Key Takeaways:
- TRON founder Justin Sun invested $30 million into Trump’s crypto project, World Liberty Financial.
- DT Marks DEFI LLC, Trump’s company is entitled to 75% of the net revenue of the WLFI project once it crosses the $30 million mark in revenue.
- Sun’s contribution to Trump’s venture raises concerns about how different people can enrich the new Preisdent-elect without any law violation taking place.
Justin Sun, creator of the TRON blockchain recently made a contribution of $30 million to World Libert Financial (WLFI). WLFI is a decentralized financial project that is backed by none other than the president-elect Donald Trump. This investment made by Sun has made him the largest stakeholder in the famous exchange. In this article, we will look into this investment and the implications behind it.
Who is Justin Sun?
Justin Sun is a crypto entrepreneur and business executive, who is well-known for his hand in the founding of TRON. TRON is a cryptocurrency linked with the DAO ecosystem and USDD, which is a stablecoin issued by TRON DAO Reserve. He was born in 1990 and pursued his Arts Degree from Peking University and Master’s degree from the University of Pennsylvania.
In late 2013, Sun joined the Ripple Labs as chief representative cum advisor. A few after that, he founded the famous TRON blockchain and launched the TRX token. He founded Peiwo, a popular live chat App in China with over 10 million users, and operated as its CEO until 2017. He was also listed on the Forbes 30 Under 30 China and Forbes 30 Under 30 Asia list in 2017. Sun is the owner of Rainberry, which developed the BitTorrent protocol and later the BTT cryptocurrency token.
Justin Sun & The $30 Million Investment
The WLFI is a decentralized exchange that was founded in the September of 2024. As it was backed by Trump, one of the most influential people in America, everybody expected the exchange to do well but the adoption rates were extremely sluggish. As per the reports, the exchange initially targeted to sell at least $300 million worth of tokens. However, the WLFI only managed to sell $21 million before the investment made by Sun.
With this large investment, Justin Sun has kickstarted the exchange. Now, the exchange has soared past the $30 million mark, which was required for DT Marks DEFI LLC. With this, the total sales of the entire exchange have been pushed to $52 million. Even though it’s not much, it can still be considered a huge step for the new exchange.
Aftermath & Implications
WLFI has been sluggish since its launch. With the investment made by Sun, the growth of sales that took place in the exchange has increased exponentially. Even though the current sale only amounts to 17% of the initially planned numbers, it is still a considerable improvement from the past weeks.
This means that Trump and his associates will likely get paid soon as the DT Marks DEFI LLC, Trump’s company, is entitled to 75% of the net revenue of the platform once it achieves the $30 million milestone. Even though Trump won’t take office until January, Sun’s investment shows how different individuals can enrich the new President-elect.
During his first term in office, there were various controversies regarding the foreign governments’ spending too much on rooms and banquets at Trump’s Washington, DC Hotel. Many claimed that this may be in violation of the “emoluments clause” in the US Constitution.
In contrast to that, these investments like the one provided by Sun into Trump’s ventures pose little to no threat to Trump. However, this could potentially raise a lot of concerns for the new President-elect in the near future. How Trump handles this, we can only wait and see as of now.