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Trump-Backed WLFI Buys Millions in ETH, LINK, AAVE, Plans Aave v3 Instance

Dec 14, 2024, 03:58 PM

World Liberty Financial (WLFI), a decentralized finance (DeFi) project backed by Donald Trump, has significantly expanded its cryptocurrency portfolio by purchasing millions of dollars worth of Ethereum (ETH), Chainlink (LINK), and Aave (AAVE) tokens. The project has acquired 2,631 ETH at $3,801 each, 41,335 LINK at $24.2 each, and 3,357 AAVE at $297.8 each, according to on-chain analytics. This investment strategy marks WLFI's first venture into LINK and AAVE, diversifying its treasury. Following these acquisitions, LINK has reached a multi-year high of $30.94, driven by increased futures open interest and the project's adoption of Chainlink for data accuracy and cross-chain connectivity. WLFI's community has also approved the launch of an Aave v3 instance, which will support borrowing and lending for ETH, Wrapped Bitcoin (WBTC), and stablecoins like USDT and USDC. The AaveDAO will receive 7% of WLFI's circulating supply and 20% of the fees generated by this new instance. WLFI's total crypto holdings now exceed $74 million, with ETH comprising over $50 million of that value. This move is seen as a strategic play to support the assets that WLFI's DeFi platform will utilize, according to Nicolai Sondergaard, a research analyst at Nansen. President-elect Donald Trump has shifted from being a critic of Bitcoin to a proponent of the crypto industry, appointing crypto advocates to high-profile positions, including SEC Chair Paul Atkins and Florida Congressman Matt Gaetz as Attorney General. The project was initially unveiled by Trump's son Eric Trump in August 2024.