Article Summary
- Introduction to Tria: A non-custodial crypto neobank focusing on ease of use and cross-chain transactions.
- Investment Thesis: Addressing the need for easier cryptocurrency use in everyday transactions.
- Product Highlights: Visa card, cashback rewards, trading across 100+ chains, BestPath AVS integration.
- Valuation: Comprehensive analysis using the Muur Score framework, evaluating strengths and weaknesses.
- Tokenomics: Detailed look at TRIA token utility, distribution, and release schedule.
- Potential Risks: Regulatory challenges, execution risks, competitive pressures, liquidity concerns.
- Conclusion: Overall assessment of Tria's potential as an innovative crypto banking solution.
Introduction
Tria is a non-custodial neobank aiming to bring cryptocurrency to the masses. It allows users to spend, trade, and earn yields across 100+ different chains, all without having to pay gas fees or manage seed phrases.
Investment Thesis
Tria focuses on addressing one of the most significant hurdles to widespread cryptocurrency adoption: ease of use. Although the transaction volume of stablecoins has already surpassed Visa and Mastercard, most people still find it difficult to use cryptocurrencies in their daily lives. Tria aims to solve this problem by offering a novel cross-chain banking solution that hides the technical complexities of cryptocurrencies while maintaining its non-custodial nature.
Product Highlights
Tria boasts several key features:
- Spending: Supports Visa card payments in 150+ countries, with cashback rewards up to 6% and zero fees for deposits, withdrawals, payments, and foreign exchange.
- Yield: Offers up to 15% APY on idle assets, with the ability to automatically pay bills using earned yields.
- Trading: Provides a single interface for trading across 100+ chains, powered by an AI narrative tracking feature provided by BestPath AVS.
Valuation
The Muur Score framework is used to evaluate Tria, focusing on aspects such as product, token design, user growth, investors, and market conditions. Tria receives an overall score of 8.21/10, indicating strong potential with some risks to address.
Tokenomics
The TRIA token will be launched through the Legion platform, with a fully diluted valuation (FDV) ranging from $100 million to $200 million. Token use cases include transaction settlement, fee discounts, staking, ecosystem rewards, and governance.
Potential Risks
Some potential risks facing Tria include:
- Compliance Risks: Difficulty in securing regulatory approvals in 150+ countries.
- Execution Risks: The complexity associated with simultaneously offering consumer banking services and multi-VM infrastructure.
- Competitive Risks: The potential for custodial neobanks to quickly imitate Tria's features.
- Liquidity Risks: Short-term liquidity may depend on the launch process managed by Legion.
Conclusion
Tria represents a promising solution for bridging the gap between cryptocurrencies and traditional finance. However, it's important to be aware of the potential risks before making any investment decisions. If Tria can successfully execute its vision, it could become the "Revolut moment" for the crypto world.
