World Liberty Financial (WLF), a decentralized finance (DeFi) platform linked to US President Donald Trump, made waves on January 20 by purchasing over $100 million worth of cryptocurrency.
The wallet has also acquired smaller market cap tokens such as Ethena, Wrapped Tron, Chainlink, Aave and Uniswap, using decentralized exchange CoW for its transactions. By the end of the day, WLF’s total cryptocurrency holdings reached $326.2 million, primarily in Ether, USD Coin, and wrapped Bitcoin.
On January 19, the day before Trump’s inauguration, WLF purchased Ethereum Name Service (ENS) domains for several members of the Trump family, sparking speculation on social media about the potential for more Trump-branded memecoins. Two days prior, Trump launched the official Trump token on the Solana blockchain. The token initially reached a market cap of $15 billion, but fell 40% on its inauguration day. Meanwhile, First Lady Melania Trump introduced her eponymous memecoin, MELANIA, over the same weekend.
World Liberty Financial has also been active in its token sales. The platform, led by Zachary Folkman and Chase Herro, both formerly of Dough Finance, sold 20% of its 100 billion tokens before the inauguration. On January 20, it released 5% more tokens with a markup of 230%.
The Trump family’s involvement in WLF is significant, with Donald Trump holding the title “leading crypto advocate” and his sons, Eric Trump and Donald Trump Jr., acting as Web3 ambassadors. The family’s support for the platform, combined with its high-profile token purchases and launches, has sparked intense interest and lively debate within the cryptocurrency community.
While WLF’s actions have solidified its financial position, its projects, including the Trump and Melania tokens, have generated polarized reactions. Some see these developments as bold innovations in the DeFi space, while others question the implications of the intertwining of crypto and political figures.
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