30s Summary

World Liberty Financial, supported by Donald Trump, proposed to build on Aave, a decentralized finance platform. The proposal aims to increase liquidity for several stablecoins, Ether, and Wrapped Bitcoin, and proposed giving AaveDAO, the group that manages Aave, 20% of any fees generated and 7% of the WLFI governance token supply. The plan aligns with World Liberty Financial’s goal of providing an easier access to growing DeFi, and if successful, they plan to expand to other blockchain technologies. The project, headed by Trump’s sons, also intends to offer digital wallet service, credit account system, and lending and borrowing opportunities.

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World Liberty Financial, backed by Donald Trump, has put forward a proposal to build on Aave, a decentralized finance platform. The plan is to launch their service on the Ethereum mainnet, using Aave v3 as a base. They’re considering giving AaveDAO, the group of Aave token holders who manage the system, 20% of any fees it generates and 7% of the supply of their own governance token, WLFI.

This plan, if accepted, aims to increase liquidity for several types of stablecoins, Ether (ETH) and Wrapped Bitcoin (WBTC). World Liberty Financial plans to initially accept deposits in these currencies, plus stablecoins USDC and USDT. By running as an Aave instance, the plan would also help extend Aave’s user base.

How does this affect the average Joe? If you’re into crypto, this could make it easier for you to trade and transact in these coins. Before anything can happen, AaveDAO members have to discuss and vote on this proposal, and WLFI token holders also get a say.

The project shared in a recent post that this move aligns with their goal of providing an easier way for people to use the growing DeFi sphere. And if all goes well, World Liberty Financial aims to expand to Layer 2 blockchain technology “Scroll”, a crypto application platform.

Little by little they’re revealing info about this platform, which Trump has mentioned in a few vague posts. The idea seems to be to promote the use of stablecoins tied to the US dollar. Trump’s sons Eric and Donald Jr. are heading up the project. The team has also released details about their WLFI token.

A sneaked preview of the project’s white paper stated that it would provide a digital wallet, a credit account system, and an opportunity for people to lend money to or borrow from others. It also mentioned offering tokens people could use to invest in assets like crypto. The project is set to be open source, like Dough Finance, which actually shares some team members with World Liberty Financial.

Source: Cointelegraph