Trump’s Crypto Project, World Liberty Financial (WLFI), Attracts Over 100,000 Signups Prior to Token Launch
Donald Trump’s cryptocurrency project, World Liberty Financial (WLFI), has reportedly gained more than 100,000 signups ahead of its token launch on October 15.
WLFI positions itself as a decentralized finance (DeFi) initiative and plans to release its Ethereum-based ERC-20 governance token, WLFI. The token will offer users various DeFi functionalities, including borrowing, lending, and stablecoin transactions.
WLFI will serve as the governance token for the World Liberty Financial ecosystem, according to Zak Folkman, the platform’s head of operations. Folkman, along with team members Chase Herro and Zach Witkoff, confirmed this during an X Space event on October 14.
The platform aims to provide users with the ability to interact with liquidity pools and engage in crypto-based lending and borrowing. However, access to World Liberty Financial’s services in the U.S. will be limited to accredited investors who meet certain financial criteria set by the Securities and Exchange Commission (SEC).
During the X Space event, Folkman also announced that Rich Teo, co-founder of Paxos, will lead the stablecoin and payments division of World Liberty Financial.
The WLFI token distribution will allocate 63% of the tokens to whitelisted members of the public, 17% for user rewards, and 20% for the project’s team. The tokens will be nontransferable for the first 12 months, but holders will be able to use them for governance voting on the platform.
The project’s white paper outlines a fundraising goal of $300 million through the token sale, valuing the project at approximately $1.5 billion.
While the platform’s primary focus will be on DeFi lending, there are plans to expand to Ethereum layer-2 network Scroll, with the initial launch taking place on Aave, a decentralized lending protocol. Aave’s CEO, Stani Kulechov, expressed excitement about World Liberty Financial’s use of Aave for its borrowing and lending features.
In a brief address during the X Space event, Donald Trump Jr., the project’s “Web3 Ambassador,” praised the platform as a step toward financial inclusivity and criticized the U.S. banking system, referring to it as a “Ponzi scheme.”
According to a survey conducted by Fairleigh Dickinson University’s (FDU) Poll, crypto owners are more likely to support former President Donald Trump, while those without digital assets tend to lean towards Vice President Kamala Harris. This aligns with Trump’s recent advocacy for digital currencies.
