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It's probably safe to say that Donald Trump doesn't actually sign transactions on Polygon and Ethereum himself.
However, those handling the cryptocurrency projects he is associated with are doing their best to make Trump live up to his title: Onchain's first president.
I spent the morning compiling onchain data for Trump-related cryptocurrency projects — his NFT collections (trading cards) and the upcoming DeFi platform World Liberty Financial.
Objective: Calculate the cumulative value of Trump's fingerprint on the chain.
It was a quick analysis, but the data shows that Trump has so far raised nearly $84 million in cryptocurrency revenue in two years.
Trump's four NFT collections on Polygon generated $7.7 million in cryptocurrencies (WETH and POL fka MATIC).
This revenue was obtained from a combination of primary sales and royalties on secondary sales. The first set of Trump NFTs went on sale almost two years ago, in December 2022.
(Note: NFT collections have also brought in additional off-chain revenue, as the project accepts fiat currencies via credit card payments. Credit cards aren't fully online yet, so these sales are excluded from the above totals, though they can range into the millions .)
There is also a group of unofficial Trump coins that regularly pay a transfer tax to Trump wallets.
The tiny coins with names like “DT Inu” and “Take America Back” have given about $240,500 to Trump so far.
Token contracts automatically send small amounts of USDC or ETH to Trump's wallets every time they are transferred, including when traded on DEXs.
This resulted in sudden, short-lived bursts of additional cryptocurrency revenue for Trump's on-chain footprint.
As for the amount disbursed, it appears that everyone dealing with Trump's cryptocurrencies has so far liquidated $3 million in ETH on Coinbase.
Trump's speech deposited 1,325.16 ETH into the exchange during November and December 2023, an amount that would have been $4.9 million if held today.
Then there is the World Liberty Financial token sale. Which, even Tron founder Justin Sun monkey At $30 million, it appears to be running out of steam at just over $20 million.
As of this morning, WLFI's offering has brought in over $75 million for the platform, with 80% of that ($61 million) coming in. after Trump wins in November, even if Sun is responsible for about half of it.
It goes deeper than that: The World Liberty wallet has also amassed amounts of DeFi tokens AAVE, LINK, ENA, and ONDO in the past week or so, worth a total of $5.2 million at current prices.
The working theory is that World Liberty Financial is holding on to it as it prepares to integrate with those protocols moving forward, especially in light of Ethena Labs Newly announced Strategic partnership as well as global freedom Aave Temperature check To work as a team, made in October.
Between all this and Trump's spirituality buying After eating a Bitcoin burger in the run-up to the election, it's clear that the president-elect is already deeper into the cryptocurrency space than any other commander in chief, and perhaps even any American politician.
However, it's not without intrigue: World Liberty Financial has just offloaded around $11 million into Coinbase's wrapped Bitcoin token, cbBTC, while simultaneously taking an equivalent amount of wBTC, as shown in the chart above with the shaded areas. In purple and red.
It was the currency base Recently closed In a brief legal battle with wBTC's guardian, BiT Global, after the company filed a lawsuit against the delisting of WBTC in light of Justin Sun's reported affiliation. On Wednesday, a federal judge ruled that Coinbase can delist WBTC without worry.
Whatever the reason was that prompted World Liberty Financial to switch the encapsulated Bitcoin tokens, it all tracks. After all, what would the first Onchain President be without traditional cryptocurrency drama?
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