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Cryptocurrency News Articles
Donald Trump's Crypto Project World Liberty Financial Pitches a Proposal to Build an Instance on the DeFi Protocol Aave
Oct 10, 2024 at 05:35 pm
World Liberty Financial announced through an Oct. 9 governance proposal that it wants to launch its service as an Aave V3 instance on the Ethereum(ETH) mainnet.
Donald Trump’s crypto project has submitted a governance proposal to build an instance on the decentralized finance (DeFi) protocol Aave.
The project, called World Liberty Financial, announced the proposal on Oct. 9 in a post on the Aave forum. If approved, the service would be launched as an Aave V3 instance on the Ethereum (ETH) mainnet. The decentralized protocol would serve as the back end to the platform.
World Liberty Financial’s Aave V3 instance would focus on providing stablecoin liquidity for Ethereum and Wrapped Bitcoin (WBTC), as well as helping to grow the Aave protocol’s user base, according to the proposal.
DeFi platform governed by users, with token serving as governance right.
World Liberty Financial’s Aave instance will support user deposits in ETH, WBTC and stablecoins such as USD Coin (USDC) and Tether (USDT).
In return, WLF will offer to share 20% of the fees generated by the protocol with the tokenholders overseeing the protocol, known as the Aave DAO, and about 7% of the total supply of the platform’s governance token, WLFI.
The project is also asking the Aave DAO to participate in procedures regarding WLF Governance, liquidity mining and promotion of decentralization in the WLF platform.
In the proposal, the project suggests using the same reserve factor system as the main Aave instance and the implementation of a trustless smart contract as the basis for the revenue split.
“WFL foresees onboarding assets that may not be compatible with the main market on the Ethereum Mainnet, leveraging its ties to traditional finance and institutional investment,” WLF stated as its future vision for the Aave instance.
The proposal will be subject to approval from the Aave DAO governance and the World Liberty Financial community.
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