Since anchoring the DeFi fixed income track in 2021, TreehouseFi has always been guided by 'solving practical needs and implementing core values', instead of chasing short-term conceptual trends. Through the continuous iteration of the tAssets liquidity staking system and the DOR decentralized interest rate benchmark, it has built infrastructure that is 'operable for crypto users, trusted by traditional institutions, and reusable in the industry ecosystem'. As of August 2025, the project has achieved a TVL of over $550 million across three chains: Ethereum, Arbitrum, and Mantle, serving over 65,000 users. The first 'on-chain national debt tAsset' is custodied by State Street and has completed dual compliance filings with the US SEC Regulation D and the EU MiCA, with an actual allocation scale exceeding $8 million. Collaborations with five traditional asset management institutions based on DOR have been established, with monthly trading volumes of derivatives surpassing $12 million, becoming a benchmark in the DeFi field for 'breaking through pain points with practicality and linking traditional sectors through scenarios'.

1. tAssets: Full-scenario demand response, making liquidity staking 'not just usable' but 'easy to use'.

Traditional DeFi liquidity staking often leads to a disjointed user experience due to 'single functions, weak adaptability, and fragmented scenarios'. The iteration logic of tAssets revolves around 'the full-scenario needs of different users', from novice onboarding to institutional allocation, from short-term emergency to long-term appreciation, with each optimization validated by real data, without fictitious design.

1. New user zero threshold: Eliminating 'crypto onboarding fear'.

To address the core pain points of new users regarding 'complex operations, unclear earnings, and lack of willingness to try', tAssets builds a lightweight experience system:

• One-step onboarding process: Develop 'smart guidance modules', allowing users to bind wallets and choose between 'conservative (basic staking only)' and 'balanced (basic + MEY)' preset combinations to complete tAssets minting, with the system automatically matching optimal staking nodes and MEY protocols, compressing the average industry steps from 5 to 2, and reducing new user onboarding time from 10 minutes to 90 seconds, with the success rate of operations increasing from 75% to 94%.

• Small experience mechanism: Launch the '10 USD experience fund program', where new users can receive it after completing basic tasks (such as learning the staking tutorial and binding social accounts). The earnings from the minted tAssets can be directly withdrawn, allowing a zero-cost experience of the process. In Q3 2025, over 8,000 new users were added through this program, with 30% being first-time DeFi users.

• Transparent display of earnings: Set up an 'earnings calendar' on the product interface, where users can input the staking amount and view real-time details of daily/monthly 'basic staking earnings (annualized 3.2%-3.6%) + MEY earnings (annualized 1.2%-2.2%)', even marking the historical earnings fluctuations of the MEY protocol (such as the earnings range of Aave Prime in the last 30 days), improving new users' understanding of earnings clarity by 80%.

2. Asset efficiency enhancement: Solving the problem of 'idle funds'.

To address the needs of seasoned users regarding 'low capital utilization and fragmented scenarios', tAssets deepens cross-scenario interactions:

• Staking-lending-allocation closed loop: Deep integration with Aave Prime, allowing users to collateralize tETH to borrow USDC and directly purchase 'on-chain national debt tAsset' using USDC in the tAssets interface without switching pages, forming a link of 'one asset → double appreciation'. A certain cross-border e-commerce user improved their capital utilization rate from 100% to 180%, with annual returns increasing from 3.9% to 5.2%, and operation time reduced from 30 minutes to 5 minutes.

• Seamless invocation of cross-chain assets: Build an 'asset interoperability protocol' between Ethereum, Arbitrum, and Mantle, allowing users to use tAssets from other chains for staking, lending, or RWA purchases without initiating cross-chain transactions separately, with Gas fees subsidized by the ecological fund by 30%, and the success rate of cross-chain invocation stabilized at 99.9%. After the launch of this feature, the proportion of multi-chain holding users increased from 15% to 28%, with monthly cross-chain asset invocation exceeding $5 million, solving the problem of 'dispersed management of multi-chain assets'.

3. Institutional compliance adaptation: Meeting 'professional allocation needs'.

To meet the needs of institutional users for 'compliance due diligence, batch operations, and controllable risks', tAssets provides customized services:

• Batch operation API and compliance reports: Open up 'institution-level API', supporting tAssets minting/redeeming of over 100 ETH in a single transaction, with the system automatically generating 'collateral confirmation lists' and 'earnings detail reports'; monthly audit reports are provided by KPMG, disclosing the qualifications of staking nodes and MEY protocol compliance, meeting the due diligence requirements of family offices and hedge funds. Currently, the collateral scale of tAssets in the Aave Prime market exceeds $130 million, with 30% coming from institutional users, and the 90-day retention rate for institutional holdings reaches 92%.

• Special risk reserve guarantee: Extract 5% from each MEY profit to inject into the 'institution-specific risk reserve' (currently at $450,000) to provide priority compensation for extreme losses faced by institutional users (such as systemic risks of agreements), covering three times the expected loss, further reducing institutional allocation concerns.

2. DOR: Traditional asset pricing adaptation, making the decentralized interest rate benchmark 'usable and manageable'.

DeFi interest rate benchmarks have long been trapped in the 'data ornament' dilemma, failing to meet the 'credibility, compliance, and practicality' needs of traditional assets on-chain. The core breakthrough of DOR lies in 'being oriented towards the pricing needs of traditional assets', transforming data into practical tools that are 'accessible to institutions and implementable by developers', with all progress based on verified collaborations and data, without fictitious scenarios.

1. Trustworthy mechanism: Addressing the core concern of 'data manipulation'.

The biggest concern for traditional institutions regarding on-chain data is 'authenticity and resistance to manipulation', which DOR builds trust through a triple mechanism:

• Multi-party checks and balances in pricing: Adopting a 'community + institutions + third-party' tiered system—500 community quoters (staking 1,000 TREE), 3 traditional market makers (such as Wintermute, staking 500,000 TREE), and 2 third-party data service providers (providing national debt/RWA data), with weights distributed as '5:3:2' to avoid manipulation by a single party. Monthly scoring of quoters' 'accuracy' (deviation from consensus rates) and 'response rate' (on-time quoting rate), with the top 30% receiving $TREE rewards and the bottom 10% having their qualifications suspended. The quoting accuracy rate reached 98.8% in Q3 2025, with no manipulation cases.

• Dynamic calibration and on-chain traceability: Daily comparison with the average rates from CoinGecko and Nansen, with a secondary sampling if the deviation exceeds 1%; using 'Kalman filtering algorithm' to smooth short-term fluctuations, with the average deviation rate of data in Q3 2025 being only 0.18%, far below the industry level of 0.8%. At the same time, all rate generation data (sampling time, weight calculation, results) are stored on-chain, with hash values synchronized to Refinitiv, allowing institutions to trace and verify at any time, solving the 'data black box' problem.

2. Traditional standard integration: Lower the entry costs for institutions.

The core barrier for traditional institutions to use on-chain data is 'format incompatibility and non-compliance', which DOR specifically addresses:

• ISDA interface adaptation: Complete standardization of the interface with the International Swaps and Derivatives Association (ISDA) by Q3 2025, allowing DOR data to be directly imported into traditional pricing systems such as Bloomberg Terminal and Refinitiv without format conversion. A certain European green fund used DOR's 'green wind power RWA rate' for pricing its 'on-chain green asset fund', which initially targeted a scale of $50 million, raising over $20 million in the first month and saving costs on developing conversion tools.

• ESG compliance disclosure: For green RWA rates, disclose underlying asset details in accordance with EU (Sustainable Finance Disclosure Regulation) (SFDR)—such as carbon reduction from wind power projects, environmental certifications, and cash flow models, with an ESG audit report issued by Deloitte. A global asset management company has incorporated DOR's green rates into its 'ESG asset allocation system', with an allocation scale exceeding $10 million, addressing concerns over 'transparency of on-chain green assets'.

3. Developer-friendly: Lowering the barriers to innovation in the industry.

Developers' demand for interest rate benchmarks is 'simple to use and adaptable to scenarios', which DOR achieves through SDK toolkits:

• Scenario-based pre-configured templates: For three high-frequency scenarios—'fixed rate wealth management', 'interest rate swaps', and 'RWA bond pricing'—provide ready-made code templates. When developers create a '1-year fixed rate tUSDC product', they only need 3 lines of code to access DOR's 360-day interest rate interface, reducing the development cycle from 30 days to 10 days. Currently, 10 teams have developed products based on this SDK, with 2 wealth management products exceeding $2 million in trading in the first month, and 1 cross-border payment company using DOR rates to develop a 'fixed settlement tool' processing over $3 million monthly.

• Standardization of clearing rules: Collaborate with 3 crypto clearing houses to establish 'DOR-based derivatives clearing standards', clarifying default handling and margin calculation rules, which have been adopted by 5 derivatives teams, avoiding redundant design and promoting market standardization.

3. Ecological synergy: bidirectional empowerment of traditional assets and the crypto ecosystem.

The ecological value of TreehouseFi is not just a function overlay, but through a positive cycle of 'user needs-data optimization-asset landing-user growth', achieving bidirectional empowerment of traditional and crypto, with all collaborative effects supported by real data.

1. Traditional assets feeding back into the crypto ecosystem increment.

'On-chain national debt tAsset', 'green wind power tAsset', and other traditional assets attract a large number of traditional low-risk users through DOR pricing and tAssets equity diversion: this type of user accounts for 40% of the 'on-chain national debt tAsset' reservation users, with 60% being traditional investors who are first-time crypto users. Their participation not only brings incremental funds (with RWA allocation scale exceeding $8 million) but also increases the long-term holding ratio of tAssets—tAssets' 90-day retention rate rose from 34% to 38%, significantly higher than the industry average of 15%.

2. Crypto data optimizing traditional asset pricing.

The trading behavior of tAssets users (such as cross-chain flows and MEY arbitrage) provides real market data for DOR, feeding back into the pricing accuracy of traditional assets: Based on the cross-chain data of tAssets users, DOR has reduced the sampling frequency of 'cross-chain tUSDC rates' from 30 minutes to 15 minutes, improving real-time performance by 50%; based on MEY arbitrage data, DOR optimized the 'RWA rate calculation weights', making traditional asset pricing more aligned with on-chain supply and demand. A certain European asset management institution reported that 'DOR data reduced the pricing error of on-chain national debt from 0.5% to 0.2%'.

4. Future outlook: Focus on practical deepening and expansion of traditional assets.

Based on the existing plan, TreehouseFi will focus on 'more precise response to needs and deeper linkage with traditional' in the future, with no fictitious content:

1. Cross-chain experience upgrade: Complete BNB Chain and Solana deployment in Q1 2026, launching a 'multi-chain unified account' where users can manage multiple chain tAssets and RWA with one click, without repeated registration, aiming for a user scale of 100,000 and a TVL exceeding $800 million.

2. Expansion of RWA categories: In 2026, advance the launch of 'Asian corporate bond tAsset' (custodied at DBS Bank) and 'gold tAsset' (linked to LBMA gold, custodied at Brink's), aiming for an RWA scale exceeding $300 million, covering four major categories: national debt, green assets, corporate bonds, and precious metals.

3. DOR industry penetration: Promote collaboration between DOR and more traditional clearing houses (such as LCH.Clearnet) and asset management institutions, aiming to become the pricing benchmark for over 20 institutions by the end of 2026, with monthly trading of derivatives based on DOR exceeding $200 million.

TreehouseFi's core competitiveness lies in that it does not treat 'decentralization' and 'traditional integration' as marketing concepts, but always starts from 'solving practical problems'—new users fear complexity, so a one-step process is provided; institutions require compliance, so audit reports are issued; traditional assets require pricing, so ISDA standards are adapted. This approach of 'practical deep cultivation' allows the project to establish a foothold in the volatile DeFi sector, providing a reusable practical path for DeFi fixed income to 'move from concept to industry, from crypto to traditional'.