World Liberty Financial (ETH: $WLFI), which got a rare endorsement from Donald Trump, went live on Tuesday, October 15, 2024. During the public sales, over 220 million tokens were sold to over 1,700 unique wallets in the first 20 minutes.
Restrictions During Sales
Unlike the norm with token sales, the sale was restricted to accredited investors, who, among other things, needed to have a net worth of over $1 million and an income of $200,000 or more in the past two years.
Despite a series of setbacks, including a website outage, around 2,9000 accredited investors managed to purchase 344 million tokens within the first hour. As of October 16, 2024, 771.24 million $WLFI tokens had been sold out of 20 billion tokens, according to the project’s site.
Trump Family Involvement
The Trump family has been at the helm of promoting the project, launching in on September 16, 2024. Former president Trump is labelled as the project’s “chief crypto advocate,” while his two sons Donald Trump Jr., and Eric its web3 ambassadors. His youngest son, Barron, is the project’s “Defi Visionary.”
World Liberty Financial (WLFI) Project Details
The goal of the WLFI token is to raise $300 million, and the venture is valued at $1.5 billion. WLFI tokens will be a governance token, allowing users to engage in DeFi activities, such as borrowing, and lending.
All tokens will remain locked, and non-transferrable indefinitely. The team behind the project states the project’s goal is to promote dollar-backed stablecoins, as opposed to risky, speculative assets.
Trump’s Crypto Holdings
In his recent election disclosures, Trump revealed he owned between $1 and $5 million in Ethereum. He also revealed additional income from NFT licensing fees. Additionally, Trump stated he earned $7.5 million via a licensing agreement with NFT INT, which is linked to the Trump Digital Trading Cards.
His wife, Melania Trump, reportedly earned over $330K from the sale of NFTs. According to data from Arkham Intelligence, Trump’s crypto holdings are worth around $7 million.
Why Trump Endorsed World Liberty Financial (WLFI)
Analysts have speculated that Trump’s involvement with the project is due to his desire to see the US dominate the blockchain space. By promoting the World Liberty Financial (WLFI) project, he could be helping to popularize blockchain technology in the US, helping to spur investment, and development in the sector.
Should You Buy WLFI Tokens?
The structure of the World Liberty Financial (WLFI) project means that it is out of reach for most ordinary investors. To comply with the SEC regulations, the token’s sale has only been limited to accredited investors.
Thus far, the tokens are not available on any public exchanges. However, one thing that might hamper its future development is the lack of information. Even with the backing of Trump, the mystery surrounding its future could make it hard for the WLFI to grow a community around it.
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.