The outline of Trump family's DeFi project "World Liberty Financial" emerges! Focusin
Recently, former US President Trump and his sons have repeatedly hinted on social media that a cryptocurrency project called "World Liberty Financial" will be launched, but they have not disclosed the details. Now, according to white paper excerpts obtained by CoinDesk, the outline of this project is beginning to emerge.
What is World Liberty Financial?
World Liberty Financial is a decentralized finance (DeFi) platform that primarily provides lending services. According to the white paper, the platform will launch a governance token called WLFI, which is non transferable and may limit the trading behavior of speculators. Platform users will be able to use WLFI to participate in management decisions, including adding DeFi lending markets or integrating new blockchain features.
Although the application is not yet fully ready for launch, CoinDesk's investigation found that the early source code for the project appears to have come from a DeFi application called 'Dough Finance'. It is reported that Dough Finance was hacked in July this year, resulting in a loss of $2 million. Although there is currently no evidence to suggest that these vulnerabilities also appear in the source code of World Liberty Financial, the association between the project and Dough Finance has raised some concerns.
Lending system and decentralized financial platform
According to reports, World Liberty Financial plans to build a "credit account system" based on Aave and Ethereum blockchain to promote decentralized lending services. Similar to other decentralized financial platforms, users can vote on the development direction of the platform based on their holdings of WLFI tokens. The platform will also provide a 'smart account' or brokerage service, allowing users to access WLFI more conveniently.
However, the white paper did not clearly explain how the platform will address the common risk issues of decentralized financial lending platforms. For example, Voyager Digital, a cryptocurrency brokerage company that went bankrupt in 2022, suffered financial losses to many users due to market volatility and poor management.
Members of the World Liberty Financial project
According to the white paper, Trump himself will serve as the "Chief Cryptocurrency Advocate" of the project, and his three sons, especially the 18-year-old Baron Trump, are known as the "DeFi visionary" of the project. In addition, Eric Trump and Donald Trump, two adult sons of Trump, also participated as "Web3 Ambassadors".
The project is registered under the name of Zachary Folkman, the operations director, and Chase Herro, the head of data and strategy. Both of them are the founders of the previously mentioned "Dough Finance" and co founded "Subify", a self proclaimed "uncensored" content platform that targets content creation payment platforms such as Patreon and OnlyFans. On the other hand, Zachary Folkman had previously registered a company called Date Hotter Girls LLC and posted a seminar on how to pursue women on YouTube.
In addition, the consulting firm MetaleX Pro, jointly operated by renowned cryptocurrency lawyer Gabriel Shapiro and long-term partner Alex Golubitsky, is also involved. According to information disclosed by Gabriel Shapiro, MetaleX Pro can also receive 1.3125% of the total supply of WLFI tokens. However, Gabriel Shapiro emphasized on X that World Liberty Financial is a client of its partner Alex Golubitsky and he himself has limited knowledge of the project.
