A new official statement has come from US presidential candidate Donald Trump's own cryptocurrency project, World Liberty Financial.
Donald Trump-backed World Liberty Financial (WLFI) has confirmed that it has submitted a management bid to Aave, indicating its preference for DeFi protocol Aave, and that it will be built on the AAVE platform.
Accordingly, users will initially be able to trade in USD Coin (USDC), Tether (USDT), Ether (ETH) and WBTC, and users will be able to borrow or lend ETH, WBTC, USDC and USDT.
“We chose AAVE because it is a best-in-class lending and borrowing protocol with top-notch security practices and a strong track record. Partnering with Aave allows us to deliver a trusted platform that our users need.”
World Liberty Financial will pay fees to AaveDAO, the team behind Aave, if the community approves the proposal. According to the statement, 20 percent of transaction fees and 7 percent of the supply of WLFI, the platform’s governance token, will be given to Aave.
If the Aave integration proves successful, the WLFI team added that they plan to expand to the Ethereum layer 2 blockchain Scroll.
“We are excited to witness the WLF team’s unique integration of the Aave Stack. World Liberty Financial has the potential to bring new audiences to the decentralized finance ecosystem,” said Marc Zeller, Founder of the Aave Chain Initiative.
Former President Trump confirmed during a livestream on the X on September 16 that World Liberty Financial will sell a non-transferable governance token called WLFI and that participation will be limited to accredited investors. According to the statement, the distribution of WLFI will be as follows: 63% to be sold to the public, 17% for user rewards and 20% for the team.
🧵 1/5 We’re excited to announce that World Liberty Financial has officially posted our governance proposal to Aave’s forum to launch an Aave V3 instance on Ethereum Mainnet! 📜 Check it out here: https://t.co/CQRrBqDIVv
— WLFI (@worldlibertyfi) October 9, 2024
*This is not investment advice.
