According to the latest rumors from Donald Trump’s camp, the code for the next crypto project of the Republican candidate has been made public.
The platform based on decentralized finance, first introduced as “The Defiant Ones” and then renamed “World Liberty Financial”, will be a lending tool.
Very similar to the Dough Finance project, hacked in July, the new experiment will also have its own token, whose tokenomics is already causing quite a stir.
Let’s delve into the entire discussion below.
Donald Trump and his family promote the DeFi project “The Defiant Ones”
On August 22, Donald Trump publicly presented his crypto project on X under the name “The DeFiant Ones”, however, without any code reference.
This protocol was promised on the profile of the candidate president, which has 7.5 million followers, and on the Truth Social application.
At the beginning, no technical details of the project were known, except that it would be focused on the world of crypto and decentralized finance (DeFi).
Trump, introducing the platform, revealed however what his mission is, stating verbatim that:
“For too long, the average American has been crushed by the big banks and financial elites. It’s time to take a stand together.”
In parallel, the son of the republican, Donald Trump Jr. has supported his father’s efforts along with his brother Eric Trump.
DJT: For too long, the average American has been squeezed by the big banks and financial elites. It's time we take a stand—together. #BeDefiant https://t.co/DuEtfRfrjt pic.twitter.com/txPz5FVSsK
— Donald Trump Jr. (@DonaldJTrumpJr) August 22, 2024
The same son of the former president, Eric Trump, stated in a separate post that he has fallen in love with the crypto world. The 40-year-old entrepreneur invited his community to stay tuned for big updates coming soon.
From how it has been described, the project implies an enormous potential.
I have truly fallen in love with Crypto / DeFi. Stay tuned for a big announcement…@Trump @realDonaldTrump @DonaldJTrumpJr
— Eric Trump (@EricTrump) August 6, 2024
This is not the first time that Donald Trump takes a stance in favor of the crypto world in the midst of the election campaign for the USA presidential elections.
Several times in recent months, the multibillionaire has reiterated that he is a true supporter of the crypto industry. He also stated that he wants to make Bitcoin a “strategic national reserve” for the country’s Treasury, during a recent conference in Nashville.
In July, he had also released an NFT collection, embracing every field of blockchain technology innovation. According to reports, Trump would also hold crypto investments in his portfolio, with over 5 million dollars in ETH.
Trump changes his mind and renames the crypto project to “World Liberty Financial”: the first scam attempts emerge
Just a week after his last post, Donald Trump has decided to rename his crypto project to “World Liberty Financial”, without yet revealing information about the source code.
On August 29, the potential future president of the United States posted a video on X, in which he recaps some of his recent proactive speeches towards the web3 industry.
In the video Trump presented World Liberty Financial saying the following words:
“This afternoon I am defining my plan to ensure that the United States will be the crypto capital of the planet. They want to suffocate you, they want to suffocate you out of the market. We will not let that happen.”
.@worldlibertyfi pic.twitter.com/mwhVIzPJyq
— Donald J. Trump (@realDonaldTrump) August 29, 2024
The same day Eric Trump, who had previously left his followers on edge in the wake of an important announcement, joined his father’s project.
In a post on X, he described himself as enthusiastic about taking part in the financial revolution of the new platform World Liberty Financial.
With great determination, the son of the politician stated that:
“A new era of finance is here.”
Excited to announce the launch of @WorldLibertyFi! A new era in finance is here. #Crypto #DeFi 
— Eric Trump (@EricTrump) August 28, 2024
In the financial market, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is characterized by falling prices. Investors need to understand these terms to make informed decisions.
Until then, no code has been published that explains the technical functioning of the project. The background of DeFi and the theme of financial freedom remain clear, but it is not well understood where they want to go with it.
In the meantime, the first attempts at scam by some malicious individuals who want to exploit the hype for the project are already starting to emerge.
A few days after the rebranding of the protocol, the X profiles of Donald Trump’s daughter-in-law and daughter were apparently hacked.
In some posts, a fraudulent token on the blockchain of Solana under the ticker $WL has been promoted as a governance resource of the platform.
In such circumstance both the profile of World Liberty Financial and Eric Trump have invited the community to be cautious of online scam attempts.
The code reveals Trump’s crypto project: a lending platform with integrated token
A few days after the presentation of Donald Trump’s new crypto project, the code associated with it is finally revealed.
The metadata of the website worldlibertyfinancial.com highlight the platform as literally “the only DeFi cryptographic platform supported by Donald J. Trump”.
It is read that the protocol will connect cryptographic users to the best tools in the decentralized finance sector, through safe and profitable investments.
We talk about emancipation and freedom from the pressures of banks, from the perspective of the “financial revolution” through crypto and DeFi.
In particular, Trump’s project appears similar to the lending platform Dough Finance, hacked for 1.8 million dollars in July 2024.
The Github code of the next dapp World Liberty Financial turns out to be almost identical to that of Dough Finance. Trump’s invention is therefore nothing more than a fork of an already failed project.
According to what emerged later, among the members of the team of the new project we find the four founders of the same DeFi platform Dough Finance. Participating in the initiative we also find the 3 children of Donald Trump, including the eighteen-year-old Barron, identified as the “DeFi visionary” of the project.
Completing the cryptographic team are a series of characters such as Zachary Folkman, mentioned as the operations manager, and Chase Herro, listed as the strategy and data manager.
In all this, from the analysis of the code it was also discovered that World Liberty Financial will host its own governance token, known by the ticker $WLFI.
Based on the findings, about 70% of the supply of this upcoming token will be allocated to Donald Trump and his team, while the community will have the remaining share.
This gruesome detail of the tokenomics has already created quite a few controversies around the crypto community, which has highlighted the excessive share of the project team.