Author: David Canellis, Blockworks; Compiler: Tao Zhu, Golden Finance
It is safe to say that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.
Nevertheless, those working on crypto projects related to him are doing their utmost to make Trump the first on-chain president.
I spent the morning organizing on-chain data related to crypto projects associated with Trump—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 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 was launched nearly two years ago, in December 2022.
(Note: The NFT collectibles also brought in additional off-chain income as the project accepts fiat through credit card payments. Credit card data has not yet been fully on-chain, so these sales have been excluded from the total above, although their range could be in the millions.)
NFT income and cryptocurrency tax calculated at current prices
There is also an unofficial Trump meme coin that regularly pays transfer taxes to Trump's wallet.
So far, Trump has been gifted ultra-small tokens worth about 240,500 dollars, named 'DT Inu' and 'Take America Back.'
With each transfer, including trading on DEX, the token's token contract automatically forwards a small amount of USDC or ETH to Trump's wallet.
This led to a sudden brief surge in additional crypto income in Trump's on-chain footprint.
As for how much has been cashed out—so far, whoever is handling Trump's cryptocurrency seems to have liquidated 3 million dollars in ETH on Coinbase.
Trump's address deposited 1,325.16 ETH to the exchange between November and December 2023, which would be worth 4.9 million dollars if held until today.
Then there is the World Liberty token sale. As of this morning, the issuance of WLFI has brought over 75 million dollars in revenue to the platform, with 80% (61 million dollars) earned after Trump's victory in November.
In the past week or so, World Liberty's wallet has also accumulated a significant amount of DeFi tokens AAVE, LINK, ENA, and ONDO, totaling 5.2 million dollars at current prices.
The reason for this is that World Liberty Financial is holding them as it will integrate with these protocols, especially considering the strategic partnership 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 three-star general, or any American politician.
Nonetheless, this is not without conspiracy: World Liberty Financial just sold about 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 of the above image.
Whatever the reason for World Liberty Financial converting wrapped Bitcoin, it will track. After all, what would the first on-chain president look like without traditional crypto drama?
