Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
World Liberty Financial (WLFI): Donald Trump Confirms Launch for Sept. 16

World Liberty Financial (WLFI): Donald Trump Confirms Launch for Sept. 16

CCNCCN2024/09/14 03:54
By:CCN
Key Takeaways
  • The World Liberty Financial DeFi project seems focused on promoting U.S. dollar-pegged stablecoins.
  • Several members of the recently hacked Dough Finance protocol are reported to be joining World Liberty Financial.
  • Corey Caplan of the DeFi project Dolomite has been officially onboarded as an advisor.

The Trump-backed decentralized finance (DeFi) and crypto project, World Liberty Financial (WLFI), will officially launch in less than a week.

World Liberty Financial

In a Sept. 12 post to X, Donald Trump has officially announced that the WLFI project will be launching on Sept. 16, 2024.

“We’re embracing the future with crypto and leaving the slow and outdated big banks behind,” the Presidential hopeful said.

. @WorldLibertyFi pic.twitter.com/rHEGQXl4jL

— Donald J. Trump (@realDonaldTrump) September 12, 2024

Though little is known about the project, it appears to place focus on stablecoins, borrowing and lending, and governance.

Interestingly, the project has publicly said it is committed to “spreading U.S.-pegged stablecoins around the world” to boost the U.S. dollar’s dominance around the world.

A DeFi Project?

In a string of posts to X on Sept. 3, WLFI has taken to social media to rather ambiguously provide the “real story” of the project.

[1/7] 🚨 Rumors are flying, but here’s the real story behind World Liberty Financial (WLFI). We know the magnitude of what we’re building and its potential impact on both crypto and our country, especially with the upcoming elections. 🇺🇸

— WLFI (@worldlibertyfi) September 4, 2024

To begin with, WLFI claims to be tapping top security experts who have “thoroughly reviewed” the project’s code. This includes the likes of smart contract and EVM auditors BlockSec, blockchain analytics and security firm PeckShield, and others.

WLFI confirms it is working with Ethereum-based Aave for the Decentralized Finance (DeFi) project. Outlining its mission, WLFI says it is to make crypto and America “great” through the “mass adoption of stablecoins” and DeFi.

“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”

Interestingly, the WLFI places emphasis on stablecoins, stating that the project wants to see U.S. dollar-pegged stablecoins as the “world’s settlement layer for the next 100 years.”

Trump Endorsed

After Donald Trump Jr. teased the crypto world with the prospect of a Trump-backed DeFi project in early Aug., the Trumps are going ahead with it.

🇺🇸🫡🇺🇸 Thank you Mr. President https://t.co/kWCEaUGcT7

— WLFI (@worldlibertyfi) August 29, 2024

World Liberty Financial (WLFI) will reportedly offer borrowing and lending services similar to those of Dough Finance, where several WLFI team members originally worked. Those familiar with the matter say that the project will include a new crypto token, though it will be a non-transferable governance token.

In his endorsement post , Trump declares that he will work to ensure the U.S. is the “crypto capital of the planet,” further embedding himself in the crypto world ahead of this year’s election.

The Roster

Again, though details are scarce, there are plenty of clues about the people WLFI is bringing on board. Headhunting for WLFI is underway. Notably, Donald Trump Jr. is named as the project’s “Chief Crypto Advocate,” with other Trump sons listed as “Web3 Ambassadors”.

As per an official announcement from WLFI, Corey Caplan has been named as an advisor for the project.

Meet Corey Caplan – Co-founder and creator of Dolomite! 🚀

An early Ethereum builder since 2017, cryptopunk enthusiast, and one of the most innovative minds in DeFi, Corey has joined World Liberty Financial's advisory team and is the first of many incredible people we are… pic.twitter.com/rdOwjrbOiN

— WLFI (@worldlibertyfi) August 30, 2024

Caplan is the co-founder of Dolomite, a DeFi platform launched in 2022 that positions itself as a money market platform and decentralized exchange (DEX) offering trading, lending, and portfolio management. Initially launched on Arbitrum One, it is now present in several other blockchains.

According to circulating portions of the whitepaper, Zacahry Folkman and Chase Herro are listed as WLFI’s head of operations and strategies lead. They are reportedly former developers of DeFi liquidity protocol Dough Finance.

As such, the “whitepaper” suggests they’ll be lifting Dough Finance’s codebase for WLFI, though this is yet to be confirmed. Other Dough Finance devs are also named, which has come under some scrutiny as the DeFi protocol suffered a $1.8 million loss through a flash loan attack in July this year.

Trump Jr.’s DeFi Project

In early Aug., Trump Jr. provided some sparse details on the project, placing plenty of emphasis on inequality within the financial system.

🚨 BREAKING: Donald Trump Jr confirms that he is NOT launching a memecoin but a crypto platform that won’t be ready for awhile.

THE TICKER IS $TRUMP . pic.twitter.com/xLUF5ChA1T

— Steven Steele (@MrStevenSteele) August 9, 2024

Describing his own experience with being debanked, he explained that it “[…] isn’t about creating a memecoin” and is instead designed to challenge, or at least compete with, traditional banking systems.

There was speculation as to whether or not the project would involve real-world assets (RWAs) following earlier posts from Trump Jr. and his younger brother , who had said he’d “truly fallen in love with Crypto / DeFi.”

No Memecoins

Naturally, this would be the perfect time for scammers and fraudsters to capitalize on the hype by launching some fresh memecoins. Taking to X younger brother, Eric Trump, urged caution.

While the eldest of Trump’s sons is rather pleased with how enthusiastically the crypto community has rallied behind his father , he also advised his followers to pay close attention and not get scammed, writing :

“[…] but beware of fake tokens claiming to be part of the Trump project. The only official project will be announced directly by us, and it will be fair for everyone. Don’t be fooled—stay tuned for the real deal.

During the Locals QA, the Trump brothers also addressed rumors surrounding the Solana-based Restore The Replublic (RTR) crypto that launched on Aug. 8, 2024. The pair denied having any connection to the project and called the rumors “absolutely false.”

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!