TrueBit protocol (TRU) is a utility token for the Ethereum Blockchain. I strongly advise DYOR on this one. BUt the technical team behind the coin is incredibly competent and interconnected throughout the Ethereum and greater crypto space. A TRU gem for sure.
Thanks for your chart.... can u explain the relationship between the number of tru tokens per 1 eth.... i understand that tokens are minted when the spot price exceeds the OS price thereby causing inflation and depressing the price. I also understand that token are taken away if the price gets below 1/8 the OS price and also burned with utiliation. Wouldn't this limit the price of the tokens until the burn rate and the mint rate are in equilibrium (if this is even possible asuming mass adoption). What is the relationhip (if any) with the price of ether? Thanks you.
IstariBTC
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@terumodoc, The tokenomics on this coin are quite hard to fully grasp, and admittedly I don't fully understand it myself. The comment in the graph was just to indicate that the only ratio I could find to chart on for this token was TRU/ETH. My understanding of the supply of this coin is that there are two separate routes to obtain TRU. There is the independent markets such as Uniswap where price is driven by speculation/supply and demand, then there is also the option of obtaining token through TrueBit OS, where the price of TRU is somewhat pegged to a specific price in ETH. The pegged price of TRU/ETH in TrueBit OS follows a specific formula based on the total supply of TRU minted. This is all my amateur take on the fundamental operation of this coin, but I believe the burn function only plays a big role once other projects start integrating the TrueBit protocol to their projects.
The price has already broken out of the short term channel, but still seem to be hovering within this support/accumulation zone. I bought more tokens when it dipped above 5000 TRU per ETH, and I plan on holding this coin for a while because I believe it has massive potential.
terumodoc
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@IstariBTC, I think you're right.... i bought some but probably got in too early... still.... i, too, plan on holding for a few years so (hopefully) will not make a great difference in the end. My understanding is that the mint price may be pegged to eth at 0.0004422 eth (i'm not 100% sure). So if Eth goes up the minting price will go up. The open market price is probably driven by uniswap. If there is accumulation and Tru is taken out of the liquidity pool, that should drive up the price. If there is mass adoption, than presumably those of us who are speculating (most i imagine) will keep taking it out of the liquidity pool - i'm guessing the price can shoot up in the short term until the OS minting depresses it once more. Overall, everything depends on adoption.