy, RWA globalization, and DOR industry standardization', further strengthening its position as a 'DeFi fixed income ecological hub'.
1. Deepening cross-chain synergy: Complete BNB Chain and Solana deployment by Q1 2026, launching 'cross-chain tAssets smart portfolio' feature—users set risk preferences (low/medium/high), and the system automatically allocates tETH, tUSDC, and RWA across multiple chains, aiming to increase the proportion of cross-chain users to 35%, with TVL surpassing $800 million.
2. Global implementation of RWA: In 2026, launch 'carbon emission rights tAsset' (connecting to the EU carbon market) and 'US municipal bond tAsset', collaborating with five global custodians, including HSBC and DBS Bank, aiming for RWA scale to exceed $300 million, covering major markets in Europe, America, Asia-Pacific, and the Middle East.
3. Advancement of DOR industry standardization: Promoting DOR's connection with the International Organization for Standardization (ISO), participating in the formulation of international standards for 'on-chain interest rate benchmarks'; collaborating with Bloomberg to integrate DOR data into Bloomberg Terminal, aiming for the monthly trading volume of derivatives based on DOR to exceed $200 million by the end of 2026, becoming a core pricing tool for over 20 traditional institutions.
As a benchmark for the implementation of DeFi fixed income scenarios, TreehouseFi continues to bridge the connection between crypto and traditional value through the upgrade of user experience, industry empowerment by DOR, and global expansion of the ecosystem. With the deepening of cross-chain synergy, the enrichment of RWA categories, and the promotion of DOR industry standardization, the project is expected to become a core ecological hub in the global DeFi fixed income sector, providing key support for the scaled and standardized development of the industry.
