Who is behind World Liberty Financial, Trump's new crypto?
Donald Trump has joined World Liberty Financial, a cryptocurrency project advised by his children and run by fraudsters and executives from failed and hacked projects. The protocol is a thin wrapper around borrowing-lending protocol Aave, which resembles the earlier Dough Finance. CoinDesk reporting has suggested that the project’s WLFI governance token will be non-transferable and will reserve 70% of the supply for project insiders — a truly massive amount that raises significant concerns about whether it can ever truly be ‘decentralized’ as it promises. This number has been challenged in an X Spaces with the team after claims that 63% will be sold to the public. Several team members referenced ease of use and earning yield on stablecoins as justifications for the project’s existence and, somewhat uniquely, the governance token for this project is intended to be non-transferable. Here, we run down the major parties involved with the project and why it co...