Donald Trump-backed DeFi protocol reportedly based on Dough Finance code
Quick Take
- The Donald Trump-connected crypto project World Liberty Financial will reportedly involve a non-transferable governance token and credit protocol.
- According to a CoinDesk report citing since-deleted Github code, the protocol is largely based on DeFi protocol Dough Finance.
New details of the Donald Trump-connected crypto project World Liberty Financial have been unveiled in a new CoinDesk report published on Tuesday. According to a whitepaper reportedly being workshopped the project will be built on decentralized finance platform Aave and the Ethereum blockchain and center around a "credit account system.”
Although announced in late August (originally branded as The DeFiant Ones), details of the Trumpian project have been scarce. The former president’s sons — Donald Trump Jr., Eric and 18-year-old Barron — are all reportedly involved in planning the eventual rollout. The initial announcement trailed the launch of Donald Trump’s latest NFT series.
According to the whitepaper and the since-deleted GitHub codebase, World Liberty Financial is inspired by the DeFi protocol Dough Finance, though there is no confirmation the Dough Finance codebase will be used in the officially launched product. The team also plans to issue a "non-transferable" governance token called WLFI.
Adding to the intrigue, according to CoinDesk, Dough’s co-founders, Zachary Folkman and Chase Herro (who often goes by Chase Hero), are listed as the project's head of operations and data and strategies lead. In July, Dough Finance was hit with a $1.8 million flash loan attack.
In August, The Block Research's Steven Zheng first noted the link between the Trump project and Herro and his connection to Dough Finance. The Block also revealed that the project's name would likely be called World Liberty Financial before it was officially named.
Trump family members have warned the public against potential scams and said official announcements about the project will come via their personal and professional channels.
Trump, although initially a skeptic of cryptocurrencies, has since done an about-face and embraced the industry and technology, leading to a number of leading crypto personalities to come out in support of the former president and donate to his campaign.
Update: Added details on previous reporting.
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