dTRINITY
About
dTRINITY (DeFi Trinity) is a decentralized stablecoin protocol featuring dUSD, a subsidized stablecoin backed 1:1 by onchain reserves of yield-bearing assets. The protocol is designed to stimulate onchain credit markets by using float revenue to provide interest rebates to borrowers, creating a win-win dynamic for both borrowers and lenders. It operates on Ethereum, Fraxtal, and Katana networks with native lending protocol dLEND and integrated DEX liquidity.
Where Does Yield Come From?
dTRINITY generates yield through several connected mechanisms.
Reserve yield: The stablecoin dUSD is backed 1:1 by assets that themselves earn yield, like yield-bearing stablecoins (for example, sfrxUSD and sUSDS). This built‑in yield creates revenue for the protocol.
Curve AMO operations: The protocol uses Algorithmic Market Operations (AMOs) to deposit pre‑minted dUSD into Curve liquidity pools. This activity earns:
- Trading fees from people swapping tokens in those pools.
- CRV token rewards (emissions from the Curve system).
- Profits from arbitrage opportunities that arise.
Adaptive incentives: The revenue from the reserves (called “float revenue,” after the protocol keeps a small part) is first used to give interest rebates to people who borrow dUSD. This rebate lowers their net borrowing cost (gross borrowing rate minus the rebate). Any leftover revenue can then be distributed as rewards to lenders and to liquidity providers, depending on current market needs.
Fee structure: Minting new dUSD is free. When you redeem dUSD for the underlying assets, you pay a small fee of up to 0.5% (50 basis points).
How rebates and rewards are calculated: The size of the borrower rebate is based on the total float revenue, the total amount of debt, and a weighting factor. Similarly, rewards for lenders and for liquidity providers are calculated using their respective shares of the system (lending ratio and liquidity ratio) and the same weighting principle.
All yield comes from external sources—the yield of the reserve assets and the earnings from the Curve pools—not from printing new tokens inside the protocol.
Finally, the protocol runs Stability Market Operations (SMO) to defend the dUSD price peg and may gradually build up excess reserves over time.
Persons
Thanh Le
Advisor (Co-founder of Coin98)
Rune Christensen
Advisor (Co-founder of Sky)
Sam Kazemian
Advisor (Co-founder of Frax)
C2tP
Advisor (Co-founder of Convex)
Winthorpe
Advisor (Co-founder of Convex)
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Verichains17-06-2024 |
| The audit identified one high-severity vulnerability that was promptly fixed, indicating responsive remediation but highlighting the need for careful review of permission controls in the forked codebase. |
Halborn23-09-2024 - 04-10-2024 |
| The audit identified one high-severity oracle pricing flaw and two informational improvements, all of which were fully addressed by the dTRINITY team prior to publication, resulting in no outstanding critical or medium issues. |
Cyberscope21-10-2024 |
| The audit revealed one critical vulnerability affecting redemption functionality alongside numerous minor code quality issues, all unresolved at publication. Protocol users should verify these findings have been addressed before considering the system secure for production use. |
Hats Finance22-08-2025 |
| The audit reveals a concerning high-severity access control flaw alongside multiple medium-severity design issues that require remediation before safe deployment, though no critical vulnerabilities were found. |
| Unable to assess audit findings as the report document was inaccessible via the provided URL; the link may be broken or require authentication. |
Legal
Legal form
Singapore-based non-profit public company limited by guarantee (Trinity Foundation Ltd.)
Registration jurisdiction
Singapore
Status and notes
Trinity Foundation Ltd., a Singapore-based non-profit public company limited by guarantee, is disclosed as the entity providing the informational website and interface. The foundation states it does not operate, control, or manage the dTRINITY protocol, which consists of decentralized smart contracts. Terms of Use and Privacy Policy are available in documentation.