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Trump's DeFi venture to use Aave and Ethereum not Bitcoin with open-source approach

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Sep 05, 2024 am 06:44 AM

defi Stablecoin US dollar dominance

President Trump's DeFi venture legal adviser believes the project will help to on-board new users to the industry.

Trump's DeFi venture to use Aave and Ethereum not Bitcoin with open-source approach

World Liberty Financial (WLFI) — a new DeFi project that has garnered significant attention due to its ties to members of former President Donald Trump’s family — has addressed a wave of speculation on Sept. 4 with a series of tweets clarifying its DeFi strategy and confirming its collaboration with Aave.

In the posts, WLFI announced that the partnership aims to develop a platform that will drive the mass adoption of US-pegged stablecoins, highlighting the project’s potential impact on both crypto and the U.S. economy.

The project has gained additional attention due to the involvement of former President Donald Trump’s family, particularly Eric Trump and Donald Trump Jr., who are reportedly playing prominent roles in its development. Notably, the project is not affiliated with the Trump Media & Technology Group (TMTG), which is separately launching a Web3 social media platform called TRUTH Social.

US-pegged stablecoins

In the tweets, WLFI made it clear that the project is working closely with Aave, a leading DeFi protocol, rather than creating a competing fork. It stated:

“We’re not just another hostile fork of Aave.”

WLFI said it views stablecoins as a tool that can help preserve America’s financial leadership amid rising foreign competition. Its primary goal is to increase the adoption of US-pegged stablecoins and ensure the dollar maintains its position as the global settlement layer.

It said:

“The U.S. dollar has been the backbone of global finance for decades, but it’s now under attack by foreign nation-states.”

By expanding the global reach of stablecoins, WLFI seeks to counter the rise of alternative currencies from foreign nation-states and preserve the dollar’s financial influence for the next century.

It added:

“We want US-pegged stablecoins to remain the world’s settlement layer for the next 100 years.”

The tweets also detailed the security measures being implemented, with WLFI working alongside top blockchain security firms like Zokyo, PeckShield, and BlockSecTeam to review its code. Emphasizing user safety as a top priority, WLFI ensured that the platform was as secure as possible before launch.

Skepticism and ethical concerns

Despite the high profile of the project, there is much skepticism around the project, largely centered on its security measures, political ties, and the ambitious nature of its goals.

Despite assurances that top blockchain security firms are conducting thorough audits, concerns remain about the project’s ability to safeguard against potential cyberattacks. In the high-risk world of DeFi, vulnerabilities can have major consequences, and the project’s high profile increases the stakes.

Additionally, the involvement of Trump and his family has fueled speculation about whether the project is more politically driven than aimed at genuinely advancing decentralized finance

Some ethics watchdogs have raised concerns that such a venture could lead to a significant conflict of interest if Trump is reelected. However, others claim that it does not violate ethics laws despite the poor “optics.”

Mentioned in this article

Gino Matos

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

News Desk

CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.

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