Donald Trump’s crypto project, World Liberty Financial (WLFI), has officially announced its choice of the Aave DeFi protocol for its platform. In a recent statement, the Trump-backed project confirmed that they have submitted a governance proposal to Aave and will be building on the AAVE platform.
Users will initially be able to trade in USD Coin (USDC), Tether (USDT), Ether (ETH), and WBTC, and they will also be able to lend or borrow ETH, WBTC, USDC, and USDT on the platform.
The project stated, “We chose Aave because of its top-tier security practices and strong track record. Partnering with Aave allows us to offer a secure platform that meets our users’ needs.”
If the community approves the proposal, World Liberty Financial will pay a fee to AaveDAO, which manages the Aave protocol. According to the announcement, 20% of the transaction fees and 7% of the supply of WLFI, the governance token of World Liberty Financial, will be allocated to Aave.
Future Expansion on Ethereum Layer 2 Scroll
In addition, if the Aave integration is successful, the WLFI team plans to expand onto Scroll, an Ethereum Layer 2 blockchain. Marc Zeller, founder of Aave Chain Initiative, stated, “We are excited to witness the unique integration of Aave Stack by the WLFI team. World Liberty Financial has the potential to bring new audiences to the decentralized finance ecosystem.”
Trump previously confirmed in a live broadcast on X (formerly Twitter) on September 16 that WLFI, a non-transferable governance token, would be sold with participation limited to accredited investors. The token distribution is as follows: 63% will be sold to the public, 17% reserved for user rewards, and 20% for the team.
🧵 1/5 We’re excited to announce that World Liberty Financial has officially posted our governance proposal to Aave’s forum to launch an Aave V3 instance on Ethereum Mainnet! 📜 Check it out here: https://t.co/CQRrBqDIVv
— WLFI (@worldlibertyfi) October 9, 2024
As Turkish NY Radio reports, this collaboration between World Liberty Financial and Aave marks a significant step forward in the decentralized finance space.
