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Donald Trump's crypto project World Liberty Financial has submitted a governance proposal to build an instance on the Aave DeFi protocol.
World Liberty Financial announced until October 9 ethereum-mainnet-proposal/19383″ target=”_blank” rel=”nofollow”>governance proposal who wants to launch their service as an Aave V3 instance on the ethereum (eth) mainnet. The Aave decentralized protocol (AAVE) will act as the back-end of the platform.
According to the proposal, World Liberty Financial's Aave V3 instance will focus on providing stablecoin liquidity for ethereum and Wrapped bitcoin (WBTC), as well as helping grow the Aave protocol user base. WLF's Aave will allow users to deposit in eth, WBTC, and stablecoins such as USD Coin (USDC) and Tether (USDT).
WLF offers token holders who oversee the protocol, also known as Aave DAO, 20% of the fees it generates and around 7% of the total supply of the platform's governance token, WLFI.
In return, WLF requests Aave DAO to participate in procedures related to WLF governance, liquidity mining, and promoting decentralization on the WLF platform.
In the proposal, the project suggests using the same reserve factor system as the main Aave instance and implementing a trustless smart contract as the basis for revenue splitting.
“WFL envisions incorporating assets that may not be mainstream compatible on the ethereum Mainnet, leveraging its ties to traditional finance and institutional investment,” WLF stated as its future vision for the Aave instance.
The proposal itself will be subject to approval by Aave DAO governance and the World Liberty financial community.
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in a x.com/worldlibertyfi/status/1844131883531239765″ target=”_blank”>x publication Announcing the news, WLF stated that they chose to partner with Aave for the launch due to the quality of their lending and borrowing protocol, their security practices, and their strong track record.
“Our proposition aligns perfectly with WLF's mission: to provide a secure, accessible and easy-to-use DeFi experience for everyone. This is a big step forward in our journey!” stated WLF in a publication.
Additionally, the project also announced that it plans to build on top of Scroll Network in the near future.
Former US President Donald Trump launched World Liberty Financial on September 16, pledging x.com/worldlibertyfi/status/1844131883531239765″ target=”_blank”>a post that “will make the United States the crypto capital of the world.” WLF is marketed as a project that provides lending and lending services and aims to be more user-friendly and accessible compared to existing DeFi platforms.
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