Donald Trump Introduces 'The DeFiant Ones,” a New Decentralized Finance (DeFi) Initiative

Trump's sons, Donald Jr. and Eric Trump, are spearheading the project. So far, the Trump family has not revealed much details about the new DeFi project.

Former US President Donald Trump announced a new decentralized finance (DeFi) initiative called "The DeFiant Ones" on his social media platform, Truth Social. Trump's sons, Donald Jr. and Eric Trump, are leading the project.

Trump announced the project on Thursday, August 11, with a post that included a graphic stating "Coming Soon: The DeFiant Ones." The post also included a link to the project's official Telegram channel and the tagline, "Empowering average Americans and taking on the financial elites."

According to the Telegram description, the channel is the "sole official group" for updates and news related to the Trump DeFi project. As of Monday, August 14, the Telegram channel has over 34,000 subscribers.

So far, the Trump family has not revealed many details about the new DeFi project. However, Trump claims that the new project aims to challenge traditional financial institutions and empower the average American.

"For too long, the average American has been squeezed by the big banks and financial elites," Trump stated. "It’s time we take a stand—together."

In his announcement, Trump also included a link that directs followers to the project's official Telegram channel.

While specific details about "The DeFiant Ones" remain limited, there has been speculation about the project's potential direction. In a recent interview, Eric Trump mentioned the concept of "digital real estate," which could involve selling digitized assets in the metaverse or tokenizing real-world assets (RWAs).

These speculations have sparked discussions about whether the project might introduce another meme coin or pivot towards tokenizing tangible assets.

Interestingly, during this announcement, the MAGA (TRUMP) meme coin experienced a sharp increase in value, surging by nearly 21% within 24 hours. It's worth noting that this meme coin does not have any official ties with the former US President.

This announcement marks a significant shift in Trump's perspective on cryptocurrencies. During his presidency, he was openly critical of digital currencies, once labeling Bitcoin as a scam.

However, his recent statements have shown a more favorable stance towards crypto. Last month, Trump spoke at the Bitcoin 2024 conference in Nashville, where he promised to fire Gary Gensler if he wins the election. That being said, Trump reportedly raised a massive $25 million through the Bitcoin Conference.

Moreover, he recently suggested that Bitcoin could play a role in resolving the US's massive national debt.

"Who knows? Maybe we’ll pay off our $35 trillion dollars, hand them a little crypto check, right? We’ll hand them a little Bitcoin and wipe out our $35 trillion," Trump commented in an interview.

The Trump campaign has also embraced cryptocurrencies, starting to accept donations in Bitcoin, Ethereum, XRP, and USDC since May. As of the second quarter, the campaign has accumulated $4 million in crypto contributions.

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