Trump and his sons have recently provided more details about their new crypto venture, World Liberty Financial. There is no doubt that for weeks now, Trump’s team has been implying on this project and now, people are paying attention to this one because it is so much like Dough Finance where the app was hacked for $2 million in July.
It was designed to develop a decentralized borrowing and lending application through World Liberty Financial. The new platform is to be integrated with the native cryptocurrency known as Working; Life, Fun, and Love Issue or WLFI. This token itself will be relatively harder to trade as compared to other mainstream tokens and this form of hindrance might eliminate some of the investors and speculators all together.
Per the project’s white paper, World Liberty Financial intends to incorporate decentralized finance (DeFi) solutions. Some of these include Aave and Ethereum among others. This will enable the users to borrow and lend money online in a decentralized manner. Furthermore, WLFI token holders will have right to vote on a new important feature or, for example, a new blockchain integration.
Trump Allies Join Crypto
Other members of the World Liberty Financial team include Eric Trump and Donald Trump Jr. who are assuming Web3 Ambassador positions. Others include; Steve Witkoff a real estate developer and a longtime friend of Trump together with other personalities from the industry.
Some other executives are also a part of this new venture, and Zachary Folkman and Chase Herro, who were earlier associated with Dough Finance. Their participation also brings out the unknown whether World Liberty Financial Company has effectively fixed the security loopholes that was exploited by Dough Finance hackers.
Yet, the goal is ambitious, the site looks nearly identical to the hacked Dough Finance app, thus, begging questions about the new project’s security. The WLFI token’s which is the main currency of the platform or the means of payment that is accepted may, in fact, be less liquid and thus unpopular among investors.
Certainly as the project develops over time more focus will be inevitably given, therewith more criticism would appear attaching to question of how successfully it protects from security threats that exist in the framework of its previous counterpart.
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