Trump’s Crypto project plans to run on Aave

The crypto project associated with Donald Trump, World Liberty Financial, sent a governance proposal to Aave

Olumide Adesina•Thursday, October 10, 2024•2 min read

The crypto project associated with Donald Trump, World Liberty Financial, sent a governance proposal to Aave, specifying its intention to develop the decentralized finance (DeFi) platform.

Donald Trump

In the proposal submitted on the 9th of October, World Liberty Financial revealed that it aims to launch its service as an Aave v3 instance on the Ethereum mainnet, with Aave serving as the underlying framework for the platform.

The proposal suggested that AaveDAO, the group of Aave token-holders responsible for managing the protocol, would receive 20% of the fees generated and 7% of the supply of the platform’s governance token, WLFI.
The Trump-supported project emphasized that operating as an Aave instance would boost liquidity for the stablecoins it plans to host while expanding Aave’s user base.

The proposal unveiled that World Liberty Financial would initially accept deposits in Ether and WBTC, along with stablecoins such as USD Coin. Furthermore, the project proposed to employ the same reserve factor system as the primary Aave instance and a trustless smart contract to establish the revenue split.

Members of AaveDAO have the opportunity to deliberate on the proposal before casting their votes. Additionally, the proposal requires approval from WLFI token holders who oversee the World Liberty Financial platform independently.

In a recent X post on October 9th, World Liberty Financial stated that the proposal aligns perfectly with establishing a user-friendly DeFi experience that is easily accessible.

If the integration with Aave proves successful, the platform intends to expand to the Ethereum layer 2 blockchain Scroll. Previously, Trump made cryptic remarks about World Liberty Financial, and the project has hinted at its aim to promote the use of US dollar-pegged stablecoins.

It was anticipated that Trump at an X livestream last month would disclose comprehensive information about his family’s crypto project, led by sons Eric and Donald Trump Jr

He didn’t mention the project during the 45-minute speech, which took place one day after he made a second attempt on his life in Florida.

The project would enable users to offer a credit account system, store money in digital wallets, lend or borrow money to others, and use tokens to invest in assets like cryptocurrency.

Additionally, it stated that the platform would be open source and feature four individuals who contributed to the DeFi protocol development, offering a lending and borrowing service akin to Dough Finance.

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ABOUT THE AUTHOR See More

Olumide Adesina

Financial Market Writer

Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.