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Deythere > News > News > Trump’s DeFi Project Announcement Shakes the Crypto World Amid Friend.tech Controversy
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Trump’s DeFi Project Announcement Shakes the Crypto World Amid Friend.tech Controversy

the fast evolving and unpredictable world of cryptocurrency and decentralized finance DeFi. The image should incl
Furuhashi Daiki
Last updated: September 15, 2024 1:12 pm
By
Furuhashi Daiki
Published September 15, 2024
4 Min Read
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Last week, the crypto world saw unexpected developments in several high-profile projects. From Friend.tech’s sudden pause in development to political debates where crypto advocates failed to bring crypto into the national conversation, it was an eventful week that left a significant mark on the industry.

Contents
  • Friend.tech Announcement and Reactions
  • Crypto’s Cold Reception in the Political Arena
  • Trump’s Entry into the DeFi Space

Friend.tech Announcement and Reactions

The decentralized social network Friend.tech shocked the crypto community with its announcement that it was halting development efforts. Considering the tens of millions of dollars raised in financial backing during the project’s short but active life, the news left many stunned. The crypto community’s frustration with any venture that seems to “abandon ship” only fueled the shock. However, the Friend.tech team clarified that the project wasn’t shutting down entirely, but would continue at a minimal functional capacity. Despite this, the project’s loyal supporters viewed the founders’ partial departure as a bad sign, leading to further disappointment and skepticism.

Crypto’s Cold Reception in the Political Arena

Meanwhile, in the national political sphere, crypto lobby groups made strong efforts to ensure that crypto topics would be discussed in the first (and possibly only) live presidential debate between former President Donald Trump and Vice President Kamala Harris. Despite these efforts, which included significant lobbying and financial backing, the 90-minute debate aired on ABC made no mention of crypto or Bitcoin. This outcome surprised many in the crypto community, especially those who had placed substantial bets on platforms like Polymarket, expecting at least a brief discussion on digital assets. However, the disappointment was short-lived, as events following the debate promised further engagement with the crypto sector.

dynamic and fast paced nature of the crypto market. The image should feature vibrant digital elements like bloc

Trump’s Entry into the DeFi Space

Just two days after the debate, former President Trump made a surprising announcement that reignited excitement in the crypto community: the launch of his family’s decentralized finance (DeFi) project, World Liberty Financial. This project, set to be introduced during a Twitter Spaces event hosted by Rug Radio, marks a significant shift for Trump, who was previously known for his reluctance toward the crypto sector. In a promotional video, Trump highlighted the project’s mission to “embrace the future with crypto” while positioning it in opposition to traditional banking institutions. This bold move caught the attention of various figures in the crypto space, including crypto attorney Gabe Shapiro, who noted the stark change in Trump’s stance toward digital assets. As expected in Crypto Twitter (CT) fashion, the announcement was met with a mix of excitement and skepticism.

The past week has once again highlighted the dynamic and often unpredictable nature of the crypto world. From Friend.tech’s halt in development to high-stakes political maneuvers aimed at pushing crypto into national discourse, the crypto space continues to evolve rapidly. Trump’s DeFi project announcement underscores the increasing mainstream adoption of the sector and hints at more significant developments on the horizon. For passionate followers and investors, the key takeaway remains the same: stay cautious and adaptable, as the ever-changing crypto arena is as volatile as it is exciting.

Friend.tech, Trump DeFi, crypto politics, World Liberty Financial

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ByFuruhashi Daiki
Daiki Furuhashi is a seasoned expert in blockchain technology and cryptocurrency, with over 7 years of experience in the field. Beginning his career as a software developer in a leading fintech company in Tokyo, Daiki quickly recognized the transformative potential of blockchain. Over the years, he has led numerous blockchain projects, focusing particularly on smart contracts and decentralized finance (DeFi). His expertise spans across various aspects of the industry, including the development of secure blockchain infrastructures and innovative financial solutions. At DT NEWS, Daiki provides in-depth analysis and insights into global blockchain trends and market movements, helping readers stay ahead in the rapidly evolving world of crypto finance.
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