Author: David Canellis, Blockworks; Compiled by Tao Zhu, Jinse Finance
It can be said with certainty that Donald Trump himself has not actually signed transactions on Polygon and Ethereum.
Nevertheless, those handling crypto projects related to him are still doing their best to make Trump the first on-chain president.
I spent a morning compiling on-chain data related to Trump's crypto projects - his NFT series (trading cards) and the upcoming DeFi platform World Liberty Financial.
This is a quick analysis, but the data shows that Trump has already earned nearly $84 million in cryptocurrency revenue in two years.
Trump's four NFT collections on Polygon have generated $7.7 million in cryptocurrency (WETH and POL fka MATIC).
This revenue comes from primary sales and royalties on secondary sales. The first set of Trump NFTs began selling almost two years ago in December 2022.
(Note: The NFT collections also generated additional off-chain revenue, as the project accepted fiat via credit card payments. Credit card data has not yet been fully on-chained, so these sales have been excluded from the total above, although their scale may be in the millions.)
NFT revenue and crypto taxes calculated at current prices
There is also an unofficial Trump Meme coin that regularly pays transfer taxes to Trump's wallet.
To date, approximately $240,500 worth of micro-tokens have been gifted to Trump, named "DT Inu" and "Take America Back".
Each time a transfer occurs, including trades on DEXes, the token contract automatically forwards a small amount of USDC or ETH to Trump's wallet.
This has resulted in a sudden spike in additional crypto revenue appearing in Trump's on-chain footprint.
As for how much has been cashed out - so far, whoever is handling Trump's crypto seems to have liquidated $3 million worth of ETH on Coinbase.
Trump's address deposited 1,325.16 ETH into the exchange between November and December 2023, which would be worth $4.9 million if held to today.
Then there's the World Liberty token sale. As of this morning, the WLFI issuance has generated over $75 million in revenue for the platform, 80% ($61 million) of which was obtained after Trump's November victory.
In the last week or so, World Liberty's wallets have also accumulated substantial DeFi tokens AAVE, LINK, ENA and ONDO, worth a total of $5.2 million at current prices.
Apparently, World Liberty Financial is holding them because it will be integrating with these protocols, especially given Ethena Labs' new strategic partnership announced in October.
All of this, combined with Trump's enthusiasm for buying burgers with Bitcoin before the election, makes it clear that the president-elect indeed has a deeper understanding of cryptocurrency than any other commander-in-chief, or even any American politician.
However, this is not without intrigue: World Liberty Financial has just sold around $11 million worth of Coinbase-wrapped Bitcoin cbBTC, while purchasing an equivalent amount of wBTC, as shown by the purple and red shaded areas in the image above.
Whatever the reason for World Liberty Financial's conversion of wrapped Bitcoin, it will be tracked. After all, what would the first on-chain president be without the traditional crypto drama?
