Summary
Proposal to add gauges for three Tori Finance Stableswap-NG pools on Ethereum:
trUSD/USDC, trUSD/frxUSD and strUSD/trUSD. This enables CRV emissions and lets
Tori direct vote incentives to build deep, stable liquidity for its dollar token
(trUSD) and its yield-bearing token (strUSD).
References / Useful links
- Website: https://tori.finance
- App: https://app.tori.finance
- Docs: https://docs.tori.finance
- Real-time Proof of Solvency (Accountable): https://tori.accountable.capital/
- Audits (Sherlock, Nethermind): Audits - Tori Finance
- X: Tori Finance (@tori_finance) / X
- DefiLlama: https://defillama.com/protocol/tori-finance
Protocol Description
Tori is a yield protocol that brings institutional delta-neutral strategies
on-chain, using a two-token model:
- trUSD is Tori’s dollar token, fully collateralized and redeemable at $1.
- strUSD is the staked, yield-bearing token (ERC-4626). It earns yield from
delta-neutral strategies (hedged money-market and FX carry positions),
currently around 12% from the underlying strategies. strUSD is an
exchange-rate token: its value in trUSD rises as yield accrues.
Reserves, collateralization and hedge ratios are verified continuously on-chain
by Accountable, not through periodic attestations. The protocol is 100%+
collateralized.
Motivation
Curve is Tori’s primary venue for secondary-market liquidity.
- trUSD/USDC and trUSD/frxUSD anchor the trUSD peg against major dollar assets.
- strUSD/trUSD lets holders move between the yield token and the base dollar,
and lets LPs earn swap fees plus emissions on the yield pair.
Deep liquidity here also supports downstream integrations
already in progress (Convex, StakeDAO, and a prospective LlamaLend market once
depth is established).
Specifications
- Governance: Two-token model, no governance token. The protocol is controlled
by a multisig with function-scoped roles (separate minter, pauser, upgrader)
and 24-hour timelocks on all upgrades and parameter changes. The minting
contract enforces 1:1 collateralization on-chain, so no party can mint
unbacked trUSD even with all signer keys. On-chain custody uses MPC (Fordefi);
off-chain assets are held at regulated custodians. - Oracles: trUSD/USDC and trUSD/frxUSD are standard Stableswap-NG pools with no
external oracle. strUSD/trUSD is an oracleized Stableswap-NG pool using a
Redstone feed that reports the strUSD/trUSD exchange (redemption) rate. - Audits: Audited by Sherlock and Nethermind (public reports). $1M bug bounty live.
- Centralization vectors: Strategy execution is outsourced to regulated
institutional desks operating under a fixed mandate. Reserves sit with
regulated custodians and are attested in real time by Accountable. Admin
actions are timelocked and role-scoped as above. - Market History: trUSD and strUSD launched via a pre-deposit vault (curated by
RockawayX, infrastructure by Upshift) that filled its $50M cap