World Liberty Financial, endorsed by Trump, looks to become a part of the Aave DeFi ecosystem as it makes a governance proposal to make its mark on the Aave platform in the decentralized finance space.
Dated Oct. 9, the proposal details a strategy for World Liberty Financial to integrate as an Aave v3 instance on Ethereum’s mainnet, using Aave’s infrastructure as its backbone.
As part of the proposal, World Liberty Financial offers AaveDAO—which consists of Aave’s tokenholders who oversee the protocol—20% of the fees generated and 7% of its own governance tokens, dubbed WLFI.
Supported by former President Donald Trump, the project suggests that operating as an Aave instance would enhance liquidity for stablecoins, Ether, and Wrapped Bitcoin while expanding Aave’s user base.
World Liberty Financial plans to initially allow deposits in Ether, WBTC, and USD Coin, according to the proposal.
The project also intends to adopt the same reserve factor system used by Aave and employ a trustless smart contract for revenue distribution.
Before voting, AaveDAO members are encouraged to engage in discussions. Additionally, WLFI tokenholders, who govern the World Liberty Financial platform, must separately approve the proposal.
In an October 10 post on X, World Liberty Financial stated that the proposal “aligns perfectly” to create a more accessible DeFi user experience.
Successful integration with Aave is expected to pave the way for expansion to the Scroll blockchain on Ethereum’s layer 2.
The team is gradually revealing details about the platform.
The project has expressed interest in promoting US dollar-pegged stablecoins, and Trump has previously shared cryptic messages about World Liberty Financial.
Last month, Trump was expected to reveal the comprehensive details of his family’s crypto project during a livestream on X, led by his sons, Eric and Donald Trump Jr.
However, during the 45-minute discussion, which took place the day after a second attempt on his life in Florida, he spoke very little about crypto and failed to mention the project.
Later, the World Liberty Financial team disclosed details about its WLFI token. According to a leaked white paper, the project will allow users to store money in a digital wallet, offer a credit account system, and enable lending, borrowing, and investing in assets like crypto using tokens.
The platform, as stated, will be open source and provide borrowing and lending services with a team including four contributors to the DeFi protocol.
