The promise of decentralized finance (DeFi) has always been tantalizing: a world of accessible, transparent, and permissionless financial tools. If we’re being honest, for the average person, DeFi is still just about as user-friendly as rocket science. Might new mobile app from World Liberty Financial (WLF) be the key to DeFi’s democratizing breakthroughs? It’s supported by Donald Trump, which makes it all the more fascinating. Or is this yet another shiny object distracting from the deeper issues at play in this complicated ecosystem.
Ease of Use Versus Real Accessibility?
WLF’s main business is focused on USD1, a stablecoin, and WLFI, its governance token. The appeal of a mobile app is obvious: simplify the user experience. Easy to use doesn’t necessarily mean accessible by default. My background is in the metaverse and digital identity, and I know firsthand that a slick interface can mask a lot of underlying complexity.
Meet Sarah, a graphic novelist, passionate communicator, and really curious about crypto. She’s just really intimidated by the complex jargon and technical hurdles that are involved. She is tempted to download WLF app by the prospect of instant access to USD1. The app looks simple enough. Then she comes across jargon like “gas fees,” “liquidity pools,” and “impermanent loss.” Will the app do a good job introducing these ideas so that Sarah is not, at best, more confused and scared?
The key is education. But a user-friendly interface is not enough for the app to stand out. Finally, it needs to positively teach users about the risks and rewards of DeFi. It needs to hold their hands, virtually speaking, and guide them through the process. Think about the first time you learned how to draw. You don’t hand someone a pencil and assume they’ll doodle the Mona Lisa on their first try. You walk them through basics, little by little.
Security Versus the Wild West?
DeFi is the “Wild West” of finance — and it’s for good reason. Scams, rug pulls, and hacks are rampant. WLF’s co-founders, Chase Herro and Zak Folkman, previously worked on a venture called Dough Finance. That very same company had a major security breach, and that should be the biggest red flag of all. Even still, trust is everything in finance and that type of checkered legacy doesn’t exactly fill you with faith.
The app holds the promise to make access more equitable. Where’s the security in keeping clueless users away from dangerous traffic hot spots? How does the app work to detect and report scams before they reach users? Are there going to be built-in mechanisms to avoid users being able to do something irreversible by mistake?
In addition, USD1 is allegedly backed by U.S. Treasuries, dollars, and dollar equivalents, with all reserves stored with BitGo. That sounds great and all, but how transparent is this auditing process? WLF intends to make publicly available through its web site the audit and monthly reserve reports. This is an encouraging sign, but as always goes the adage, trust but verify.
Now, allow us to briefly tie this back to the art world. Consider purchasing an expensive piece of artwork, only to find out years down the line that it was a reproduction or a fake. In the art world, where trust is the currency, authentication and provenance serve as standards for establishing value and worth. What we hear from DeFi is a need for regulation, clear standards and accountability. The WLF app should set a high bar for security and transparency.
Trump Versus Decentralization?
This is the elephant in the room. Donald Trump’s role in WLF poses major ethical concerns. How decentralized can a platform truly be? It is troubling when it is intimately connected to a person with a long history of political clout. It’s pretty much the same as hiring a chef who’s infamous for ruining all the dishes, and then demanding your friends choose anything at his restaurant.
Having the U.S. Senate pass the GENIUS Act in June 2025 was an important milestone, providing a framework for stablecoins. What if Trump decides to shape crypto regulations to make WLF profitable? The conflict potential is impossible to overstate.
Might the app be misused for political gain? Might user data then be used for targeted political advertising or organizing efforts? These are valid concerns and points that must be acknowledged.
DeFi is advertised as the ultimate financial disintermediation, where power is returned to the people. If the app becomes a tool for political manipulation, it will undermine the very principles it claims to uphold.
Long-term success for the WLF app depends on building that trust. It needs to deliver real accessibility and cut through the thicket of ethical concerns with Trump’s participation. It’s a dangerous game of chicken, and the future of DeFi for the many hinges on the result.
