Wild New Details Emerge from Trump Crypto Project
Wild New Details Emerge from Trump Crypto Project
Plus crypto majors fall hard following stocks - find out the impact downstream.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors fall 4%; BTC down to $56,550
Bitcoin funding rates hit lows not seen since Jan 2023
Trump crypto project reveals new details, Dough Finance copy on ETH
FBI warns North Korea is aggressively targeting crypto sector
Rocktoshi reveals he's an Ordinals co-founder
🤯 World Liberty Financial Details Emerge
New details from the highly anticipated Trump family crypto project have emerged.
And you may want to sit down for this one.
What Happened?
Yesterday Coindesk published excerpts from the World Liberty Financial white paper, the project touted by Donald Trump and his sons recently on X.
The protocol looks to be a crypto borrowing and lending service (similar to Dough Finance) and will include a token WLFI.
Built on Ethereum and its DeFi platform Aave, the project will look to include a "credit account system," while other aspects of the white paper describe it more as a crypto brokerage service.
Here are some other core details for the project:
Built by 4 team members from Dough Finance (recently hacked for $2M)
Early GitHub shows code directly lifted from Dough Finance
Barron Trump identified as its "DeFi visionary"
Eric Trump and Donald Trump Jr. are listed as "Web3 Ambassadors"
An LLC for the project is registered to Zachary Folkman (Head of Operations) who is the co-creator of Subify (censorship free competitor to Patreaon & OnlyFans)
Includes a non-transferable governance token $WLFI
Gabriel Shapiro's law firm MetaleX Pro is receiving 1.3% of $WLFI for their role as legal counsel
So a recently hacked protocol's (Dough Finance) fingerprints are all over this one, with 4 team members and the code base existing in early GitHub.
Barron Trump (18 years old) is the visionary behind it.
And they're launching a token, albeit non-transferable.
I'm sure ETH DeFi maxis are on the edge of their seats for this one.
Why It Matters
Trump is running a hotly contested campaign which is basically a coin flip 2 months out from the election (Polymarket has it at 52-47 Trump right now).
There isn't much room for error.
And the crypto base is almost unanimously voting his way (at least it seems on Crypto Twitter). At least, as of right now.
But running out a haphazard DeFi protocol ahead of the election which 1) is a cheap copy of a protocol that didn't see much success or worse 2) gets hacked and hurts users, is a bad outcome.
Trump does not want to lose the crypto vote in such a tight election where a few thousand votes in a few key states can swing everything.
Yet his team seems to be acting fairly recklessly here.
The best advice for them? Push out any more launch details until mid-November.
We will see if they take it.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
ETH led NFT trading volume with $4.5M on the day; Solana was next with $2.1M, and then BTC with $1.4M
ETH NFT leaders were red on the day following crypto majors; Pudgy -2% at 10.3 ETH, BAYC -5% at 11.3 ETH, Azuki -1% at 4.77, Milady -5% at 3.29
Winds of Yawanawa (+90%) and San FranTokyo (+46%) were other notable top movers
BTC NFT leaders were red; NodeMonkes -3% at 0.1116 BTC, Puppets -3% at 0.078 BTC, Quantum Cats even at 0.242
The Runes leaders were red; DOG -3% at $252M mc, RSIC -8% at $58M mc, PUPS -6% to $29M
Solana NFTs were slightly red; Mad Lads -2% at 60 SOL, SMB Gen 2 even at 24, DeGods -4% at 26
The NFT-funded film "Calladita" will be listed on Netflix Spain starting on Sept 11, according to Director Miguel Faus
Jenkins the Valet announced it is no longer pursuing the Writer's Room or Azurbala, will focus on other opportunities
Rocktoshi revealed that he was a co-founder of Ordinals along with Casey Rodarmor (no impact to NodeMonkes floor price)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
Blast announced the Mobile Big Bang Bootcamp, offering $250k in funding, 1:1 office hours with Pacman, access to investors and 1M Blast Gold
Abstract founder Luca Netz shared his thoughts on consumer crypto and what it will take to reach the masses in a recent blog post
Gondi introduced its new v3, including new features like tranche seniority, renegotiations, Largest Lien Buyout, and more
Ethena introduced USDe as the first dollar denominated token which can be used as security within its platform, in partnership with Eigenlayer and EtherFi
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are very red following a bad day in stocks; BTC -4% at $56,550; ETH -4% at $2,400, SOL -4% at $128; RLB was a notable top mover, up 17% to $180M on the day
Memecoin majors are more red with DOGE -4%, PEPE -7%, WIF -8%, BONK -8%, MOG -8%
Bitcoin funding rates have hit January 2023 lows, along with google search trend results for Bitcoin
The SEC fined crypto investment firm Galois Capital for keeping funds with Fireblocks, a non-qualified custodian
The FBI has released an alert that North Korea is aggressively targeting the crypto industry, including ETF providers, with social engineering attacks
Arbitrum introduced Stylus, creating a new interoperable coding environment for any languages that compiled down to WASM
Avalanche announced a major upgrade to Avalanche9000 unlocking "an expansive world of purpose-built blockchains," making it more economical and easier to customize building on top of Avalanche
Samsung announced support for Startale and its mission to make web3 more accessible globally, along with participation in Soneium's Spark incubation program
🚀 Memecoin Movers
$POX (+240%, $22M market cap, SOL)
$SHIT (+42%, $10M market cap, SOL)
$VISTA (+39%, $24M market cap, ETH)
$NEIRO (+20%, $35M market cap, ETH)
$MAGA (+10%, $42M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
Winds of Yawanawa (89%, 7.55 ETH Floor)
Cryptomnesia (50%, 1.5 ETH)
San FranTokyo Genesis (46%, 0.24 ETH)
San FranTokyo Visions (44%, 0.07 ETH)
Creepz (30%, 1.69 ETH)
🗓 Upcoming Mints and Events
Today is a slower day of new mints.
Ruben is the meme card artist and Floor is back for their weekly drop.
Otherwise, expect more focus on macro action and crypto majors to drive beta action, one way or another.
See the full list and dive in for more details with Swizzy's daily mint monitor.
Memes by 6529 (11:00 a.m. ET)
Yoshi Sodeoka x SOLOS x Verse (1:00 p.m. ET)
Floor Icons Series 4 Drop 6 (1:00 p.m. ET)
CatsPetsZero (1:00 p.m. ET)
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