Trump Family’s New DeFi Project Announces WLFI Token Sale

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September 17, 2024

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Trump Family’s New DeFi Project Announces WLFI Token Sale
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Just one day after suffering a second assassination attempt, Donald Trump launched his cryptocurrency project, World Liberty Financial.

World Liberty Financial, a new decentralized finance (DeFi) project linked to the family of former US President Donald Trump, confirmed on September 16 that it will launch a token sale. During a live broadcast on the X platform hosted by Rug Radio co-founder Farokh Sarmad, Zak Folkman, World Liberty Financial’s COO, revealed that the WLFI token will be used exclusively for governance.

As Folkman explained, the WLFI token will allow its holders to make proposals and vote on issues related to the platform. However, the token will not offer economic benefits, such as dividends. The executive emphasized that the token will be non-transferable, meaning that holders will not be able to trade them after purchasing.

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The distribution of nearly 63% of the WLFI supply will go to accredited investors in the US. Meanwhile, 17% will go to user rewards and the remaining 20% will go to the World Liberty Financial team and advisors.

Trump’s DeFi project details token sale

According to Folkman, the sale will be restricted to accredited investors due to regulatory uncertainty in the United States regarding token classification. While the team does not consider WLFI to be a security, they decided to take a more cautious approach by limiting the sale to those who meet the regulatory criteria. This is to avoid any issues with federal securities laws.

Eric Trump, one of the project’s leaders, stated that the goal of World Liberty Financial is to facilitate access to decentralized finance for “regular people,” although these same people cannot directly participate in the token sale.

Additionally, the project also has plans to work with stablecoins, suggesting a focus on decentralized lending. World Liberty Financial has already partnered with the Aave protocol, one of the largest in the DeFi sector.

Donald Trump, who participated in the live broadcast, highlighted the importance of cryptocurrencies for the United States. He stated that the country needs to embrace this technology so as not to lose ground to other nations, such as China.

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Additionally, Trump has described cryptocurrencies as an inevitable innovation, marking a significant shift in his views on the industry. After all, in 2021, Trump had referred to Bitcoin as a “fraud” and warned about the risks of the cryptocurrency market. However, since then, the former president has released four NFT collections and has become an advocate for the crypto industry, including Bitcoin mining in the US.

Donald Trump Jr., the former president’s son, also spoke during the broadcast about the challenges his family has faced in the traditional banking system. He mentioned that despite their financial power, they have been “unbanked” by institutions like PNC Bank, which have closed their accounts without warning, a situation he sees as an example of the need for decentralized alternatives.

Trump Family’s New DeFi Project Announces WLFI Token Sale

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Trump Family’s New DeFi Project Announces WLFI Token Sale