In a recent report published on Tuesday by CoinDesk, new details of the crypto project “World Liberty Financial,” linked to popular US presidential candidate Donald Trump, were revealed. According to a whitepaper in preparation, CoinDesk reported that the project will be built on the decentralized financial platform “Aave” and the “Ethereum” Blockchain and will focus on a “credit account system.”
It is worth noting that even though “World Liberty Financial” was announced in late August, originally under the name “The DeFiant Ones,” details of the Trump-linked project have been very scarce. In addition, the report noted that former President Donald Trump Jr.’s sons, Eric and Barron, are heavily involved in planning the eventual launch.
According to CoinDesk’s report and the GitHub codebase, which is currently deleted, “World Liberty Financial” is inspired by the DeFi protocol “Dough Finance.”
However, there is still no confirmation that the Dough Finance codebase will be used in the officially released product. This follows a major hack that saw Dough Finance lose $2.1 million in July through multiple fraudulent flash loan transactions.
“According to a person familiar with the plans, the project will also include a new Cryptocurrency: WLFI, a non-transferable governance token. This is a transfer restriction, it could make it difficult for speculators to trade the asset,” CoinDesk said.
It is important to note that the initial announcement of the “World Liberty Financial” project took place in August, after Donald Trump’s latest NFT collection.
Dough Finance and World Liberty Financial: Same formula, different results?
Currently, the crypto project “World Liberty Financial” has attracted over 230,000 subscribers to its official Telegram channel since its launch in August. This, despite not offering any information about the crypto project beyond the promise of challenging the “dominance of big banks.”
Additionally, according to CoinDesk, Dough Finance co-founders Zachary Folkman and Chase Herro are listed as the crypto project’s chief operating officer and chief data and strategy officer. However, despite the previous Dough Finance breach, there is still no indication that any vulnerabilities in the protocol’s code will appear in the code of the new “World Liberty Financial” project.
Dough Finance UI and World Liberty Financial UI linked to Donald Trump, according to a since-deleted GitHub post. Source: CoinDesk
It is important to note that members of the Trump family have repeatedly warned their followers about possible scams and have noted that official announcements about the project will only come through their personal and professional channels.
Likewise, Donald Trump, although initially skeptical of cryptocurrencies, has made a U-turn since the beginning of his political campaign and has supported the crypto industry, cryptocurrencies and DeFi technology, which has prompted various leading figures in the crypto community to support the former president and make donations to his campaign.
It is worth noting that to date, crypto companies have invested more than $119 million in the 2024 US election cycle.
For reference, the top 10 crypto companies that have invested the most money in these US elections are currently “Coinbase” and “Ripple”. In addition, the crypto industry has also made itself present through targeted funding by means of “Fairshake”, a Super Political Action Committee, and its affiliated “PACs”.
Do you want to always be up to date with the world of cryptocurrencies? Subscribe now to CriptoTendencia’s WhatsApp channel! Here you will instantly receive the most relevant information about Bitcoin, Altcoins, DeFi, NFTs, Blockchain and the Metaverse.
Related
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
