Trump’s New Crypto Project: World Liberty Financial (WLFI), a newly established decentralized finance (DeFi) protocol endorsed by Donald Trump and his family, announced on Thursday its decision to utilize the services of data provider Chainlink to enhance its integration within the broader cryptocurrency ecosystem. Chainlink will play a pivotal role in supplying essential pricing data and facilitating cross-chain interoperability for the platform.
WLFI, the DeFi initiative supported by Donald Trump and his family, revealed its adoption of Chainlink’s (LINK) oracle service. As reported by Decrypt in mid-September, president-elect Donald Trump initiated WLFI with the objective of providing borrowing and lending services for cryptocurrencies on the Ethereum blockchain, while also compensating liquidity providers. Subsequently, in October, the project presented a proposal to the governance forum of the Ethereum (ETH) DeFi platform Aave, which serves as the foundation for Trump and his associates’ crypto venture. Additionally, the project’s aspirations appear to be evolving, as discussions emerged late last month regarding the potential launch of a “native stablecoin.”
Trump’s New Crypto Project
Developers are currently preparing to incorporate Chainlink’s Ethereum Price Feeds into the Aave v3 instance of World Liberty Finance, contingent upon approval from the WLFI Governance Platform. This integration aims to furnish WLFI with real-time on-chain financial market data, which the company deems crucial for its operations. Chainlink’s Price Feeds have gained significant traction within the DeFi sector, having been part of AAVE’s foundational framework since its launch.
The collaboration between World Liberty Financial and Chainlink represents a notable advancement. “We have never been more optimistic about the future of crypto and DeFi technology,” stated Eric Trump, Web3 Ambassador at World Liberty Financial, in a press release. Chainlink co-founder Sergey Nazarov expressed his appreciation for WLFI’s commitment to security and their adoption of an oracle system that has been operational for five years.
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“We are excited to collaborate with them, and I appreciate that they are approaching their launch with a strong focus on security,” he remarked. Nazarov further noted, “The Chainlink standard is already widely utilized across DeFi and will assist WLFI in attracting users who prioritize the security and reliability that have contributed to the growth of DeFi as an industry.”
- World Liberty Financial is under the leadership of Zachary Folkman and Chase Herro, both of whom have prior experience with the DeFi platform Dough Finance, which suffered a $2 million loss in crypto assets due to an exploit in July.
- The project has garnered public endorsements from members of the Trump family, including Donald Trump, who has taken on the role of “Chief Crypto Advocate” for the platform.
- Eric Trump and Donald Trump Jr. are designated as “Web3 Ambassadors,” while Barron Trump is acknowledged as a “DeFi Visionary.”
- The initiative aims to launch operations on Aave’s v3 platform, a key entity in decentralized finance (DeFi), on the Ethereum mainnet.
- The primary goal is to provide liquidity for various digital assets, including ether (ETH), wrapped bitcoin (wBTC), and stablecoins.
- Eric Trump highlighted the importance of the partnership with Chainlink, describing it as a notable progression in the field.
- He expressed a strong sense of optimism regarding the future of cryptocurrency and DeFi technology.
- In early September, the WLFI team articulated their commitment to maintaining the global supremacy of the U.S. dollar through the use of stablecoins.
- A tweet from the team emphasized their mission to elevate the status of cryptocurrency and America by fostering the adoption of stablecoins and decentralized finance.
- The text conveyed a vision for U.S.-pegged stablecoins to become the foundational settlement layer for the next century.
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What is Chainlink and how it operates?
Chainlink (LINK) represents a cryptocurrency initiative aimed at establishing a global, decentralized oracle network that operates across numerous computers. This network is designed to deliver trustworthy, real-world data to smart contracts deployed on various blockchain platforms. The data points that facilitate the connection between blockchain-based smart contracts and external information sources are referred to as “oracles.”
Each oracle within the Chainlink decentralized oracle network is motivated to supply precise data, with a reputation score assigned to each participant. Oracles that adhere to the established protocols and deliver valuable (accurate) data are compensated with LINK, the native ERC-20 token of the Chainlink network.
For those intrigued by Chainlink but uncertain about its fundamentals or how to engage with it, this guide aims to provide comprehensive insights into Chainlink, preparing you for an accessible trading experience in the market. Chainlink functions as a decentralized oracle network, where external data providers, known as “oracles,” collaborate to enable Chainlink smart contracts to obtain precise information from non-blockchain sources, including various APIs and other external data feeds. The LINK token serves as the medium for compensating and ensuring the reliability of the oracle services within the Chainlink ecosystem.
While the value of Bitcoin (BTC) is largely determined by its utility as a general-purpose currency, Chainlink’s valuation is established through a different mechanism. Chainlink enhances the functionality of smart contracts by facilitating access to real-world data, events, payments, and more, all while maintaining the security and dependability characteristic of blockchain technology. A significant portion of LINK’s market value is intrinsically linked to the value of Ethereum (ETH), as Chainlink operates on the Ethereum blockchain and depends on Ethereum smart contracts for its revenue generation.
