Donald Trump backed the decentralized finance (DeFi) project, World Liberty Financial (WLFI) said it would integrate Oracle Chainlink for on-chain data and cross-chain interoperability. In an official announcement, the protocol said that tapping Chainlink technology will allow its project to better integrate with the crypto ecosystem.
The project, which enjoys the support of Trump and his sons, disclosed that it chose the decentralized Oracle network because of its capabilities as the best solution for security, cross-chain connectivity, and on-chain data issues common to DeFi platforms.
The protocol said:
“WLFI seeks to kick off the next wave of DeFi mass adoption and implementing the Chainlink standard will provide the WLFI community with the security and reliability it needs to succeed in this goal.”
With this adoption, WLFI, a protocol that seeks to make DeFi more accessible through user-friendly tools and a robust platform, believes it can position itself as a leading platform for the next wave of DeFi adoption.
WLFI Protocol to integrate Chainlink Price Feeds
As part of the first phase of Chainlink adoption, WLFI intends to integrate Chainlink Price Feeds into the Ethereum mainnet. Chainlink Feeds is the infrastructure that provides on-chain market data for most DeFi protocols, and WLFI intends to use it for its planned Aave v3 instance, depending on whether its community approves.
The project noted that Chainlink Price Feeds would provide all the reliable financial data needed for the Aave v3 instance to function optimally. According to the announcement, Chainlink has secured Aave markets for more than five years without any issues, which is why WLFI tapped it to make the first DeFi app accessible on its platform.
In the future, it intends to integrate other capabilities, such as proof reserves for real-world assets, cross-chain interoperability, etc. WLFI Gold paper includes all these as potential use cases for the DeFi protocol.
Speaking on the adoption, the co-founder of Chainlink, Sergey Nazarov, noted that the protocol is widely used in the DeFi space. He said:
“We’re excited to partner with WLFI on their data, cross-chain, and all other oracle network needs. The Chainlink standard is already widely used across DeFi and will help WLFI attract users that value the security and reliability.”
Meanwhile, Eric Trump, one of the Web3 ambassadors for WLFI, described the adoption of Chainlink as a bullish sign for crypto and the overall future of DeFi.
WLFI continues to struggle despite Trump’s win
With its adoption of Chainlink, WLFI will be hoping to generate more interest in the project, which has been struggling despite enjoying Donald Trump’s backing. According to data from Dune analytics, the WLFI presale has only brought in $19.7 million from selling almost 1.3 billion tokens.
This is far below the initial target of $300 million, which it aimed to raise from the presale when it started on October 15. However, it is closer to the adjusted target of $30 million. Still, the fact that only 19,653 addresses have bought the WLFI token in 23,652 transactions highlights the remarkably low interest.
The limited interest in WLFI is likely due to several restrictions. Only accredited investors can participate in the presale in the US and UK, and the token is locked for at least a year before being tradeable. This has deterred many investors who are already skeptical about its potential.
Meanwhile, Chainlink token LINK is down almost 9% in the last 24 hours, part of a market-wide price correction affecting most crypto assets including Bitcoin. LINK is now trading at $12.98.
Source: https://www.cryptopolitan.com/trump-backed-wlfi-embraces-chainlink/