DEFIREGULATION

Foreign media: Trump's cryptocurrency project World Liberty to issue governance token WLFI for lending agreement

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Foreign media: Trump

According to a white paper obtained exclusively by CoinDesk, the World Liberty project will involve non-transferable governance token WLFI and credit protocols, built on the DeFi asset management protocol Dough Finance. Although Dough Finance's code repository has been deleted, sources suggest a close association with World Liberty.

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World Liberty Financial

World Liberty will be built on Aave and Ethereum, with a "credit account system" at its core to facilitate decentralized lending, but the whitepaper states that the system is still under development, hence lacking in technical details.

When World Liberty was first announced at the end of August, it was still named "The DeFiant Ones," with very few details available. The involvement of Donald Trump Jr., Eric Trump, and the 18-year-old Barron Trump in the project planning, along with a recent tweet from President Trump tagging the project, has garnered significant attention.

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Multiple Dough Finance Employees Joining World Liberty Project

It is understood that the World Liberty whitepaper also lists several former senior executives from Dough Finance:

  • Front-end Developer: Boga, the code author at Dough Finance

  • Smart Contract Lead: Octavian Lojnita, former employee at Dough Finance

  • Operations Director: Zachary Folkman, co-founder of Dough Finance

  • Data and Strategy Lead: Chase Herro, co-founder of Dough Finance

  • Company Registrar: Folkman previously collaborated with Dough Finance founders on the Subify project

Dough Finance Controversy

In July of this year, Dough Finance suffered a $1.8 million loss due to a flash loan attack, adding to the uncertainty surrounding World Liberty.

However, although World Liberty drew inspiration from Dough Finance, there is no concrete evidence to suggest that Dough Finance code will be directly used.