Donald Trump introduced his DeFi project, World Liberty Financial, during a Rug Radio talk, emphasising his new-found interest in NFTs. Former President Trump Unveils New Cryptocurrency Venture, World Liberty Financial
Trump has generated over US$7 million from NFTs, including images of him as a superhero.
The new project aims to simplify DeFi for everyday users, promising a financial revolution.
World Liberty Financial will use a non-transferable WLFI token, allocating 80% to users and for user rewards.
Donald Trump, presidential candidate in the November election in the US, has featured in a talk on platform X which officially announced World Liberty Financial (WLF), a decentralised finance (DeFi) project closely linked to the Trump family.
In the Spaces event, hosted by Rug Radio, Trump spoke at length about the recent second attempt on his life and his new-found love for crypto and especially NFTs.
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He said NFTs are probably the thing he liked most about crypto:
The Start of a Financial Revolution”
The former president didn’t stick around for the actual unveiling of WLF, but his son Donald Trump Jr. and father-son duo Steve and Zach Witkoff, who are also real estate investors, talked about the need for a new financial system.
As they described their interactions with the traditional banking system as often cumbersome, they said it’s clear that the trad-Fi market is in need of disruption.
Trump’s other son, Eric Trump, and Dough Finance co-founders Zachary Folkman and Chase Herro, added that their goal is to bring DeFi to the average person.
So, What Is WLF And How Does It Work?
You probably already guessed it, there will be a token involved, a non-transferable governance token called WLFI – non-transferable means it can’t be traded.
There had been initial chatter that the team would be hanging on to 70% of the token allocation, but Folkman said that would be more like 20% for team compensation, while 17% are reserved for user rewards with the remaining 63% sold to investors. Former President Trump Unveils New Cryptocurrency Venture, World Liberty Financial
As reported earlier based on CoinDesk information, the new Web3 project will be a DeFi lending platform similar to their previous venture, Dough Finance, which was compromised in July.
Notably, many team members from the unsuccessful Dough Finance are also involved in World Liberty Financial, and early code for the new project may have been directly reused from Dough Finance.
It’s not known how the platform would work in detail, but according to the team, it will provide borrowing and lending services for cryptocurrencies similar to other DeFi applications.
They added they want it to be more user-friendly and accessible than current options.
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