Trump Crypto Project Taps Chainlink for Onchain Data
Analysis
Price Impact
MedThe adoption of chainlink by wlfi, a project backed by donald trump, could increase demand for link as it is essential for the project's operation. this could lead to a price increase, especially if the project gains traction and becomes successful.
Trustworthiness
MedThe trustworthiness of the project is difficult to assess due to its political affiliations and the potential for hype. the project's use of a well-established oracle solution like chainlink adds some credibility, but it's important to be cautious as the project is still in its early stages.
Price Direction
BullishThe integration of chainlink could lead to increased demand for link, potentially driving the price higher. however, the success of the project and its adoption are uncertain, which could limit the impact on the price.
Time Effect
LongThe impact of wlfi's adoption of chainlink on the price of link is likely to be a long-term effect, as the project's success and adoption will take time to materialize.
Original Article:
Article Content:
Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE World Liberty Financial (WLFI), the decentralized finance (DeFi) project backed by Donald Trump and his family, announced its adoption of Chainlink’s (LINK) oracle service. As Decrypt reported in mid-September , president-elect Donald Trump launched WLFI, with plans to offer borrowing and lending services for cryptocurrencies on the Ethereum blockchain network, while also paying liquidity providers. Then in October, the project submitted a proposal to the governance forum of Ethereum (ETH) DeFi platform Aave—upon which Trump and his business partners intend to build their crypto offering. The ambitions of the project seem to be shifting, too. Late last month, there were talks that the project was interested in launching a “ native stablecoin .” Now, developers plan to integrate Chainlink’s Ethereum Price Feeds into World Liberty Finance’s Aave v3 instance, pending approval from the WLFI Governance Platform. This integration is meant to provide WLFI with real-time on-chain financial market data—which is essential for its operation, the company said. Chainlink's Price Feeds have seen widespread adoption in the DeFi space, being integrated into AAVE’s base instance since its inception. "World Liberty Financial's partnership with Chainlink marks a significant step forward. We have never been more optimistic about the future of crypto and DeFi technology," Eric Trump, Web3 Ambassador at World Liberty Financial, said in a press release. Chainlink co-founder Sergey Nazarov told Decrypt that he appreciates WLFI’s approach to security and adoption of an oracle system that has already been running for five years. “We are excited to collaborate with them, and I appreciate that they are approaching their launch with a strong focus on security,” he said. [4/7] Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance. We believe that DeFi is the future, and we’re committed to making it accessible and secure for everyone. 🌍💪 — WLFI (@worldlibertyfi) September 4, 2024 Early September statements by the team behind WLFI suggested that the DeFi platform aims to maintain global U.S. dollar supremacy through the use of stablecoins. “Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance,” one tweet read . “We want U.S.-pegged stablecoins to remain the world’s settlement layer for the next 100 years,” the text highlighted. Edited by Stacy Elliott . Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!