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Donald Trump’s WLFI Partners Ethena Labs, What’s Cooking?
In a sudden turn of events, World Liberty Financial (WLFI), a project backed by none other than former US President Donald Trump, has partnered with decentralized finance (DeFi) platform Ethena Labs. This unexpected collaboration aims to bolster stablecoin utility and liquidity on the WLFI protocol.
As announced on December 18, the partnership will integrate Ethena’s staked USDe token (sUSDe) into World Liberty Financial’s Aave-based platform. This innovative move enables users to stake USDe and earn dual rewards in sUSDe and WLF tokens. The integration is expected to enhance liquidity and promote stablecoin utilization on the protocol.
Notably, Ethena has proposed their staked USDe token as the first new collateral asset for the World Liberty Financial market. This proposal highlights that sUSDe has undergone rigorous risk evaluations on platforms like Aave Core and Lido. Upon approval, Ethena intends to incentivize this initiative through its points program, supporting dual rewards for participants.
WLFI’s recent performance has been under scrutiny after struggling to gain traction since its October 16 launch, with only $12.7 million worth of its WLFI token sold during the debut. However, a substantial boost was received when prominent figure Justin Sun invested $30 million in WLF tokens on November 26. Following this investment, World Liberty Financial allocated around $30 million to acquire assets such as ETH, AAVE, and LINK, indicating efforts to strengthen its market position.
It remains unclear if this new partnership with Ethena will mark a turning point for the project or not.
Ethena Labs, an innovative DeFi platform, has made significant strides in improving stablecoin usability and liquidity.
Source: www.cryptonewsz.com
