"TrumpDefi" refers to a new decentralized finance (DeFi) platform called World Liberty Financial (WLFI), launched by Donald Trump as part of his broader engagement with the crypto industry during the 2024 U.S. presidential campaign. The platform, overseen by his sons Donald Trump Jr. and Eric Trump, aims to challenge traditional banks by providing users with digital wallets, lending and borrowing services, and a stablecoin system. It operates on the Ethereum blockchain, with plans to integrate governance tokens and partnerships with DeFi protocols like Aave.
The project, which launched in September 2024, has generated significant attention but also controversy. Critics argue it may be a cash grab tied to Trump's political ambitions, while supporters believe it aligns with his pro-crypto regulatory stance, including promises to fire SEC Chair Gary Gensler, a critic of the crypto industry. However, it has also faced security challenges, with scammers exploiting its early hype to create fraudulent campaigns.
