World Liberty Financial was marketed as a “governance token” that would make the platform “community-governed.”
Strangely, despite the fact that there are over 80,000 wallets holding the token, very few of these holders have wanted to participate in the governance process.
Indeed, there’s not been a single post in the governance forum for the project since January 9, well over a month ago. This is the same governance forum where the World Liberty team itself seems to be using AI to generate posts full of falsehoods.
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
For comparison, AAVE sees multiple posts every day, as do Sky, Uniswap, Lido, and Compound.
Early in December, World Liberty Financial had its first governance proposal in which approximately 1,700 wallets participated. This proposal described its intention to launch an AAVE lending market and easily passed.
This instance has yet to launch.
However, the project has continued to move forward, announcing its intention to create some type of cryptocurrency reserve described as “the Macro Strategy.” This strategy was announced without discussion in the governance forum and without the approval of governance token holders.
Interestingly, Blockworks has reported that World Liberty shopped around a deal to cryptocurrency teams where if you purchased its token, it would purchase your token.
World Liberty claims this wasn’t true. Despite World Liberty’s claims, it has made investments in projects connected to its investor Justin Sun, including ones that have recently limited its disclosures.
Read more: World Liberty Financial offers quid pro quo for investment, report
However, despite the lack of progress toward its stated goals, the project has still been successful by other measures. For example, it has nearly reached its new fundraising goal at the time of writing and has raised over $1 billion.
Fundamentally this is the real purpose of this project; it is a way to enrich the president who declares himself king.
Protos reached out to the World Liberty Financial X account to determine when it intends to launch its AAVE instance, but it didn’t immediately respond.
