World Liberty Financial (WLFI) Launches on Aave Mainnet

Bittime - World Liberty Financial (WLFI), a crypto project backed by Donald Trump, is set to launch on the Aave mainnet. Check out the details of the launch and the predicted impact on the DeFi ecosystem.

World Liberty Financial (WLFI), a crypto project backed by former President Donald Trump, is preparing for a major launch on the Aave mainnet, one of the most popular DeFi protocols in the world. The launch aims to bring cryptocurrency lending and borrowing services, including ETH, WBTC, USDC, and USDT.

The official launch proposal has been submitted on October 9, 2024 and will involve AaveDAO in the revenue-sharing process as well as the management of the protocol.

WLFI launches on Aave

World Liberty Financial plans to operate on Aave version 3, utilizing the robust infrastructure offered by the DeFi platform. In its proposal, WLFI will support deposits in the form of Ethereum (ETH), Wrapped Bitcoin (WBTC), and stablecoins such as USD Coin (USDC) and Tether (USDT).

This allows Aave users, including those from the United States, to participate in this ecosystem and utilize the various services offered by the platform.

For every transaction that uses the Aave protocol, World Liberty Financial offers a 20% share of the total fees to AaveDAO, the group of Aave token holders that governs the platform.

In addition, 7% of the total supply of World Liberty Financial's governance token, the WLFI token, will be allocated to AaveDAO. This makes this partnership not only a strategic business move but also beneficial to both parties.

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New DeFi User Target

World Liberty Financial targets to attract new users, especially individuals who are familiar with the Trump brand but are still new to the world of decentralized finance (DeFi). The development team hopes this approach can expand Aave's user base and increase liquidity in the DeFi ecosystem.

With the combination of a community-based marketing approach and accessibility through Aave, the project is expected to bring many new users to the DeFi world.

However, there are potential regulatory issues that may arise due to the wide access including for American users. Several US-based DeFi protocols have faced intense scrutiny from the Securities and Exchange Commission (SEC) regarding potential unregistered securities offering violations.

Therefore, this proposal is still open for discussion among AaveDAO members before gaining final approval.

Impact and Future Plans

If this proposal is approved, the launch of World Liberty Financial on Aave will be an important step in introducing DeFi to a wider audience, especially in America. After successful integration, the project also plans to extend its reach to layer 2 blockchains on Ethereum, such as Scroll, to expand user coverage and increase scalability.

The project is backed by several important figures such as Eric and Donald Trump Jr. as well as billionaire Steve Witkoff, who show great ambition to bring DeFi technology to the mainstream. The Aave community also sees great potential in the user base that WLFI can introduce, which can have a positive impact on the DeFi ecosystem.

With these developments, World Liberty Financial is poised to become one of the important players in the world of decentralized finance, opening the door for more people to get to know and tap into the potential of DeFi.

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