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Donald Trump has ventured into the cryptocurrency realm with a fresh project fronted by his son. Leaked information from the project’s white paper reveals several intriguing details. This article delves into these specifics and examines what investors can anticipate in the near future.
What is Trump’s Crypto Project?
The project, dubbed World Liberty Financial (WLFI), hasn’t stirred the expected excitement among cryptocurrency investors. This lack of enthusiasm is attributed to market conditions, Trump’s lagging poll numbers, and the presidential candidate’s prior promises at a Bitcoin event. Key details of the initiative have started to surface.
Who is Involved in the Project?
World Liberty Financial’s team includes four members who previously worked on Dough Finance, a DeFi application that suffered a $2 million hack. The project’s codebase also pulls from Dough Finance, raising concerns about potential vulnerabilities. Zachary Folkman and Chase Herro, the founders of the compromised Dough Finance, lead the project’s operations, data, and strategy.
Key Takeaways
- World Liberty Financial’s team consists of former Dough Finance developers.
- The project reuses code from Dough Finance, with potential security risks.
- AAVE and Ethereum will be key platforms for WLFI’s DeFi functionalities.
- Eric Trump and Donald Trump Jr. are involved as “Web3 Ambassadors”.
- Gabriel Shapiro, managing the legal aspects, will receive 1.3% of the WLFI tokens.
Initially unveiled as The DeFiant Ones, the project has been rebranded to World Liberty Financial. Investors remain cautious but curious as more details emerge about this new venture into the cryptocurrency world.