Treehouse

What Treehouse does

Treehouse is a decentralized finance protocol building fixed income infrastructure for digital assets, operated by Gaia Labs Corp (incorporated in Panama) and headquartered in Singapore. The company's core offering combines two product lines: tAssets (liquid staking tokens including tETH, tAVAX, and tHYPE) that capture yield through interest rate arbitrage strategies on top of underlying protocols like Lido, Aave, and Benqi; and DOR (Decentralized Offered Rates), a consensus mechanism that aggregates interest rate forecasts from a panel of market-makers, oracles, staking infrastructure providers, and exchanges to produce on-chain benchmark rates. The flagship DOR feed, TESR (Treehouse Ethereum Staking Rate), provides a yield curve analogous to SOFR/LIBOR and is designed to anchor the development of DeFi fixed income primitives such as forward rate agreements, interest rate swaps, and fixed-tenure loans.

The protocol operates across Ethereum, Avalanche, Arbitrum, Base, TAC, and Hyperliquid, with a self-serve web application (app.treehouse.finance) as the primary user interface. Treehouse generates revenue through transaction and protocol fees on tAsset operations, with 50% of tETH yield product fees committed to a recurring TREE token buyback program. The TREE token governs the Treehouse DAO, which oversees protocol parameters via Snapshot voting and a governance forum. The company has onboarded 10+ DOR panelists (Staking Rewards, Luganodes, Everstake, Republic, RockX, Pier Two, MatrixedLink, A41, LinkPool, CESR) and secured a flagship institutional partnership with AVAX One for on-chain capital allocation.

Treehouse serves three primary customer segments: retail DeFi users seeking enhanced staking yields through tAssets; institutional capital allocators (e.g., AVAX One) deploying on-chain treasuries; and DeFi protocols/platforms that integrate DOR benchmark rates into their own products as Referencers. The company raised an $18 million seed round in March 2022 led by an undisclosed large FinTech investor, with participation from Binance, Mirana, MassMutual Ventures, Lightspeed, Jump Capital, Wintermute, GSR, and other crypto-native funds. In November 2023, Treehouse acquired Origins Analytics to expand NFT data capabilities. TREE token was listed on Revolut in May 2026, extending retail distribution.

Name

Treehouse

Legal name

Gaia Labs Corp

Website

https://treehouse.finance

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Treehouse is a Singapore-based decentralized finance protocol building fixed income infrastructure for digital assets, offering liquid staking tokens (tETH, tAVAX, tHYPE) and a decentralized benchmark rate mechanism (DOR/TESR) to DeFi users, institutional capital allocators, and protocols.

Ownership category

akta.pro rank

Product category

Decentralized Fixed Income Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Staking, Restaking & Liquid Staking Finance (LST/LRT, validator markets) (FSAPAEAH)

akta.pro secondary industries

Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), Yield Aggregators & Strategy Vaults (FSADAMAF), DAO Treasury, Governance & On-Chain Finance Tools (FSADAMAL), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)

Keywords

• Decentralized fixed income
• Liquid staking tokens
• Benchmark interest rates
• DeFi yield infrastructure
• On-chain rate consensus

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Transaction / Protocol Fees on tAssets: Transaction fees are charged to users for Treehouse-related transactions executed through the Treehouse Protocols (deposits, redemptions, staking, and arbitrage operations). Fees are debited from users' blockchain-compatible wallets. The fee structure is subject to variation through on-chain governance.
2. tETH Yield Product Fees: The protocol collects fees from its tETH yield product. 50% of these fees are committed to a recurring TREE token buyback program, executed on the open market. This represents protocol revenue derived from the operation of its liquid staking strategies.
3. TREE Token Utility: TREE token serves governance functions within Treehouse DAO. While the token itself is not a revenue stream, its utility supports protocol governance and, indirectly, treasury management through the buyback program funded by protocol fees.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Treehouse is a decentralized fixed income infrastructure protocol that issues liquid staking tokens (tAssets — tETH, tAVAX, and tHYPE) which let users earn enhanced yields via automated interest rate arbitrage strategies. It operates DOR (Decentralized Offered Rates), an on-chain consensus mechanism that aggregates interest rate forecasts from a network of Panelists, Operators, Referencers, and Delegators to produce benchmark rates (e.g., TESR) for DeFi fixed income products such as FRAs, IRS, and fixed-tenure loans.

Product overview

Treehouse is a decentralized fixed income infrastructure platform built as a protocol combining liquid staking (tAssets) and benchmark rate-setting (DOR) into a unified system. Its core product, tAssets (including tETH and tAVAX), offers liquid staking tokens that enable users to earn enhanced yield through interest rate arbitrage strategies, converging fragmented on-chain rates to risk-free rates. Complementing this, DOR (Decentralized Offered Rates) is a consensus mechanism that establishes benchmark yield curves through a network of panelists, operators, referencers, and delegators, enabling fixed income products such as FRAs and interest rate swaps in DeFi. The TREE token serves as the governance token. Treehouse operates across Ethereum, Avalanche, Arbitrum, Base, and TAC chains.

Differentiator

Problem solved

Functional benefit

Brands

• tAssets: Liquid staking tokens (tETH, tAVAX) that provide enhanced ETH/AVAX staking yields through interest rate arbitrage strategies on Ethereum, Avalanche, and other chains.
• DOR (Decentralized Offered Rates)
• Treehouse Protocol
• TREE Token
• Harvest

Products and services

• tAssets (tETH, tAVAX, tHYPE) Liquid staking tokens (tETH, tAVAX, tHYPE) that enable users to earn enhanced yield above native staking rewards through automated interest rate arbitrage strategies. tETH is built on top of Lido, tAVAX on Benqi and Aave, and tHYPE on Hyperliquid. Designed for DeFi users and institutional capital allocators seeking predictable, risk-adjusted yields across multiple chains.
• DOR (Decentralized Offered Rates) A consensus mechanism for decentralized benchmark rate setting in DeFi, aggregating forecasts from Panelists (market-makers, oracles, staking houses, exchanges) equipped with proprietary models and Treehouse DOR software. DOR feeds are governed by Operators, Delegators, and Referencers, and serve as reference rates for fixed income products (FRAs, IRS, floating/fixed loans). Designed for DeFi protocols, exchanges, and platforms building fixed income primitives.
• TESR (Treehouse Ethereum Staking Rate) The first DOR feed, providing a benchmark yield curve for Ethereum staking rates across maturities. Powers benchmark-anchored fixed rate markets and enables construction of FRAs, IRS, and fixed-tenure loan products priced against an on-chain Ethereum staking reference rate.
• TREE Token Governance token of Treehouse Protocol enabling TREE holders to participate in DAO governance via Snapshot voting and the Governance Forum. Listed on Revolut for retail accessibility.
• TREE Staking Staking mechanism enabling TREE token holders to stake their tokens with DOR to earn protocol rewards.

Quantifiable outcome

• tETH users earn enhanced ETH staking yields in excess of standard staking rewards through interest rate arbitrage
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

13 partnerships are on record, tiered core, flagship and minor.

• CESRcoreTechnology or Integration · 1 July 2025CESR joined DOR as a panelist providing the Treehouse Ethereum Staking Rate benchmark, contributing to the decentralized rate consensus mechanism. CESR adds to the panel's diversity of rate forecasting approaches.
• AVAX OneflagshipStrategic or Co-development Partner · 1 March 2025AVAX One established a strategic partnership with Treehouse in March 2026 (publication date March 2026) to expand institutional on-chain capital allocation. AVAX One targets approximately 6% staking yield by staking over 800,000 AVAX tokens on Avalanche, diversifying and maximizing yield on its treasury holdings. This partnership expands institutional adoption of Treehouse's yield infrastructure.
• EverstakecoreTechnology or Integration · 1 March 2025Everstake joined Treehouse as a DOR Panelist for TESR in March 2025. Everstake is a leading blockchain infrastructure provider contributing rate forecasts and data to the DOR consensus mechanism.
• RepubliccoreTechnology or Integration · 1 January 2025Republic joined Treehouse Protocol in January 2025 to establish the TESR Curve as a DOR Panelist. Republic brings its platform infrastructure and user base to contribute to the consensus mechanism for ETH staking rate benchmarks.
• Pier TwocoreTechnology or Integration · 1 January 2025Pier Two joined Treehouse as a DOR Panelist for the Ethereum Staking Rate in January 2025, contributing proprietary rate forecasting to the DOR consensus mechanism.
• MatrixedLinkcoreTechnology or Integration · 1 December 2024MatrixedLink joined Treehouse in December 2024 to enhance the Treehouse Ethereum Staking Rate as a DOR Panelist, adding data and rate forecasting capabilities to the DOR ecosystem.
• RockXcoreTechnology or Integration · 1 December 2024RockX joined Treehouse as a new DOR Panelist for the Treehouse Ethereum Staking Rate (TESR) in December 2024. RockX contributes blockchain infrastructure and staking expertise to the DOR consensus mechanism.
• LuganodescoreTechnology or Integration · 22 November 2024Luganodes, a Swiss-operated, non-custodial blockchain infrastructure provider, joined Treehouse Protocol as a DOR Panelist in November 2024. Luganodes supports 45+ PoS networks including Ethereum and Avalanche, holds an AAA rating on Staking Rewards with over $2.5B in assets staked, and contributes to the TESR curve via its real-time rate calculation tools (Luganodes Terminal).
• Staking RewardscoreTechnology or Integration · 15 November 2024Staking Rewards joined Treehouse Protocol as a DOR Panelist in November 2024. Founded in 2018, Staking Rewards is a leading staking data platform that has facilitated staking access for over 3 million individuals and enterprises across 100+ blockchains. As a panelist, it contributes precise forecasting for the TESR within DOR, leveraging its robust data API delivering over 1,250 unique data points across 167 assets and 100,000+ validators.
• A41coreTechnology or Integration · 1 November 2024A41 joined Treehouse Protocol in November 2024 to strengthen the DOR Panel, contributing its infrastructure and data capabilities to the rate consensus mechanism.
• LinkPoolcoreTechnology or Integration · 1 November 2024LinkPool joined Treehouse as a new DOR Panelist in November 2024, contributing its blockchain infrastructure capabilities to the DOR consensus for benchmark rate setting.
• Gaia FoundationminorStrategic or Co-development Partner · 1 June 2024The Gaia Foundation is referenced as a partner in the Treehouse Ecosystem (listed under 'Company' on treehouse.finance). The relationship appears strategic, with the Gaia Foundation aligned with Treehouse's mission in decentralized finance.
• RevolutcoreGTM or Marketing PartnerRevolut listed the TREE token on its platform in May 2026, expanding retail accessibility of the TREE governance token to Revolut's millions of users. This is a significant listing partnership for token distribution.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Pendle Finance: Pendle is the leading DeFi yield-trading protocol that lets users tokenize and trade future yield via Principal Tokens (PT) and Yield Tokens (YT). It is the closest direct competitor to Treehouse in building on-chain fixed income primitives, with overlapping target users (DeFi yield optimizers) and similar strategy-vault product mechanics.
• Lyra Finance: Lyra is an options AMM that enables on-chain options trading and structured yield products, often positioned alongside fixed-income primitives. It overlaps with Treehouse in serving DeFi users seeking sophisticated interest-rate and volatility exposure on-chain.
• Element Finance: Element pioneered DeFi fixed-income primitives (eTokens, yTokens) for yield stripping, directly comparable to Treehouse's mission of building on-chain fixed income. Both target the same problem (lack of standardized yield curves) with structurally similar approaches.
• Ribbon Finance: Ribbon is a structured products protocol offering automated options vaults (e.g., covered calls, puts) that produce enhanced yield. It overlaps with Treehouse's tAssets as competing yield-enhancement strategies for crypto holders, with a similar DeFi-native target user.
• Notional Finance: Notional is a DeFi lending protocol built around fixed-rate, fixed-term borrowing and lending using fCash primitives. It shares Treehouse's mission of bringing traditional fixed-income structures (fixed-rate lending) on-chain, with comparable target customer (institutional-grade fixed-income users).
• Spectra Finance: Spectra (formerly APWine) is a DeFi yield-trading protocol letting users tokenize and trade future yield. It directly competes with Treehouse in the fixed-income / yield-tokenization category, targeting overlapping institutional and retail DeFi users.

Broad incumbents

• Frax Finance: Frax is a stablecoin issuer that expanded into liquid staking (sfrxETH) and broader DeFi infrastructure. As a multi-product DeFi incumbent with liquid staking and treasury management offerings, it competes with Treehouse for institutional treasury allocations and LST market share.
• Lido Finance: Lido is the dominant liquid staking protocol for ETH (stETH), and Treehouse's tETH is explicitly built on top of Lido. While Lido is a much broader incumbent (largest LST by TVL), it is the underlying primitive whose rate benchmark Treehouse's TESR aims to formalize — making it both dependency and indirect competitor.

Emerging players

• Convex Finance: Convex optimizes Curve LP yields via boosted CRV rewards, analogous to how Treehouse's tAssets optimize LST yields via arbitrage. While Curve-focused, Convex represents the same architectural pattern of yield-aggregation vaults that Treehouse competes with in the LST/yield space.
• EigenLayer: EigenLayer pioneered the restaking category on Ethereum, enabling ETH-secured validation for additional services. Treehouse's tAsset architecture incorporates restaking points and is closely adjacent to EigenLayer's restaking narrative, creating both competitive overlap (LRT category) and ecosystem complementarity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/TreehouseFi
• GitHubgithub.com/treehouse-protocol
• YouTubeyoutube.com/@treehousefi
• LinkedInlinkedin.com/company/treehouse-finance

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors24 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Treehouse