In the field of Decentralized Finance (DeFi), a revolution regarding fixed income is quietly unfolding. Treehouse Protocol, with its innovative architectural design, is reshaping the future of DeFi fixed income products.

The core innovation of Treehouse lies in its two main primitives: Treehouse Assets (tAssets) and Decentralized On-Ramp Rates (DOR). tAssets, such as tETH, are a new type of liquid staking token that provides users with real returns that exceed traditional on-chain 'risk-free' rates through a sophisticated interest rate arbitrage mechanism. Users only need to deposit ETH or other liquid staking tokens to obtain tETH, which not only enhances the economic security of DOR but also promotes the integration and unification of on-chain ETH rates.

DOR, as an innovative reference interest rate setting mechanism, incentivizes various participants to provide accurate interest rate data and forecasts, thereby ensuring the efficient operation and transparency of the market. The Treehouse ecosystem consists of several key roles, including operators responsible for launching and maintaining the DOR data stream, panel members providing interest rate forecasts, referencers integrating DOR into financial products, and delegators supporting panel members through the staking of tAssets.

The TREE token of Treehouse plays a core role in the ecosystem, serving as a governance and utility token, coordinating the interests of various parties and supporting the staking and fee distribution mechanisms. As of August 2025, the Treehouse ecosystem has attracted over 30,000 independent wallets, with a total deposit amount exceeding 120,000 ETH and a total locked value (TVL) surpassing 500 million USD, demonstrating strong growth momentum.

The governance system optimized by smart contracts has greatly reduced the bureaucratic costs in traditional finance, and Treehouse is gradually transitioning to a fully decentralized autonomous organization (DAO) model. This innovation not only promotes the development of DeFi fixed income products but also serves as an important force in the democratization of Web3 finance.

The success of the Treehouse protocol marks a significant breakthrough in fixed income products within the Decentralized Finance space. It offers users more diversified and efficient investment options, while also injecting new vitality into the entire cryptocurrency ecosystem. With the emergence of more innovative solutions, we can expect Decentralized Finance to continue changing the landscape of traditional finance, bringing more possibilities to the global financial system.