Former US President Donald Trump has announced the launch of his decentralized finance (DeFi) venture, World Liberty Financial (WLFI), set for September 16. The launch will take place via a Twitter Spaces event.
Trump expressed enthusiasm for the project and highlighted its potential to shift from traditional banking to blockchain technology. The project is spearheaded by his sons, Donald Jr. and Eric Trump, and has generated significant interest and speculation.
Initially teased on Trump's platform, Truth Social, the project was originally named "The DeFiant Ones." A Newsweek report disclosed that WLFI's website uses an anonymous privacy service linked to Russian cybercriminals, raising transparency concerns. Despite no direct misconduct accusations, these privacy measures have drawn scrutiny.
Law professor Jay Kesten emphasized the importance of investor transparency during crypto rollouts. Additionally, it's speculated that the Trump family could benefit financially, potentially earning $540 million by selling 30% of WLFI's supply.
WLFI might align with existing DeFi protocols and could operate on blockchain networks like Ethereum or Polygon. The company clarified that it is collaborating with Aave to create a new platform, rather than being a hostile fork of Aave.
