The Trump family is about to start a new crypto project on the Ethereum blockchain, which will be built with the collaboration of the DeFi protocol AAVE. According to a World Liberty Financial statement, the project aims to strengthen the United States dollar in decentralized finance.
According to the World Liberty Financial post on Sep. 4, the upcoming decentralized finance project announced its primary goal was to drive “mass adoption of stablecoins and decentralized finance.”
“By spreading U.S.-pegged stablecoins worldwide, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”
Ongoing speculation in the United States suggests that the dollar is at risk of being dethroned from the status of world currency by other currencies, such as the Euro. This worry is backed by the call from BRICS countries, particularly China and Russia, that want to trade in other currencies.
Stablecoins, except algorithmic stablecoins, have been steadily growing for almost a year, and the total market capitalization of stablecoins was $169 billion on September 5 as per DefiLlama.
Besides complimenting stablecoins, the project suggested a future collaboration with DeFi application AAVE; thus, indicating that World Liberty Financial may operate on Ethereum.
As we witnessed in the last one-day data on CoinMarketCap, the AAVE price rose by more than 9% to $133.04, the latter being its lowest point of September 4 this year, $116.99.
WG says it will be more than “just another hostile fork”, stating such have previously failed to do so. The project also said that it is working with the leading security specialists to ensure that they adhere to the conventional “best practices for coding”.
Donald Trump also posted some ambiguous tips regarding World Liberty Financial, saying it is capable of circumventing normal banks and placing the U. S. atop the world as pertains to crypto.
Defi project being watched by Hackers
To date, all those who are associated with the venture have received numerous attacks from hackers and scammers.
It wasn’t until Aug. 8 that Eric Trump had to announce that the RTR memecoin had been entirely detached from the project after it surged to $ 155 million within hours due to the World Liberty Financial Association.
Subsequently, on August 30, the official World Liberty Financial Telegram channel had to post a message about fake ads and giving-associated frauds that appeared with the intent to respect the project.
Scammers also hacked the X account of Lara and Tiffany Trump on Sep 4 and started posting inappropriate content about the World Liberty Financial.
