Can the CPI tonight "raise its head" and let the Federal Reserve hit 50 basis points in September?
Can the CPI at 8:30 tonight help complete the task that the non-farm data failed to complete?
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Truflation Research Report: Decentralized RWA Index Network
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Author: Dewhales Capital Source: dewhales Translation: Shan Ouba, Golden Finance
Truflation is interesting because it aggregates, calculates and publishes daily, fair, and real market inflation and economic data. So how does it create a completely strange index?
1. Introduction
Truflation is a decentralized indexing network that continuously verifies and compiles data from multiple sources, emphasizing transparency in methodology and management. Truflation aggregates, calculates and publishes daily, fair, and real market inflation and economic data. Its mission is to provide the most objective, decentralized, and up-to-date economic and financial information alternative in the form of on-chain price indices to support a new generation of blockchain products. Through its suite of solutions, such as the Truflation Dashboard, API Data Access, and the Truflation RWA Oracle, users, developers, and dApps can use tools to accurately visualize inflation rates, access data streams, and integrate real-world financial data on-chain. In simpler words, what does it mean and how does it work? Let's take a closer look.
2. Overview of Inflation
Launched in December 2021, Truflation updates its methodology annually and provides daily inflation updates from more than 60 sources. The idea of Truflation is to generate indexes and data streams. Unlike traditional Web3 oracles, Truflation aggregates data, including data from RWA and Web2. This allows you to generate a wide variety of data streams, which can provide more accurate and transparent inflation data than traditional methods such as the Consumer Price Index (CPI) and exotic methods such as the Electric Vehicle Commodity Index.
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
Truflation is a powerful framework that allows you to create and manage data structures
From an architectural point of view, Truflation consists of the following network elements:
TSN Nodes - check data from data providers and reach consensus on its correctness, they also consume tokens in order to start nodes
Data Providers - People who provide index data
Truflation Services is a module that processes requests and provides received data to consumers
Consumers - use data for various purposes and pay for the work with TRUF tokens
Four Main Components of TSN
TSN consists of four main components, representing various modular parts of the system:
Adapters: are modular software components on the blockchain that perform deterministic operations and provide interfaces to other TSN components. They have one or more entry points. Adapters are similar to smart contracts and can aggregate events from storage to record the context of an event or respond to a request. They can also receive, validate, and analyze new incoming data, then store it in the TSN repository for later aggregation. Adapters are always connected to storage and have access to new events recorded in TSN, but they are not subscribed to all types of events and must be configured to read events from categories relevant to their purpose. Adapters can include SQL-based schema management, which means that the database schema must be configured to support the correct data types and formats. Since adapters are modular, they can perform collaborative computations or interact with other adapters to extend TSN capabilities, such as analytics, data encryption, multi-user computation, index creation, and more.
After being signed by all nodes, the final multi-signed event is stored in a local database that is synchronized with other TSN nodes. This event log is also called the event context.
Data Streams: TSN continuously transforms processed data into streams for external consumers. The data stream is updated and available for consumption when at least ⅔ of the nodes are synchronized and the final state of their SQL database is fully replicated.
Creating data streams that can be used outside of TSN (such as inflation prices or Bitcoin prices) requires an adapter. Once deployed, the adapter automatically consumes past data (from the moment the TSN was created or from a certain checkpoint), as well as all newly received and final data related to its storage pointer. The data inserted into the database must follow a predefined format that distinguishes the context of the event that is stored and creates the stream itself. Each node in TSN manages a database that supports the described storage mechanism. However, since the nodes are part of the same network and run the same adapter, the aggregated events and the processed data are synchronized with each other. This approach allows nodes to make fewer requests and optimize the finality of on-chain transactions.
Indices: The current data stream and adapter architecture allows us to use other data streams as building blocks, perform joint calculations and create new datasets in the context of TSN. In traditional finance, this aggregated data is called an index. An index tracks the performance of an underlying asset in a standardized way. For example, TSN can create a consumer price index relevant to a specific country by combining data on the cost of a basket of goods (housing, food, clothing, medical care, transportation, etc.) over a certain period of time. Decentralized data streams can be more reliable than traditional data streams that rely on a single centralized source of information.
Event Context: Events that have been processed and signed by a TSN adapter are forwarded and recorded in a persistent store called the event context. The event context is a decentralized persistent data store with a strict schema that serves as a register of records processed by the TSN adapter. Events are stored in the order they are received and cannot be deleted or altered, thus guaranteeing the integrity of the data. The main advantage of the event context is that it forms a structured data set that represents the status of the TSN score for each category, setting the standard for the adapter to access the data for subsequent calculations and processing. In addition, it allows you to fully recover the TSN in the context of an external database for querying and analysis.
When using an oracle-backed smart contract on-chain, the calling smart contract or EOA must obtain appropriate funds to fulfill the data request in the context of the blockchain making the call.
Access control thus ensures that interactions with TSN are secure and compensated, and that compensation occurs when value is exchanged.
Reputation
An important aspect that allows adapter developers to control the trust level of data used in TSN is the ability to create conditions and filters based on the reputation of data providers. To this end, TSN embeds a background reputation management process that uses various indicators collected by TSN: from the frequency of interactions between data consumers, their richness and feedback to data quality control measures to evaluate the reputation performance of each data provider.
Reputation is very important in scenarios where similar data is evaluated based on suitability. An analyst developing an adapter may choose to use a dataset from a data provider with a higher reputation for co-computation with a dataset from a data provider with a lower reputation. If TSN determines that the data traffic of this analyst is sufficient, the reputation of both data providers can be promoted. Conversely, if an analyst uses a dataset from a data provider that does not meet data quality control standards, the data provider's reputation will decline, leading to a decrease in the acceptance of the data by other analysts and adapters.
4. Truflation Dashboard
The Truflation Marketplace allows users to buy or sell data backed by $TRUF. Users can submit datasets for quality control and auditing, merge datasets into new indices, and receive commissions for data and user statistics that are valuable to the community.
At its initial launch, Truflation attracted three major independent data providers:
1. DeFi Llama is a decentralized analytics dashboard that tracks TVL and other DeFi data for many blockchains and web3 projects,
2. dClimate is an independent, decentralized environmental data provider,
3. Hyphen Earth is a decentralized data infrastructure for disclosing climate impact information.
Truflatation mMarketplace members can request and send:
Custom datasets
Custom indexes
Individual analysis data based on multiple indicators
Quality control and audit data
In addition, the market will launch 16 on-chain commodity indices: Sugar, Cocoa, Coffee, Cattle, Corn, Soybeans, Wheat, Maize, Rice, Barley, Coal, Petroleum (Oil), Petroleum (Crude), Steel, Leather, Cotton and Wool. Recently, Truflation launched indices such as NIFTY50 and integrated Insurify auto insurance data into Truflation indices to ensure transparency on how insurance markets influence economic trends.
5. Bridging
Truflation’s cross-chain interoperability protocol using Chainlink (CCIP) technology to securely transfer TRUF tokens across the Ethereum, Arbitrum, and Base blockchains. The bridge uses the CCIP Chainlink infrastructure for secure and programmable token transfers between different blockchains. Truflation is also an official partner of Chainlink Build and one of the first users to launch with CCIP, highlighting its role in improving inter-blockchain compatibility.
6. Token Economics and Metrics
TRUF tokens can be used to access network data, start nodes, and for governance:
Data Provision and Consumption:Truflation users will pay with TRUF tokens to access data on the network. These rewards will also be used to further support data providers and network participants.
Node Staking:In order for data providers to join the network, they will need to lock TRUF in the Admin Portal.
Additionally, sealed TRUF tokens also allow data providers to participate in the management of the common protocol, authenticate themselves and determine the direction of protocol development.
Staking TSN Node OperatorsTo start working and earning commissions for providing and/or serving data, their addresses must be added to the Truflation protocol whitelist. The address of a TSN node can only be whitelisted after the operator has staked TRUF tokens.
Governance:By staking and blocking, users will earn veTRUF tokens. veTRUF tokens give holders the right to vote in various protocol decision-making activities. This may include protocol node rewards, data category selection, geographic expansion, new technology strategies, etc.
At launch, the total supply of TRUF tokens will be limited to one billion (1,000,000,000) and will be initially distributed to the following ecosystem participants:
Investors and Early Investors
Protocol Team and Developers
Ecosystem and Growth
Advisors
7. Partnership
Chirp is a pioneering DePIN Network, founded by a team of veteran telecom experts with decades of experience. Its mission is to connect the maximum number of devices to the blockchain within a revolutionary network and SaaS platform. Internet of Things (IoT) data will be added to the Truflation Streaming Data Network (TSN), which provides comprehensive economic analysis data. The integration of Chirp data will enable Truflation to provide clients with deeper analytical data on IoT-based market trends and inflation indicators.
Partisia Blockchain is a leading provider of scalable and confidential blockchain solutions. The collaboration will enable developers to create more reliable, data-driven financial applications, helping to increase trust and acceptance in the blockchain community.
Big Data Protocol (BDP)- Founded in 2021, it aims to create a decentralized data marketplace for alternative data, excluding middlemen, brokers and human interactions, which traditionally absorb the majority of value as an asset. Following a successful pilot with BDP, Truflation is focusing on global price data in e-commerce, providing BDP with a three-year grant based on the results in exchange for attracting new data providers.
Theoriq is a modular, composable, foundational Artificial Intelligence (AI) platform. By combining AI with blockchain technology, Theoriq enables the community to leverage fleets of advanced AI agents to improve decision making, automation, and user experience in Web3. Adding real-time asset data to AI agent workflows will usher in a new wave of adoption and liquidity for the Web3 ecosystem.
bitsCrunch, a leading blockchain and NFT data provider, announces a partnership to launch the NIFTY50 Index and expand the Truflation Stream Network (TSN). The NIFTY50 index tracks the top 50 NFTs based on transaction volume in the Ethereum ecosystem. Insurify, the leading virtual insurance agent in the United States, will integrate Insurify auto insurance data into the Truflation index to provide greater transparency into the insurance market’s impact on economic trends. By integrating insurance data, Truflation can provide a more complete and comprehensive view of real-world economic conditions, empowering users to make informed investment decisions in the DeFi space. Chainlink - Truflation has integrated Chainlink CCIP, the industry standard for secure cross-chain compatibility, on Arbitrum, Base, and Ethereum networks. Allora is an AI network where users will have access to a vast array of datasets from Truflation, which will enable them to make informed decisions and explore new investment opportunities in a variety of financial contexts.
Plume Network, the leading modular layer 2 real asset tokenization (RWA) solution, Truflation will demonstrate its oracles on Plume Network, which will allow the ecosystem of RWA protocols and projects to create a variety of products, including access to collectibles and alternative assets through synthetic tokens, private loans, commodities, real estate, and bonds.
Overlay Protocol, the “Exchange for Everything”. This innovative trading platform provides an alternative to traditional derivatives exchanges in the cryptocurrency market and solves one of the main problems of decentralized exchanges: lack of liquidity.
Perennial Labs and Truflation have added the Electric Vehicle Commodity Index to Perennial’s Perpetual Protocol.
Copper is a leading digital asset storage provider. Copper has become a leader in the digital asset storage industry, known for its best-in-class institutional solutions, best-in-class services, and collateral management in the storage space. As part of this partnership, Copper will explore financial and future services for Truflation, confirming its commitment to serving customers with transparency and quality.
Kinto is a KYC-compliant second-layer solution that combines traditional finance (TradFi) and decentralized finance (DeFi) for real assets (RWA). Truflation and Kinto.xyz are jointly committed to accelerating the implementation of real asset tokenization by providing innovative solutions to improve compliance, security, and accessibility in the decentralized finance space.
Nibiru is a first-layer blockchain that supports smart contracts for tokenized real assets (RWA), providing data channels for its entire ecosystem. Thanks to the live integration of Truflation data channels and indices, any application built on Nibiru can now easily run real-asset based indices in a fully decentralized on-chain environment. Frax: Decentralized stablecoin project Frax Finance has selected Truflation’s Consumer Price Index (CPI) as an oracle to provide inflation data for its inflation-pegged stablecoin. Truflation Oracle Launches on Fraxtal: Nuon is moving to Fraxtal: The world’s first decentralized inflation-pegged fletcoin Nuon will be integrated on Fraxtal, bringing DeFi expertise to the development of Nuon. Creating a Basic Flatcoin Pool on Curve: A Curve pool will be created connecting FPI (Frax Price Index) and Nuon, and potentially other profitable flatcoins and stablecoins. Truflation’s inflation price will serve as the link between Nuon and FPI in this pool.
Truflation also has a lot of integrations in different directions:
8. Supporters
Truflation got Dewhales, Coinbase, Laser Digital, Spicy Capital, Three M Capital, Modular Capital, Chainlink, CSP DAO, C2Ventures, Zephyrus Capital, 4SV, Black Dragon, Absoluta Digital and other backers.
9. Conclusion
Truflation Truflation represents a major shift in the way inflation and economic data is collected, processed, and utilized in the blockchain ecosystem. By leveraging decentralized networks and cutting-edge technology, Truflation provides a more transparent, accurate, and real-time alternative to traditional financial data sources. Its powerful infrastructure, including the Truflation Stream Network (TSN), enables seamless integration of real-world data across multiple blockchains, providing reliable economic insights to users, developers, and decentralized applications. Through its partnerships, token economics, and innovative solutions, Truflation is poised to become a foundational tool for the next generation of blockchain products, providing a more objective and accessible approach to financial data.
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