2024-9-18 17:41 |
Announced via a two-hour livestream on X, the project’s stated goal is to “Make Finance Great Again,” offering borrowing, lending, and investment opportunities in cryptocurrencies. However, the initiative has sparked debate about the intersection of Trump’s political ambitions, his family’s involvement, the nascent world of crypto, and potential ethical and security concerns.
During the Livestream, Trump, flanked by sons Donald Jr. and Eric, along with relatively unknown crypto entrepreneurs Chase Herro and Zachary Folkman, declared, “Crypto is one of those things we have to do. Whether we like it or not, I have to do it.”
World Liberty Financial’s stated aim is to leverage the decentralized nature of DeFi to provide financial services to individuals excluded from traditional banking systems. While details about the platform’s functionalities are scarce, its website features a Solana address: 5EXtQy3vEup67yCVwto9shSJxYvmrs1Jxeao3t6rYwbF, for purchase, and mentions a native token, $WL.
“Our token, $WL, will be used to power the World Liberty Financial ecosystem,” the site states. “The tokens will be used to support micropayments on the Solana Blockchain, as well as the DeFi protocols we will soon announce. $WL will be used as the governance token, specifically for voting purposes.”
The relevance of a governance token is questioned, however, when a draft white paper obtained by CoinDesk shows that 70% of the platform’s governance tokens, will be allocated to the founders, team, and service providers. This contrasts with other major blockchain projects such as Ethereum and Cardano, where insiders held far less at their launches. Ethereum’s insiders, for example, had about 16.6% of ether, while Cardano’s insiders retained 20% of ADA tokens. Interestingly, a white paper detailing the project’s specifics and tokenomics is absent from the website.
However, exploring the provided Solana address in a Solana block explorer reveals the token’s name as “World Liberty,” a fixed supply of 999,985,948.2555808, and a history of recent transactions. This suggests that individuals are already acquiring $WL tokens, indicating early interest in the project.
Despite the initial buzz, World Liberty Financial faces intense scrutiny as investigations by Coindesk have revealed that several team members listed were previously involved with Dough Finance, a DeFi project that suffered a $2 million hack in July.
Zachary Folkman and Chase Herro, listed as World Liberty Financial’s head of operations and data and strategies lead, respectively, were reportedly involved in building Dough Finance. Two other team members, Octavian Lojnita and the pseudonymous developer “Boga,” also have links to Dough Finance, raising concerns about the new project’s security and the team’s experience.
Folkman, who is also registered as the owner of the World Liberty Financial LLC, has a history of ventures outside the crypto space, including founding Date Hotter Girls LLC and offering seminars on attracting women.
Ethical and Security Concerns
Ethics experts have voiced concerns about potential conflicts of interest if Trump were to be re-elected, highlighting the possibility of him influencing regulatory agencies to favor his business, as reported by The New York Times. The fact that Trump has shifted from being a crypto skeptic to a vocal supporter during his campaign raises further questions about his motives.
Security concerns also loom large, with experts like Nic Carter warning that World Liberty Financial could become a prime target for hackers.
Mixed Reactions and Uncertain Future
The project’s launch coincides with Trump’s other ventures, including NFT sales and a “golden sneakers” line, amidst ongoing legal challenges. Axios notes that the optics of a presidential candidate launching a new company could push cryptocurrency policy into the election spotlight.
Trump’s embrace of crypto marks a departure from his previous scepticism. His involvement, along with his family’s participation in World Liberty Financial, has sparked intense discussion about the interplay of politics, business, and the evolving crypto landscape. The project’s future remains uncertain, with its success depending on factors such as regulatory scrutiny, public perception, and the team’s ability to address security and ethical concerns.
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