Data shows that the project’s Donald Trump-backed World Liberty Financial bought $10 million worth of Ethereum (ETH) and $1 million each of Aave (AAVE) and Chainlink’s LINK tokens earlier today. Following this development, the price of these altcoins rose. Here are the details
Ethereum, LINK and AAVE purchase from Trump family-backed project
Crypto wallets linked to the Trump family-backed World Liberty Financial project bought several large tokens worth millions of dollars early Thursday, sending their prices skyrocketing. World Liberty Financial is a unified platform where users can lend and borrow cryptocurrency, create liquidity pools and trade stablecoins. WLFI serves as a governance token for the platform.
President-elect Donald Trump is the project’s “chief crypto advocate”. His two sons Eric and Donald Trump Jr. are “web3 ambassadors,” while Barron is a “DeFi visionary.” The project bought $10 million worth of Ethereum (ETH) and $1 million each of Aave (AAVE) and Chainlink’s LINK tokens early Thursday, data shows. ETH prices were up 7% in Asian morning hours following the purchases, while AAVE and LINK prices were up 30% on bullish sentiment. According to Spot on Chain, the wallet also spent $30 million to buy 8,105 ETH at an average price of $3,700 over the past 12 days.
What lies ahead?
Well-followed crypto trader TheFlowHorse predicted that the tokens are likely part of bigger plans in the coming months. He claimed that Trump’s account is buying crypto pairs that will benefit greatly from his plans. World Liberty Financial is using the services of data provider Chainlink to better integrate with the broader crypto ecosystem. According to a report published in November, Chainlink supports the platform by providing key pricing data and on-chain interoperability infrastructure. Chainlink community manager Zach Rynes said
With Trump’s World Liberty Financial DeFi platform adopting the Chainlink standard for data and cross-chain connectivity earlier this year, the recent $1 million onchain purchase at LINK further strengthens the long-term alignment between the two ecosystems. As the new administration brings regulatory clarity for crypto in the US, Chainlink and WLFi are well positioned to scale DeFi to the masses in a way never seen before.
Last week, the platform’s DAO proposed the deployment of a World Liberty Financial Aave v3 instance. This instance would be managed through external risk managers, built on existing Aave v3 infrastructure, and run on Ethereum. An instance refers to a specific deployment or version of a protocol, application or service on a blockchain network. According to governance data, voting has already secured a quorum ahead of the December 13 deadline, and key goals include attracting first-time users to the platform as well as sharing a portion of revenues with liquidity providers.
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