In an ambitious foray into the DeFi (Decentralised Finance) sector, former US president Donald Trump’s supported project, the World Liberty Financial, successfully went live yesterday, selling nearly $344 million worth of their WLFI token in the initial hours, despite several crashes affecting their site. With 2,900 investors making purchases and a total of 3000 unique wallets engaging, it’s expected to be the first of many tokens offered in their public sale which allocates a total of 20 billion tokens. Each token was priced at $0.015 cents in the sale, leading to a potential $300 million in fundraising should all tokens be bought. A key point of the project’s plan is the establishment of a DeFi platform where users can lend, borrow and engage in other financial operations. Each token holder will have certain rights including decision-making ability concerning platform governance changes, under the U.S. jurisdiction.
The project plans to heavily involve the US Dollar-based stablecoins in the platform to preserve its role as a global reserve currency while leveraging the advantages of decentralised finance. It has garnered high-profile endorsements from Trump himself and his sons, who are serving as ‘Web3 ambassadors’.
However, one limitation of the $WLFI token is its inability to be transferred to another wallet as it is permanently locked. Despite a somewhat rocky start due to the website crashes, the ambitious World Liberty Financial project has gained substantial interest from the public. With an extensive ‘gold paper’ being released yesterday, detailed explanations of the project, as well as the role of the WLFI token, were shared, allowing investors to fully understand the prospect and benefits of participating in the project. As more information unfolds and potential kinks are sorted, this DeFi project aims to shake up the market and expand its offerings in the realm of lending and borrowing in the world of crypto.
