Donald Trump's “World Liberty Financial” (WLF) project is a decentralized finance (DeFi) focused initiative that aims to rescue both the US and the global financial system from the current economic difficulties. This project aims to stabilize the global economy by preserving the status of the US Dollar in the DeFi world.
What is the World Liberty Financial Project?
WLF plans to offer its users a DeFi platform that supports US Dollar-based stablecoins. Introduced by Trump in his role as a “Crypto Advocate”, this platform aims to bring DeFi to a wider audience and keep the US Dollar as the world's reserve currency. The project aims to disable traditional financial intermediaries by providing access to stablecoins through DeFi applications.
Platform Features and Governance Structure
WLF is governed by a governance token called $WLFI, which allows the community to participate in decision-making on the platform. Continuing Trump's vision, WLF is not a decentralized governance platform, but it does have some community-controlled decision-making. On the WLF governance platform, token holders can vote on the platform's strategic decisions, with each token providing one vote.
The WLF Protocol aims to offer users more financial freedom by encouraging the use of stablecoins and access to liquidity pools. This project, which Trump describes as “Web3 Ambassador”, aims to attract Web2 users to the DeFi world by using the global recognition of the Trump brand.
Project Team and Participants
In addition to the Trump family, the project also includes experienced names in the crypto world. Donald Trump's sons Eric Trump and Donald Trump Jr. are leading the project, while crypto experts Chase Herro and Zak Folkman and real estate investor Steve Witkoff are also contributing. This team aims to make DeFi more accessible and user-friendly.
Current Developments and Project Progress
WLF launched the IPO of its $WLFI token on October 15, 2024; however, it was only able to raise $14 million, reaching only 4.7% of the expected $300 million target. This shows that the project did not receive the expected attention. There were also technical difficulties during the token sale, such as a website crash.
On the other hand, the WLF team has proposed launching on Aave V3 on the Ethereum mainnet. This step stands out as an important development that aims to strengthen the project's integration into the DeFi ecosystem.
WLF's goal of increasing the strength of the US Dollar with DeFi in the global financial world is a grand vision. However, the fact that the project did not attract the expected interest at the beginning shows that it should follow a careful strategy in its future moves. Nevertheless, this Trump-led initiative continues to be seen as a big step towards ushering in a new era of digital finance and giving users a voice in the world of DeFi.
