Crypto traders and industry executives have shown favor towards Donald Trump’s policies on Bitcoin and digital assets. However, the decentralized-finance project he is promoting, World Liberty Financial, has not been well-received. The WLFI tokens associated with the project have not been selling as expected, with only $11 million raised so far out of the allocated amount for the public sale.
CoinDesk was the first to report on the secret planning for World Liberty Financial, which was later confirmed. Hardcore Bitcoin enthusiasts have expressed dismay over the project, as they typically oppose easily minted tokens. The project aims to develop a consumer application with simple onboarding and familiar user interface, utilizing the Aave DeFi project on the Ethereum blockchain and planning to deploy on the Scroll layer-2 network.
During a Spaces session on X, notable crypto figures promoted the token launch, but the response has been lackluster. The public token sale opened with technical issues on the website, and the token was deemed non-transferrable, which deterred potential investors. Despite additional promotion from Trump himself, the token sales have been slow, with only 761.8 million tokens sold out of 20 billion offered.
Legal experts have raised concerns about the project’s compliance with securities regulations and campaign finance laws. The team behind World Liberty Financial has not responded to requests for comment. Observers are skeptical about the project’s future success and its impact on the DeFi space.
In other news, Vice President Kamala Harris mentioned her “opportunity agenda” without elaborating on its implications for digital assets. Binance’s head of financial crime compliance, Tigran Gambaryan, remains detained in Nigeria, facing charges including money laundering. Coinbase’s head of research, David Duong, published a report on Bitcoin’s layer-2 networks, highlighting the challenges and potential of these technologies.
Uniswap announced plans for its own layer-2 network, Unichain, built on Ethereum’s Optimism technology. The project aims to incentivize liquidity without traditional airdrops, presenting new opportunities for DeFi users. Questions remain about the sustainability of automated market makers like Uniswap, despite their success in the DeFi space.
Overall, the crypto industry continues to evolve with new projects and technologies, presenting both opportunities and challenges for investors and enthusiasts alike. Stay tuned for further developments in the blockchain and digital asset space.