It is safe to say that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.
Nevertheless, those dealing with crypto projects related to him are still doing their utmost to make Trump live up to the title: the first on-chain president.
I spent the morning organizing on-chain data related to Trump’s 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 in cryptocurrency revenue within two years.
Trump's four NFT collectibles on Polygon have generated $7.7 million in cryptocurrency (WETH and POL fka MATIC).
This revenue comes from primary sales and secondary sales royalties. The first set of Trump NFTs almost began selling two years ago in December 2022.
(Note: NFT collectibles also brought in additional off-chain revenue 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 above totals, although their scope may be in the millions.)
NFT revenue and cryptocurrency taxes are calculated at current prices.
There is also an unofficial Trump meme coin that regularly pays transfer taxes to Trump's wallet.
So far, approximately $240,500 worth of ultra-small tokens named 'DT Inu' and 'Take America Back' have been gifted to Trump.
Each time a transfer occurs, including when trading on a DEX, the token contract automatically forwards small amounts of USDC or ETH to Trump’s wallet.
This led to a sudden brief surge in additional crypto revenue 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 cleared $3 million in ETH on Coinbase.
Trump's address deposited 1,325.16 ETH to exchanges between November and December 2023, which would be worth $4.9 million if held until today.
Then there is the World Liberty token sale. As of this morning, the issuance of WLFI has generated over $75 million in revenue for the platform, with 80% ($61 million) earned after Trump's victory in November.
Over 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 at current prices.
For this reason, World Liberty Financial is holding onto them as it will integrate with these protocols, especially considering the newly announced strategic partnership with Ethena Labs in October.
All of this, coupled 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 intrigue: World Liberty Financial recently sold approximately $11 million worth of Coinbase-wrapped Bitcoin cbBTC while purchasing an equivalent amount of wBTC, as shown in the purple and red shaded areas of the above image.
Whatever the reason World Liberty Financial has for converting wrapped Bitcoin, it will track. After all, what would the first on-chain president look like without traditional crypto drama?
