Trump-Backed DeFi Project To Launch on Ethereum Mainnet

As the blockchain world gears up for the upcoming November election, a Trump-backed DeFi project has added a new twist to the build-up of events. World Liberty Financial (WLF), a project developed and supported by the family and associates of the Republican presidential candidate for the November 2024 elections, has announced its launch proceedings. WLF revealed that it will commence operations by deploying Aave V3’s services, running on the Ethereum Mainnet.

In a statement released on Wednesday, WLF highlighted Aave’s robust lending and borrowing systems, along with their strong security and reliable track record, as the key reasons for choosing to integrate Aave’s technology. According to the proposal presented on Aave’s platform, the Aave V3 instance will enable participants on WLF’s platform to connect as borrowers or lenders.

The lending and borrowing protocols will facilitate transactions in various cryptocurrency tokens such as ETH and wBTC, as well as stablecoins like USDT and USDC. Although the DeFi project is currently running on the Ethereum Mainnet, WLF hinted in a statement that, in the future, the project may expand to include assets beyond the Ethereum ecosystem. The team aims to achieve this through its ties to institutional investments and traditional financial systems.

Revenue sharing between WLF and Aave will be managed through a trustless smart contract that connects WLF to Aave’s reserve factor system. This setup allows WLF to allocate 20% of its interest earnings to Aave’s Ecosystem Reserve.

On September 16, the project’s team announced plans to sell non-transferable governance assets to investors who have completed a verification process.

According to WLF, the distribution of the WLFI token will follow this structure:

• 63% will go to the public,
• 17% will be allocated to user rewards,
• 20% will be reserved for team compensation.

The DeFi community is enthusiastic about the project, with many believing it could draw significant attention from U.S. citizens to the crypto space. Marc Zeller, the founder of Aave Chain Initiative, noted that Trump’s popularity and his connection with World Liberty Financial could help bring new audiences to decentralized finance.