Donald Trump, a candidate in the upcoming presidential elections in November in the U.S., has officially announced a new decentralized finance (DeFi) project called World Liberty Financial (WLF), closely linked to his family. This project aims to reshape the financial landscape by leveraging innovative technologies that make financial transactions more accessible.
New Interest in NFTs
During a recent talk on the X platform organized by Rug Radio, Trump discussed the new interest in cryptocurrencies, particularly in NFTs, following a recent assassination attempt. He expressed surprise at how many people are opting to make payments using cryptocurrency, saying, “I was honestly not very interested at first, but this tremendous interest has affected me.”
Trump has reportedly generated over $7 million in revenue from NFT collections that depict him as a superhero.
Beginning of a Financial Revolution
While Trump did not elaborate much on WLF’s launch, his son Donald Trump Jr. emphasized the need for a new financial system, noting the cumbersome nature of interactions with the traditional banking system. “This is the beginning of a financial revolution,” he declared. Eric Trump and the founders of Dough Finance also highlighted their goal of bringing DeFi to everyday users.
Folkman stated, “We want to take the best of DeFi and present it to ordinary people.”
WLF plans to utilize a non-transferable governance token called WLFI, which is not meant for trading. While it was initially mentioned that the team would hold 70% of the tokens, Folkman clarified that the team would actually hold 20%, user rewards would comprise 17%, and the remaining 63% would be sold to investors. The new Web3 project aims to be a DeFi lending platform similar to the previously breached Dough Finance.
Interestingly, several team members from the failed Dough Finance are involved in World Liberty Financial, with the initial codes possibly reused from Dough Finance. While the platform’s specifics remain unclear, the team has indicated plans to offer borrowing and lending services for cryptocurrencies, aiming to be more user-friendly and accessible than current options.
World Liberty Financial, initiated by Donald Trump and his family, aims to make DeFi accessible to everyday users. By employing the non-transferable WLFI token, the project seeks to achieve a financial revolution, planning to offer borrowing and lending services in cryptocurrencies to open a new chapter in the financial world.
