It can be said with certainty that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.
Nevertheless, those dealing with crypto projects related to him are doing their utmost to make Trump the first on-chain president.
I spent the morning sorting out on-chain data related to Trump-related crypto projects—his NFT series (trading cards) and the upcoming DeFi platform World Liberty Financial.
This is a quick analysis, but the data shows that Trump has earned nearly 84 million dollars in cryptocurrency income over the past two years.
Trump's four NFT collectibles on Polygon have generated 7.7 million dollars in cryptocurrency (WETH and POL fka MATIC).
This income comes from primary sales and secondary sales royalties. The first set of Trump NFTs began selling almost two years ago in December 2022.
(Note: NFT collectibles have also generated additional off-chain income as the project accepts fiat payments via credit cards. Credit card data has not yet been fully on-chain, so these sales have been excluded from the above total, although their volume could be in the millions.)
NFT income and cryptocurrency taxes calculated at current prices
There is also an unofficial set of Trump meme coins that regularly pay transfer taxes to Trump's wallet.
So far, tokens valued at about 240,500 dollars have been gifted to Trump, known as 'DT Inu' and 'Take America Back'.
With each transfer, including trading on DEX, the token's contract automatically forwards small amounts of USDC or ETH to Trump's wallet.
This led to a sudden brief spike in additional on-chain crypto income for Trump.
As for how much has been cashed out—so far, whoever is handling Trump's cryptocurrency seems to have liquidated 3 million dollars worth of ETH on Coinbase.
Trump's address deposited 1,325.16 ETH into exchanges between November and December 2023, and if held until today, this amount would be worth 4.9 million dollars.
Then there is the World Liberty token sale. As of this morning, the issuance of WLFI has brought in over 75 million dollars in revenue for the platform, 80% (61 million dollars) of which was gained after Trump's victory in November.
Over the past week or so, World Liberty's wallet has also accumulated a considerable amount of DeFi tokens AAVE, LINK, ENA, and ONDO, which currently totals to 5.2 million dollars in value.
The reason is that World Liberty Financial is holding them as it will integrate with these protocols, especially considering the strategic partnership newly announced by Ethena Labs in October.
All of this, combined with Trump's enthusiasm for buying burgers with Bitcoin before the election, makes it clear that the elected president indeed has a deeper understanding of cryptocurrency than any other commander-in-chief or even any American politician.
Nevertheless, this is not without conspiracy: World Liberty Financial just sold approximately 11 million dollars worth of Coinbase wrapped Bitcoin cbBTC while purchasing an equal amount of wBTC, as shown in the purple and red shaded areas in the above graph.
Whatever the reason World Liberty Financial is converting wrapped Bitcoin, it will track it. After all, what would the first on-chain president look like without traditional crypto drama?
