Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
World Liberty Financial (WLFI), a blockchain venture supported by the Trump family, launched its much-anticipated token sale, drawing immediate interest from nearly 3,000 investors.
The sale, which began at 12:40 UTC, saw a surge in demand, with over 344 million WLFI tokens sold within the first hour.
This overwhelming response highlighted strong investor interest but also exposed significant platform issues, as users reported multiple system failures due to high traffic.
Despite the technical hiccups, the early success of the sale reflects the growing interest in decentralized finance (DeFi) projects like WLFI.
Blockchain data shows that a major wallet associated with WLFI has already collected $4 million in ether (ETH), $1.2 million in tether (USDT), and $250,000 in USD Coin (USDC), further underscoring investor confidence.
WLFI’s ambitious goals
World Liberty Financial aims to build a decentralized financial platform where users can borrow, lend, and create liquidity pools using cryptocurrencies.
The WLFI token, central to the platform’s governance, gives holders voting power on key decisions regarding future platform developments.
The project’s target is to raise $300 million, which would give WLFI a projected valuation of $1.5 billion.
A total of 100 billion tokens will be issued on the Ethereum blockchain, contributing to the fast-growing DeFi space.
Trump family’s role
The involvement of the Trump family has generated considerable media attention.
Donald Trump is branded as the “chief crypto advocate,” while his sons, Eric and Donald Trump Jr., serve as “Web3 ambassadors.”
Barron Trump is intriguingly labeled a “DeFi visionary,” with the Trump family’s involvement expected to bridge the gap between traditional Web2 users and the decentralized Web3 world.
World Liberty Financial has also whitelisted over 100,000 accredited US investors in compliance with SEC regulations.
These investors must meet specific income and asset thresholds, including earning over $200,000 annually or having a net worth exceeding $1 million.
Token dynamics and US compliance
WLFI’s tokenomics focus on ensuring governance stability and compliance with US financial regulations.
The project’s recently released “gold paper” outlines the token distribution and its importance to the network.
WLFI tokens will remain locked in a smart contract until the token sale is completed, emphasizing the project’s commitment to a structured and regulated governance model.
Moreover, the project has positioned itself as a strong advocate of US dollar-based stablecoins, aiming to maintain the dollar’s global reserve currency status while promoting decentralized finance.
With strong initial demand and high-profile backing, World Liberty Financial is poised to become a significant player in the DeFi space, though its success will depend on overcoming technical challenges and navigating the regulatory landscape.
The post Trump-backed WLFI token sale faces platform issues amid strong demand appeared first on Invezz
Publication date
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.