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World Liberty Financial proposes to allow the transfer of tokens.
The decentralized finance protocol World Liberty Financial (WLFI), co-founded by the family of American President Donald Trump, has just initiated a community proposal to allow the WLFI governance token to be transferable and freely traded within the cryptocurrency ecosystem. If approved, this token will be listed on global exchanges.
This proposal is part of the roadmap towards an "open participation" model, allowing tokens to be traded on secondary markets such as the decentralized exchange (DEX) and the peer-to-peer network (P2P). Currently, the WLFI token only exists within a closed system and cannot be traded outside the platform, limiting the scale of the governance community as well as the price discovery mechanism.
WLFI and other crypto projects of the Trump family are facing criticism from Democratic lawmakers, with many arguing that the close relationship with the cryptocurrency industry could create conflicts of interest. Full decentralization of WLFI is expected to alleviate pressure from Congress and contribute to pushing for comprehensive regulatory reforms in this sector.
The Trump family reduces ownership of WLFI as the president reports a profit of 57 million USD
According to information from the platform, the Trump family has reduced its stake in WLFI by 20% in June. Previously, the company DT Marks DeFi LLC – representing the family's investment in WLFI – held a 75% stake. The divestment began in December of last year.
In the financial disclosure submitted to the Office of Government Ethics in America in June, President Trump stated that he earned a profit of 57 million USD from WLFI.
Overall, Mr. Trump is said to have added an additional $620 million to his net worth through crypto projects, including the memecoin TRUMP, NFT sales, ownership stakes in WLFI, and profits from other digital assets in his portfolio.
According to Bloomberg, cryptocurrency assets currently account for about 9% of President's total net worth of 6.4 billion USD.
The huge profits along with the public relationship with the crypto industry have led Congress to propose several laws aimed at limiting the President's involvement in this field.
In June, Democratic Congressman Adam Schiff introduced the COIN Act (Curbing Officials’ Income and Nondisclosure), which proposed to prohibit the President, immediate family members, and officials in the Executive branch from issuing or promoting specific cryptocurrencies.
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