Former President Donald Trump and his sons have been hinting at an upcoming cryptocurrency project, but details have been scarce. Privately, Trump’s inner circle has been circulating a white paper for World Liberty Financial, a project that is said to involve a borrowing and lending service similar to Dough Finance, a blockchain app that was recently hacked and lost $2 million. CoinDesk has obtained excerpts from the white paper, shedding light on the project’s structure and key players involved.
The World Liberty Financial project is said to include a new cryptocurrency called WLFI, which is a non-transferable governance token. This restriction could make it challenging for speculators to trade the asset. The white paper emphasizes the power of blockchain technology in a user-friendly manner, highlighting the accessibility of decentralized finance (DeFi). While the app is still in its early stages and not ready for public release, a review of a deleted codebase on GitHub revealed that the project may have borrowed code directly from Dough Finance, the hacked blockchain app.
Key members of the World Liberty Financial team include Zachary Folkman and Chase Herro, who are listed as the head of operations and data and strategies lead, respectively. Both individuals were involved in the development of Dough Finance, with Herro even linking to the app’s Telegram group in his bio on the messaging app. Additionally, Octavian Lojnita, the project’s smart contracts lead, also worked on Dough Finance in the past. Boga, the pseudonymous front-end developer for World Liberty Financial, was listed as an author in Dough Finance’s source code under the alias 0xboga.
Folkman, who is also the co-creator of Subify along with Herro, has a history of operating companies related to online commerce and dating advice. He previously ran a company called Date Hotter Girls LLC and posted seminars on YouTube on how to pick up women. On the other hand, Herro has been involved in various business ventures, including mastermind groups and online e-commerce courses. The duo’s partnership extends beyond World Liberty Financial, showcasing their shared entrepreneurial spirit.
The project’s figurehead is Donald J. Trump, who holds the title of “Chief Crypto Advocate.” His sons, Eric Trump and Donald Trump Jr., are also actively involved in the project as “Web3 Ambassadors.” The leadership team includes individuals outside of the Trump family, such as Steve Witkoff, a well-known property developer, and his son Zach Witkoff. Alex Golubitsky, the project’s legal counsel, is associated with the crypto governance advisory firm MetaleX Pro, which will receive a percentage of World Liberty Financial’s upcoming token WLFI.
The World Liberty Financial project aims to create a decentralized borrowing and lending platform built on the Aave protocol and the Ethereum blockchain. The platform will feature a credit account system that allows users to participate in decentralized finance activities. Governance tokens like WLFI will enable token holders to suggest and vote on new DeFi lending markets or blockchain integrations. The project’s white paper also mentions an easy-to-use interface for accessing WLFI as a smart account or brokerage, providing users with a seamless experience.
Trump’s foray into decentralized finance marks a significant shift in his stance on digital assets, as he previously expressed skepticism towards cryptocurrencies during his presidency. With a campaign promise to make the United States the “crypto capital of the planet,” Trump aims to align himself with the growing crypto industry. The former president has also released Trump-themed non-fungible tokens (NFTs) and engaged in fundraising efforts within the crypto community to bolster his support.
The project’s involvement in the 2024 election cycle underscores the increasing influence of the crypto industry in politics. Cryptocurrency companies have poured millions of dollars into campaign contributions, making them significant players in shaping policy and regulations. Trump’s initiative to nurture the crypto industry aligns with his goal of attracting support from a sector that has become a major player in campaign funding.
In conclusion, the World Liberty Financial project spearheaded by Donald Trump and his sons represents a foray into decentralized finance that aims to leverage blockchain technology for borrowing and lending services. With key team members having previous experience in blockchain development and online commerce, the project has the potential to make a significant impact in the crypto space. Trump’s pivot towards embracing digital assets reflects a changing landscape where political figures are recognizing the importance of cryptocurrencies and blockchain technology. As the project continues to develop, it will be interesting to see how it navigates regulatory challenges and positions itself within the competitive DeFi market.