The Donald Trump family reportedly stands to earn about $540 million from a decentralized finance (DeFi) project named World Liberty Financial (WLFI). As the US election approaches, this blend of financial innovation and political involvement draws critical attention.
While the Trump family has revealed very few details about the project, speculations are rife.
Will the Trump Family Dump 30% of WLFI Supply?
Reported by Dumpster DAO, an X account monitoring on-chain activities, WLFI is said to operate similarly to Aave but on Ethereum or Polygon mainnets. Information from the test contracts reveals that the team plans to sell 30% of WLFI supply after achieving a fully diluted valuation of approximately $1.8 billion, netting approximately $540 million.
Read more: Top 11 DeFi Protocols To Keep an Eye on in 2024
Following his social media announcement on Truth Social, Donald Trump detailed “The DeFiant Ones,” now known as World Liberty Financial. Managed by his sons, Donald Jr. and Eric Trump, the project claims to challenge traditional financial institutions while promoting empowerment for the average American.
Donald Trump expressed strong support for the initiative. This message quickly resonated, attracting over 200,000 Telegram subscribers and 50,000 Twitter followers, indicating strong public interest.
“For too long, the average American has been squeezed by the big banks and financial elites. It’s time we take a stand—together,” Trump stated
However, the project’s ambitious nature raises concerns. Notably, crypto investor Nic Carter criticized the venture, suggesting it could negatively impact Trump’s electoral prospects.
“I think it genuinely damages Trump’s electoral prospects, especially if it gets hacked (it’ll be the juiciest DeFi target ever and it’s forked from a protocol that itself was hacked),” Carter remarked.
He emphasized the regulatory risks, particularly from the US Securities and Exchange Commission (SEC), given the project’s high profile.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
In response, World Liberty Financial has been assertive, emphasizing its partnership with Aave and commitment to top-tier security standards.
“Rumors are flying. But, we’re not just another hostile fork of Aave. History shows those don’t work. We’re working with Aave, collaborating to create a platform that sets new standards and pushes all of DeFi forward,” the company assured via Twitter.
The Trump family’s DeFi venture has indeed attracted attention, yet it also navigates a path strewn with potential setbacks. Earlier, there were rumors that a DJT meme coin has ties with Donald Trump’s son – Barron. However, the meme coin, which started trading in June, is almost down to zero now.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
