Author: David Canellis, Blockworks; Compiler: Tao Zhu, Golden Finance

It is safe to say that Donald Trump himself did not actually sign transactions on Polygon and Ethereum.

Still, those working on crypto projects related to him are doing their best to make Trump live up to his title: the first on-chain president.

I spent the morning sorting through on-chain data for Trump-related crypto projects — his collection of NFTs (trading cards) and upcoming DeFi platform World Liberty Financial.

This is a quick analysis, but data shows that Trump has earned nearly $84 million in cryptocurrency income in two years.

Trump’s four NFT collections on Polygon have generated $7.7 million in cryptocurrency (WETH and POL fka MATIC).

The revenue is generated from royalties on primary and secondary sales. The first set of Trump NFTs went on sale almost two years ago, in December 2022.

(Note: NFT collectibles also generate additional off-chain revenue, as the project accepts fiat currency via credit card payments. Credit card data is not yet fully on-chain, so these sales have been excluded from the above total Except, although they may range in the millions)

NFT income and cryptocurrency taxes are calculated at current prices

There is also a set of unofficial Trump Meme coins that regularly pay transfer taxes to the Trump wallet.

To date, approximately $240,500 worth of ultra-small tokens have been given to Trump under the names "DT Inu" and "Take America Back."

The token’s token contract automatically forwards small amounts of USDC or ETH to Trump’s wallet with every transfer, including when traded on a DEX.

This resulted in a sudden, brief burst of additional crypto revenue across Trump’s on-chain footprint.

As for how much has been cashed out – whoever is handling Trump’s cryptocurrency appears to have liquidated $3 million in ETH on Coinbase so far.

Trump’s address deposited 1,325.16 ETH to the exchange between November and December 2023, an amount that would be worth $4.9 million had it been held to this day.

Then comes the World Liberty token sale. As of this morning, WLFI's launch has brought the platform more than $75 million in revenue, and its80% ($61 million) of that amount came after Trump’s victory in November.

Over the past week or so, World Liberty’s wallet has also accumulated a large amount of DeFi tokens AAVE, LINK, ENA, and ONDO, worth a total of $5.2 million at current prices.

The reasoning behind this is that World Liberty Financial is holding them as it will integrate with these protocols, especially given Ethena Labs’ newly announced strategic partnership in October .

All of this, coupled with Trump’s enthusiasm for using Bitcoin to buy burgers before the election, it’s clear that the president-elect does indeed know more about cryptocurrencies than any other commander-in-chief, or even any American politician. Deeper.

This is not without intrigue, though: World Liberty Financial just sold approximately $11 million worth of Coinbase-wrapped Bitcoin cbBTC, while simultaneously purchasing an equal amount of wBTC, as shown in the purple and red shaded area above .

Whatever the reason World Liberty Financial converts encapsulated Bitcoin, it tracks it. After all, what would the first on-chain president be like without traditional crypto drama?