Trump’s Crypto Venture: World Liberty Financial Taps Blockchain with DeFi Twist

Republican Presidential candidate Donald Trump and his team has reportedly been circulating a white paper for a project called World Liberty Financial (WLF), which is poised to become a new player in the decentralized finance (DeFi) space. Trump and his sons have been hinting at a major cryptocurrency venture for weeks now, but have kept most of the details under wraps.

CoinDesk obtained a document which revealed that the project bears a lot of similarities to Dough Finance, a blockchain app that was hacked in July, leading to a $2 million loss.

The WLF team consists of several figures who also worked on Dough Finance, including Zachary Folkman, Chase Herro, and Octavian Lojnita. Herro appeared on Logan Paul’s podcast “Impaulsive” to discuss his time in prison and his business ventures. Along with Folkman, Herro also created Subify, a censorship-free platform rivaling services like Patreon and OnlyFans.

In this project, all three of Trump’s sons are said to be participating, with 18-year-old Barron Trump being described as the project’s “DeFi visionary.” Eric Trump and Donald Trump Jr. act as “Web3 Ambassadors” while Donald Trump himself has taken on the title of “Chief Crypto Advocate.”

The Trump family previously teased the project on social media, initially branding it as “The DeFiant Ones” before settling on World Liberty Financial.

The white paper reveals that the project will likely introduce a governance token, WLFI, which will not be transferable, potentially limiting its use for speculation. Additionally, the token will allow holders to vote on key decisions related to the platform, such as integrating new blockchains or adding lending markets. A decentralized borrowing and lending system built on the Ethereum chain will also be included in the platform.

Previously, concerns have emerged about the potential reuse of code from Dough Finance in WLF’s early development stages. This happened because a since-deleted GitHub repository showed similarities in the codebases of the two projects, raising questions about security and intellectual property. But, as of this writing, it remains unclear whether the current iteration of WLF still uses any of Dough Finance’s compromised code.

More recently, the X accounts of Lara Trump, wife of Eric Trump and Tiffany Trump, the daughter of Donald Trump were compromised, allegedly to highlight a new token connected to “World Liberty Financial.”

Trump’s stance on crypto has evolved. He had criticized cryptocurrencies during his presidency, but he has now embraced them as part of his campaign promise to make the U.S. the global leader in crypto innovation.

Apart from his crypto ventures, Trump also hosted a campaign fundraiser in Nashville, Tennessee. A top-tier ticket was priced at $844,600 per person at the event.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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