The headlines document it well— yelling “DeFi Revolution!” “Crypto for the Masses!” I have to admit that when I see Trump referenced in the same breath as crypto, I’m not optimistic. Instead, the skepticism tends to come in heavy and fast. We’re not just speaking about a privileged family that has historically benefited from systems rigged to disadvantage the everyday person. This entire WLFI public trading scenario just reeks of stinkaroo.

They say this move to open WLFI to public trading is about empowering the people, creating a vibrant DeFi ecosystem. Okay, sure. But who are "the people" here? Are we talking about the ordinary people who can’t afford to get by? Or are we just worried about the rich hedge funds looking for a hot new market?

I think about my neighbor, Maria. She juggles two jobs, often sleeping only three hours a night, and wire home money to family still in Guatemala. Perhaps WLFI would offer her an opportunity to create this wealth. Maybe. This would make her susceptible to potentially losing everything she’s accumulated, given the volatile state of the crypto market. I am not even talking about the rug pulls and scams which are rampant in the DeFi space. The technicality alone will baffle even the most technologically inclined among us.

The official line is focused user engagement, liquidity mining, fresh capital coming in. Sounds great, right? Take a closer look at who has the upper hand. Trump family controls via DT Marks DEFI LLC billions of WLFI tokens. Billions. This isn’t some effort to democratize finance, this is an effort to consolidate power.

It’s a little bit like the early days of the internet. What we were sold on though was the promise of decentralization, this level playing field. But what happened? Instead, a handful of American tech companies have monopolized the power and resources to dictate the parameters of our digital lives. Are we really fated to repeat history with crypto?

One is that there’s this underlying panic I experience when I see this sort of media. The voices that too often get silenced are those of the individuals who can least afford to be misled. The retirees on fixed incomes, the young adults just starting out, the marginalized communities who have historically been excluded from financial opportunities. Are we considering their concerns? Are we protecting them from potential exploitation?

What of the critics who express concern over the prospect of Trump family conflicts of interest? Do they have a point? Of course, they do! This family has a long history of gaming their tremendous wealth and influence to get what they want. They just know how to play these games to their advantage. It would be foolish to think that they would not attempt to do the same with WLFI.

So, what can we do? We have no intention of passively observing the wealthy continue to prosper at the expense of others.

To realize the potential of DeFi, we have to make sure it isn’t hijacked by the influential elite. We have to ensure that it works for everybody. Rather than just inviting the top 1 percent to the party, let’s work to make sure everybody gets in.

Will WLFI give power to the people, or only to the powerful? The answer, frankly, depends on us. We can no longer allow those in positions of power to act without accountability. By taking these steps, we can help push for a financial system that works better for everyone. It's easy to get swept up in the hype, but it's crucial to remember that crypto, like any technology, can be used for good or for ill. It’s on us to ensure that it is put to good, beneficial use.

What Can You Do?

So, what can we do? We can't just sit back and watch the rich get richer while everyone else gets left behind.

Here's my call to action:

  • Get Informed: Don't just blindly trust the hype. Do your own research. Understand the risks and potential rewards of WLFI.
  • Participate (Responsibly): If you choose to participate in the WLFI ecosystem, do so with caution. Only invest what you can afford to lose.
  • Demand Transparency: Hold the Trump family and the WLFI team accountable. Demand transparency in governance and decision-making. Ask tough questions.
  • Advocate for Fairness: Support policies and initiatives that promote equitable access to DeFi. Advocate for regulations that protect vulnerable communities from exploitation.

We can't let the promise of DeFi be hijacked by the powerful few. We need to ensure that it truly empowers the people, all the people, not just the ones at the top.

The Bottom Line?

Is WLFI going to empower the people, or just the powerful? The answer, frankly, depends on us. It depends on whether we're willing to hold those in power accountable and advocate for a more just and equitable financial system. It's easy to get swept up in the hype, but it's crucial to remember that crypto, like any technology, can be used for good or for ill. It's up to us to make sure it's used for good.