Updated: September 3, 2024 5:39 PM EDT
New details about the Donald Trump-linked cryptocurrency project World Liberty Financial have surfaced in a new CoinDesk report published Tuesday. According to a white paper that is reportedly being workshopped, the project will be built on the decentralized finance platform Aave and the Ethereum blockchain, and will center around a “credit account system.”
Announced in late August (and originally launched under the brand name The DeFiant Ones), details of the Trumpian project are scarce. The former president’s sons, Donald Trump Jr., Eric, and 18-year-old Barron, are all said to have been involved in planning the eventual launch. The initial announcement followed the launch of Donald Trump’s latest series of NFTs.
According to the whitepaper and the since-deleted GitHub codebase, World Liberty Financial was inspired by DeFi protocol Dough Finance, although there is no confirmation that the Dough Finance codebase will be used in an official launched product. The team also plans to issue a “non-transferable” governance token called WLFI.
Adding to the intrigue, according to CoinDesk, Dough co-founders Zachary Folkman and Chase Herro are listed as the project’s director of operations and director of data and strategy, respectively. Dow Finance was hit with a $1.8 million flash loan attack.
The Trump family has warned the public to be aware of the potential scam and said any official announcements about the project will be made through personal and professional channels.
Although President Trump was initially skeptical of cryptocurrencies, he has since changed his stance and embraced the industry and technology, resulting in several prominent figures in the crypto space supporting the former president and donating to his campaign.
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About the Author
Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as an associate editor at CoinDesk, where he covered the opinions/articles section. He was first published in the trade publication Financial Planning. Before pursuing journalism, he studied philosophy as an undergraduate, English literature as a graduate student, and business and economic reporting at NYU’s professional program. You can connect with him on Twitter and Telegram @danielgkuhn, or find him on Urbit as ~dorrys-lonreb.