A new cryptocurrency project called World Liberty Financial, backed by the Trump family, experienced a rocky start as its token sale went live but only managed to sell 1.7% of the 20 billion tokens allocated for the public sale. The sale started at 12:40 UTC, and the token website faced multiple outages shortly after. By 15:41 UTC, approximately 344 million tokens had been sold to around 3,000 unique wallets.
The WLFI token, which serves as a governance token for the platform, enables users to engage in various decentralized finance (DeFi) activities such as borrowing, lending, and creating liquidity pools. The Trump family is deeply involved in the project, with Republican Donald Trump as the “chief crypto advocate,” Eric and Donald Jr. as “Web3 ambassadors,” and Barron as the “DeFi visionary.”
Despite the low token sales, the project has whitelisted over 100,000 accredited U.S. investors for the token launch to comply with U.S. securities regulations. An accredited investor in the U.S. is authorized to invest in unregistered securities based on specific income and net worth criteria.
The World Liberty Financial platform aims to provide a unified space for users to borrow, lend cryptocurrencies, create liquidity pools, and transact with stablecoins. The WLFI token will play a crucial role in governing the platform, allowing holders to propose changes while ensuring compliance with U.S. regulations.
The project released a “gold paper” detailing the distribution and function of the WLFI token, emphasizing its support for stablecoins and DeFi applications that aim to preserve the US Dollar’s global reserve status without compromising decentralized assets’ freedoms.
While the token sale figures may have fallen short of expectations, World Liberty Financial remains focused on leveraging the Trump brand’s global recognition to onboard more Web2 users into the Web3 world.
Despite the initial challenges, the project continues to move forward with its vision of bridging traditional finance with decentralized technologies, aiming to create a platform that aligns with regulatory requirements while fostering innovation in the cryptocurrency space.