Cointelegraph Team
Cointelegraph
The Trump crypto project, World Liberty Financial, submitted a governance proposal to Aave, confirming plans to build on the decentralized finance (DeFi) platform.
In the Oct. 9 proposal, World Liberty Financial said it wants to launch its service as an Aave v3 instance on the Ethereum mainnet, with the protocol acting as the back end to the platform.
It floated giving AaveDAO, a group of Aave AAVE $140.33 tokenholders overseeing the protocol, 20% of the fees it generates and 7% of the supply of the platform’s governance token, WLFI.
Source: World Liberty Financial
The project, backed by former United States President Donald Trump, said running as an Aave instance would boost liquidity for the stablecoins, Ether (ETH $2,375.30) and Wrapped Bitcoin (WBTC $60,556.99) it plans to host while expanding Aave’s user base.
The proposal revealed that World Liberty Financial would—at least initially—allow deposits in Ether and WBTC, along with the stablecoins USD Coin (USDC $1.00) and Tether (USDT $0.9989) .
The project also proposed to use the same reserve factor system as the main Aave instance and a trustless smart contract to set up the revenue split.
AaveDAO members can discuss the proposal before voting on it. WLFI tokenholders who govern the World Liberty Financial platform must also approve the proposal separately.
In an Oct. 10 X post, World Liberty Financial said the proposal “aligns perfectly” to create an easily accessible DeFi user experience.
It added if the Aave integration is successful, it plans to expand to the Ethereum layer 2 blockchain Scroll.
Source: World Liberty Finacial
Full details about the platform have been gradually revealed. Trump has previously made several cryptic posts about World Liberty Financial, and the project has suggested it wants to spread the use of US dollar-pegged stablecoins.
In an X livestream last month, Trump was expected to share the full details of his family’s crypto project, which is headed by sons Eric and Donald Trump Jr.
Still, he barely discussed crypto in the 45-minute talk — which came a day after a second attempt on his life in Florida — and didn’t mention the project.
The World Liberty Financial team later revealed details about its WLFI token.
A leaked white paper said the project would allow users to store money in a digital wallet, offer a credit account system, borrow or lend cash to others and use tokens to invest in assets like crypto.
It also said the platform would be open source and provide a similar borrowing and lending service to Dough Finance, with four people who helped build the DeFi protocol on the team.
Dough Finance lost $1.8 million in July after a flash loan attack.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ripple faces growing downside risks threatening potential return to $3
Ripple (XRP) price hovers at around $2.31 on Monday, extending its gradual drawdown from last week’s high of $2.65, as the broader cryptocurrency market swings between gains and losses amid shifting investor sentiment.
EOS uptrend falters ahead of token swap despite Vaulta’s DeFi TVL soaring to $246 million
EOS price slides on Monday to approximately $0.75, erasing a minor uptick on Sunday, while extending the drawdown from the May 10 high at around $0.99. The EOS network rebranded to Vaulta in the first quarter, paving the way for a web3 banking platform.
Bitcoin gives up weekend gains, signaling potential bull trap as momentum weakens
Bitcoin dips to around $103,000 on Monday, wiping out Sunday's gains and raising concerns of a short-term correction. Metaplanet adds 1,004 BTC to its treasury, while spot Bitcoin ETFs saw $603.74 million in net inflows last week.
Virtuals Protocol Price Forecast: VIRTUAL set to extend losses as triple top formation emerges
Virtuals Protocol (VIRTUAL) price drops over 10% at the time of writing on Monday, trading around $1.78 following a failed attempt to break above a key resistance level over the weekend.
Bitcoin: BTC stabilizes near $103,000 amid trade optimism, rising institutional demand
Bitcoin (BTC) price stabilizes at around $103,000 when writing on Friday, after facing multiple rejections at the key $105,000 resistance level throughout the week.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.