Trump-Backed Crypto Project Boosts Major Token Prices

According to CoinDesk, crypto wallets linked to the Trump family-supported World Liberty Financial project made significant purchases of major tokens early Thursday, leading to a surge in their prices. World Liberty Financial is a platform that facilitates borrowing and lending of cryptocurrencies, creation of liquidity pools, and transactions with stablecoins. The platform's governance token is WLFI. President-elect Donald Trump is the "chief crypto advocate" for the project, with his sons Eric and Donald Trump Jr. serving as "web3 ambassadors," and Barron Trump holding the title of "DeFi visionary." Data indicates that the project acquired $10 million in ether (ETH) and $1 million each in aave (AAVE) and Chainlink’s LINK tokens. Following these purchases, ETH prices rose by 7% during Asian morning hours, while AAVE and LINK saw a 30% increase due to positive market sentiment. The wallet has also spent $30 million to acquire 8,105 ETH at an average price of $3,700 over the past 12 days. A well-known crypto trader speculated that these token acquisitions might be part of larger plans in the coming months, suggesting that the purchases are strategically aligned with Trump's future initiatives. World Liberty Financial utilizes Chainlink's services to enhance integration with the broader crypto ecosystem. Chainlink provides essential pricing data and cross-chain interoperability infrastructure, as reported in November. A Chainlink community liaison noted that the recent $1 million purchase of LINK further solidifies the long-term partnership between the two ecosystems. With the new administration expected to bring regulatory clarity for crypto in the US, both Chainlink and WLFi are poised to expand DeFi to a wider audience. Recently, the platform's DAO proposed launching a World Liberty Financial Aave v3 instance, which will be managed by external risk managers and built on the existing Aave v3 infrastructure on Ethereum. This proposal has already reached quorum ahead of its conclusion on December 13. The key objectives include attracting new users to the platform and sharing revenue with liquidity providers.