The Trump crypto project presented Aave Link in the administration proposal
Trump's crypto project, World Freedom Financial, has submitted a governance proposal to Aave that will build on a decentralized finance (DeFi) platform.
In an October 9 proposal, World Freedom Financial said it would like to launch its Aave v3 prototype on the Ethereum mainnet, with the protocol serving as the platform's backend.
The Aave (AAVE) tokenholders group, which controls the protocol, floated AaveDAO by providing 20% of the generated fees and 7% of the platform management token.
Source: World Liberty Financial
The Donald Trump-backed project says running Aave prototype will increase the liquidity of the stablecoins it plans to host, Ether (ETH) and Wrapped Bitcoin (WBTC), while growing Aave's user base.
The proposal reveals that World Liberty Financial will, at least initially, allow deposits in Ether and WBTC, along with the stablecoin Dollar Dollar (USDC) and Tether (USDT).
The project proposes to use the same reserve factor system as the MainAve example and a trustless smart contract to set the revenue share.
AaveDAO members can now discuss the proposal before voting. WLFI tokenholders, who govern the world's free financial platform, must also approve the proposal separately.
In an Oct. 9 X post, World Liberty Financial said the idea to create an easily accessible DeFi user experience “fits perfectly.”
If the integration of Aave is successful, it plans to expand to the Ethereum layer 2 blockchain Scroll.
Source: World Freedom Financial
Full details about the platform were gradually revealed. Trump has previously made several cryptic posts about World Liberty Finance, and has suggested that the project wants to expand the use of a stable coin called the US dollar-peg.
In an X live stream last month, Trump is expected to share full details of his family's crypto project, which is led by his sons Eric and Donald Trump Jr.
But he talked a lot about crypto in the 45-minute speech — which came a day after a second attempt on his life in Florida — and didn't mention the project once.
World Freedom Financial Group later revealed details about the WMFI token.
RELATED: Trump to Inaugurate Global Freedom Financial Crypto Forum on September 16
A leaked white paper says the project will allow users to store money in digital wallets, provide a credit accounting system, borrow or lend money to others, and use tokens to invest in assets such as crypto.
He also stated that the platform will be open source and will provide the same loan and credit services to Dow Finance, the group of four people who helped build the DeFi protocol.
Dow Finance lost $1.8 million in a flash loan attack in July.
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