Recently, former US President Trump and his sons have repeatedly hinted on social media that they are about to launch a cryptocurrency project called "World Liberty Financial", but they have not disclosed specific details. Now, the outlines of the project are starting to emerge, according to excerpts from the white paper obtained by CoinDesk.

What is World Liberty Financial?

"World Liberty Financial" is a decentralized finance (DeFi) platform whose main function is to provide lending services. According to the white paper, the platform will launch a governance token called WLFI, which cannot be transferred, a design that may limit speculators’ trading behavior. Platform users will be able to use WLFI to participate in management decisions, including features such as adding a DeFi lending market or integrating new blockchains.

While the app isn’t quite ready for launch, CoinDesk’s investigation found that the project’s early source code appears to come from a DeFi app called “Dough Finance.” Dough Finance was allegedly hacked in July, losing $2 million. Although there is currently no evidence that these vulnerabilities also appear in the source code of "World Liberty Financial", the connection between the project and "Dough Finance" has caused certain concerns.

Lending system and decentralized financial platform

According to reports, “World Liberty Financial” plans to build a “credit account system” based on the Aave and Ethereum blockchains to promote decentralized lending services. Similar to other decentralized finance platforms, users can vote on the direction of the platform based on their WLFI token holdings. The platform will also provide a “smart account” or brokerage service to allow users to more conveniently access WLFI.

However, the white paper does not clearly explain how the platform will address the risk issues prevalent among decentralized finance lending platforms. For example, crypto brokerage Voyager Digital went bankrupt in 2022 due to market volatility and mismanagement, which resulted in many users suffering financial losses.

World Liberty Financial Project Member

According to the white paper, Trump himself will serve as the project's "chief cryptocurrency advocate," while his three sons, especially 18-year-old Barron Trump, are called the project's "DeFi visionaries." In addition, Trump’s two adult sons, Eric Trump and Donald Trump Jr., also participated as “Web3 Ambassadors.”

The project is registered under the name of Zachary Folkman, the director of operations, and the head of data and strategy is Chase Herro. Both of them are the founders of the previously mentioned “Dough Finance”. The two also co-founded “Subify” before. , a self-proclaimed “censorship-free” content platform that competes with content creation payment platforms such as Patreon and OnlyFans. Zachary Folkman, on the other hand, had previously registered a company called Date Hotter Girls LLC and posted workshops on how to woo women on YouTube.

In addition, MetaleX Pro, a consulting firm run by well-known cryptocurrency lawyer Gabriel Shapiro and partner Alex Golubitsky, is also involved. According to information disclosed by Gabriel Shapiro, MetaleX Pro can also receive 1.3125% of the total supply of WLFI tokens. However, Gabriel Shapiro emphasized on X that World Liberty Financial is a client of his partner Alex Golubitsky and that he does not know much about the project.

now that the cat is out of the bag…will just clarify: (1) my co-founder Alex Golubitsky (@DumbApe69420 ) did all the work on this and it's his client, so direct any inquiries to him (2) I'm fully supportive of it while not knowing much about it (as you can tell I'm a Trump… https://t.co/bEjGNk3CWP

— _gabrielShapir0 (@lex_node) September 3, 2024

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