Key Points:
World Liberty Financial is prioritizing security by collaborating with top industry experts and aims to drive stablecoin adoption.
A draft white paper reveals that 70% of the WLFI governance token will be held by insiders.
World Liberty Financial, a crypto project backed by former US President Donald Trump, announced on Wednesday that it was committed to ensuring security and the adoption of stablecoins.
Read more: World Liberty Financial Linked to Hacked DeFi Project Dough Finance
World Liberty Financial Focuses on Stability and Stablecoin Adoption
World-class security companies like Zokyo, Fuzzland, Peckshield, and BlockSecTeam have been hired for the project to ensure heavy code reviewing processes and best practices in terms of users’ security.
In a statement published on its Telegram channel, the project emphasized security: “We’re not taking any chances. Our code has been thoroughly reviewed by these industry leaders. We are utilizing best practices and making user security our primary concern. “
The project aims to set new standards in DeFi without releasing a contentious fork but by partnering with Aave itself: “This is a partnership to build something truly transformative,” World Liberty Financial asserted.
WLFI Tokens Not Transferable So To Avoid Securities Law Issues
A draft white paper obtained by CoinDesk indicates that a majority of the project’s governance token, WLFI, would be deeply centralized among insiders. A full 70% of WLFI is earmarked for “founders, team, and service providers,” while another 30% is pegged to “public sale.” As described, some proceeds from this sale would flow directly to insiders, while a portion is kept back in a treasury for operational functions.
This insider allocation creates real questions about whether the project is an actual innovative DeFi solution or merely using the fame of the Trump family. In addition, WLFI tokens will be non-transferable to avoid securities law issues, no doubt.
In recent days, the project has also issued a warning on potential scams and fraudsters impersonating World Liberty Financial representatives.
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