A cryptocurrency wallet associated with the Trump family-backed World Liberty Financial Project bought millions of dollars worth of various major tokens early Thursday, sending prices soaring.
World Liberty Financial is an integrated platform that allows users to lend and borrow cryptocurrencies, create liquidity pools, and trade in stablecoins. WLFI will serve as the platform’s governance token.
President-elect Donald Trump is the project's “chief encryption champion.” Two of his sons, Eric Trump Jr. and Donald Trump Jr., are “web3 ambassadors,” and Mr. Barron holds the title of “DeFi visionary.”
According to the data, the project purchased $10 million in Ether (ETH) and $1 million each in aave (AAVE) and Chainlink's LINK tokens early Thursday. ETH price rose 7% in the morning Asian time after the purchase, while AAVE and LINK prices rose 30% on bullish sentiment.
The wallet also spent $30 million to purchase 8,105 ETH at an average price of $3,700 per spot on chain in the past 12 days.
Prominent crypto trader @TheFlowHorse speculated that the tokens are probably part of a larger plan in the coming months, saying, “Trump's account has a large number of crypto pairs that are set to benefit greatly from Trump's plan.'' I'm buying it,” he said.
World Liberty Financial uses the services of data provider Chainlink to better integrate with the broader crypto ecosystem. According to a November report, Chainlink supports the platform by providing critical price data and cross-chain interoperability infrastructure.
“President Trump’s World Liberty Financial DeFi platform adopted the Chainlink standard for data and cross-chain connectivity earlier this year, and the recent on-chain $1 million purchase in LINK represents a long-term relationship between the two ecosystems. It will only strengthen our collaboration even further,” Chainlink community liaison Zack said. Lines said in a Telegram message to CoinDesk.
“As the new administration clarifies the regulation of cryptocurrencies in the United States, Chainlink and WLFi are well-positioned to expand DeFi to the masses in an unprecedented way,” Lines added.
Last week, the platform's DAO proposed the introduction of World Liberty Financial Aave v3 instances. This instance will be managed through an external risk manager, built on the existing Aave v3 infrastructure, and released on Ethereum.
An instance refers to a specific deployment or version of a protocol, application, or service on a blockchain network.
Governance data shows the vote has already reached a quorum ahead of its Dec. 13 end date, with key objectives including attracting first-time users to the platform and increasing liquidity and revenue sharing. This includes distributing portions.
