Rumors on social media about a World Liberty Financial governance proposal from October 2024 drove the Aave token down by over $30. The price of the Aave (AAVE) token tumbled by over 8% on Saturday, following rumors that the decentralized finance (DeFi) protocol would receive a different token allocation from World Liberty Financial (WLFI), a DeFi platform backed by members of US president Donald Trump’s family. “The WLFI team told WuBlockchain that the claim that ‘Aave will receive 7% of the total WLFI token supply’ is false and fake news,” blockchain reporter Colin Wu said, sparking a debate about the rumor and the token arrangement on social media. Wu was referencing a WLFI community proposal from October 2024, outlining an arrangement in which the Aave decentralized autonomous organization (DAO), responsible for governing the protocol, would receive 7% of the WLFI governance token’s circulating supply and 20% of protocol revenues generated by the WLFI deployment on Aave v3. Read more
Bitcoin accounts for an ever-greater share of global money as central banks continue to print currency and reduce purchasing power. Bitcoin (BTC) grew to account for about 1.7% of global money, a figure that includes aggregate M2 money supply data for all major fiat currencies, the largest minor currencies, and gold’s market cap, according to River, a Bitcoin financial services company. “In 16 years, Bitcoin went up to 1.7% of global money,” River said. The company weighed Bitcoin’s market cap against a $112.9 trillion basket of fiat currencies and $25.1 trillion in hard money, which excluded silver, platinum, and exotic metals like palladium. The data assumes Bitcoin has a market capitalization of $2.4 trillion, which it topped earlier in August. However, BTC’s current market cap is approximately $2.29 trillion, which brings its total share of global money down to around 1.66% at the time of this writing. Read more