A few days ago, Donald Trump made official his support for his sons' crypto project: World Liberty Financial. A whitepaper was provided to the various stakeholders of the project, but some of the excerpts from the document have leaked, highlighting its different facets.
Trump Family Crypto Project Expected to Be Decentralized Lending Platform
In recent weeks, Donald Trump's sons have been talking about the upcoming launch of a decentralized finance (DeFi) platform called World Liberty Financial. On August 30, the crypto project led by Donald Trump Jr. and his brother Eric, has obtained the official support of the former President of the United States.
👉 To better understand – What is Decentralized Finance (DeFi)?
So far, very little information had been publicly disclosed by Donald Trump's sons around this future DeFi platform. However, internally, the project's stakeholders had access to a whitepaper detailing its various characteristics.
If this document were to remain private, Some excerpts have leaked, allowing us to appreciate the outlines of the crypto project. First, the whitepaper states that World Liberty Financial will be in the form of of a lending and borrowing service similar to the Dough Finance protocol.
Note that Dough Finance is experiencing major difficulties since it was hacked on July 12thThe cyber attackers had managed to exploit a vulnerability in transactions, stealing $2.1 million from their target.
For now, World Liberty Financial is far from operationalbut an initial battery of tests has been carried out. According to some observers, during the first iterations of the platform, Dough Finance code allegedly copied in its entirety. There is no evidence that the developers subsequently continued to exploit this code.
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New Cryptocurrency to be Backed by World Liberty Financial
Dough Finance was founded by 4 people who, at present, are all members of the World Liberty Financial development team. Among the other members of the project, we find of course the 3 sons of Donald Trump including Barron, aged 18 and considered a “DeFi visionary”, but also specialists from the world of finance and e-commerce.
The management team also includes people who are not part of Donald Trump's family. Thus, Steve Witkoffa longtime friend of the Republican White House candidate and real estate hopeful, is a member, as is by Alex Golubisky who heads MetaleX Pro, a cryptocurrency governance consultancy.
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While all this information comes from the whitepaper, an official announcement was made on X by the project leaders regarding its team. Indeed, Corey Caplan, co-founder of DeFi platform Dolomite, has joined the project as an official advisor.
Meet Corey Caplan – Co-founder and creator of Dolomite! 🚀
An early Ethereum builder since 2017, cryptopunk enthusiast, and one of the most innovative minds in DeFi, Corey has joined World Liberty Financial's advisory team and is the first of many incredible people we are… pic.twitter.com/rdOwjrbOiN
— WLFI (@worldlibertyfi) August 30, 2024
Among the services provided in the decentralized lending platform, “ a credit account system » should see the light of day. This one would be built on the Aave protocol and the Ethereum blockchain. This tool should allow, according to the whitepaper, to ” facilitate decentralized borrowing and lending “.
In parallel, a new cryptocurrency will be created, baptized WLFI. He would be a non-transferable governance token. Finally, World Liberty Financial will a priori be equipped with ” an easy-to-use interface to access WLFI freely “.
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Source: CoinDesk
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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