Originally published on: October 10, 2024
World Liberty Financial, the crypto project backed by Trump, has made waves by submitting a governance proposal to Aave. This proposal confirms their plans to establish a presence on the decentralized finance (DeFi) platform.
In their proposal dated Oct. 9, World Liberty Financial expressed their intent to launch their service as an Aave v3 instance on the Ethereum mainnet, with Aave acting as the platform’s backend. They proposed offering AaveDAO, a group of Aave tokenholders, 20% of the fees generated and 7% of their governance token, WLFI.
According to sources from World Liberty Financial, integrating with Aave will not only enhance liquidity for stablecoins like Ether and Wrapped Bitcoin but will also contribute to the growth of Aave’s user base.
The project plans to accept deposits in Ether, Wrapped Bitcoin, USD Coin, and Tether initially. They also aim to implement a reserve factor system and a trustless smart contract to facilitate the revenue split.
AaveDAO members are now deliberating on the proposal before voting. Additionally, WLFI tokenholders responsible for governing the World Liberty Financial platform will have to approve the proposal separately.
World Liberty Financial expressed confidence in the proposal, stating that it aligns perfectly with their vision to create an accessible DeFi user experience. The project hinted at potential expansion to the Ethereum layer 2 blockchain, Scroll, if the Aave integration proves successful.
While details about the platform have been gradually revealed, Trump’s involvement in the project has sparked curiosity. In a recent livestream, Trump barely touched on the crypto project, leading to speculation about the platform’s features and functionalities.
As the Aave collaboration unfolds, the future looks promising for World Liberty Financial and its innovative approach to decentralized finance. Stay tuned as this exciting project continues to evolve.
For more fascinating insights into the world of finance and crypto, subscribe to the Finance Redefined newsletter. Get exclusive content, expert analysis, and valuable opportunities delivered directly to your inbox every Friday. Join us in exploring the latest developments and making informed decisions with confidence.
