Donald Trump’s crypto initiative, World Liberty Financial, submitted a governance proposal to establish an instance on the DeFi protocol Aave
World Liberty Financial disclosed its intention to introduce its service as an Aave V3 instance on the Ethereum (ETH) mainnet in a governance proposal issued on October 9. The platform’s backend will be the decentralized protocol Aave.
The Aave V3 instance of World Liberty Financial will concentrate on expanding the Aave protocol’s user base and providing stablecoin liquidity for Ethereum and Wrapped Bitcoin (WBTC), as per the proposal.
Users can deposit in ETH, WBTC, and stablecoins such as USD Coin (USDC) and Tether (USDT) through WLF’s Aave.
WLF provides token holders who supervise the protocol, which is also known as Aave DAO, with 20% of the fees it generates and approximately 7% of the total supply of the platform’s governance token, WLFI.
In exchange, WLF requests that Aave DAO participate in procedures related to WLF Governance, liquidity mining, and the promotion of decentralization on the WLF platform.
The project recommends the utilization of the same reserve factor system as the primary Aave instance and the establishment of a trustless smart contract as the foundation for revenue distribution in the proposal.
WFL’s future vision for the Aave instance includes the onboarding of assets that may not be compatible with the main market on the Ethereum Mainnet, utilizing its connections to conventional finance and institutional investment.
The Aave DAO governance and the World Liberty Financial community must approve the proposal.WLF announced the news in an X post, stating that they selected Aave as their launch partner due to the quality of their lending and borrowing protocol, security practices, and strong track record.
“Our proposal is in perfect harmony with the mission of WLF, which is to offer a secure, accessible, and user-friendly DeFi experience to all.” This is a significant advancement in our journey! stated WLF in a post.
Furthermore, the initiative declared its intention to expand upon the Scroll Network in the near future.
Donald Trump, the former President of the United States, established World Liberty Financial on September 16. In an X post, he declared his intention to “make America the crypto capital of the world.”
Aiming to be more user-friendly and accessible than current DeFi platforms, WLF is marketed as a project that offers borrowing and lending services.
