Donald Trump and his sons have been talking about an upcoming cryptocurrency project for weeks, but they haven't really gone into details publicly.
Privately, though, the former US president’s inner circle is quietly preparing a white paper for World Liberty Financial, and CoinDesk has obtained excerpts from the document.
The document and other reports describe a borrowing and lending service that bears a striking resemblance to Dough Finance, a blockchain app that was recently hacked by four people listed as World Liberty Financial team members. Other participants include Trump’s three sons (including 18-year-old Barron, described as the project’s “DeFi visionary”), financiers, and e-commerce influencers.
According to the latest information, this project will be a DeFi lending platform. The project will be developed on Ethereum and Aave. The project will also have a non-transferable governance token.
The name of the token to be released will be WLFI and due to transfer restrictions, it will be difficult to speculate on the price of this token.
According to World Liberty Financial’s white paper, the project will include a “credit accounting system” built on decentralized finance (DeFi) platform Aave and the Ethereum blockchain to facilitate decentralized borrowing and lending.
Governance tokens like WLFI typically allow holders to participate in the governance of the crypto project. In this case, users of the platform can “suggest and vote on the addition of new DeFi lending markets or the integration of new blockchains,” according to the white paper.
The whitepaper also states that the product will have “an easy-to-use interface to access WLFI as a ‘smart account’ or as a broker.”
*This is not investment advice.
