The Donald Trump crypto, World Liberty Financial, launched yesterday, but the WLFI Crypto website crashed, and WLFI token sales underwhelmed.
A token sale for Donald Trump’s DeFi crypto project, World Liberty Financial, went live yesterday (October 15). Many are calling the sale a failure after repeated issues with the website crashing and underwhelming initial sales.
There were reportedly 100,000 investors whitelisted for the $WLFI token sale. However, the launch was plagued with issues as many investors could not access the website.
Slow Start For World Liberty Financial – Over $288 Million In Sales Required To Hit $300m Goal
A dune dashboard created by X user, @rcivNFT, shows that current sales of WLFI are at $11.3 million. This number falls incredibly short of the team’s $300 million goal. The same dashboard shows there have been over 10,000 sales across 8,400 wallets. This amounts to 755 million WLFI tokens being sold at the time of writing.
The website issues have likely accounted for the slow start of the WLFI token sale. However, $11 million in sales for a goal of $300 million is massively underwhelming.
Blockchain data shows that the wallet for World Liberty Financial is a multi-signature wallet used to store funds from the token sale. It currently holds around $8.24 million in ETH, $2.37 million in USDT, and $833,000 worth of USDC.
Website stability issues seem to be under control right now, and the token sale is fully accessible. It will be interesting to see if sales for WLFI spike now, with a long way to go for this Trump-backed DeFi project to hit its $300 million goal.
Non-Transferable. All $WLFI will be non-transferable and locked indefinitely in a wallet or smart contract. You should think of your purchase of Tokens like other non-refundable purchases of goods and services and accept the risk that once you've paid the purchase price, your…
— based16z (@based16z) October 16, 2024
What Is World Liberty Financial?
World Liberty Financial is a DeFi platform reportedly forked from the recently hacked Dough Finance and includes many of the same team members, including Zachary Folkman and Chase Herro.
Donald Trump and his three sons have notable roles within the project. The former President himself is listed as ‘Chief Crypto Advocate’. His two eldest sons, Eric and Donald Jr. hold ‘Web3 Ambassador’ titles. Lastly, Donald’s youngest son, Barron is listed as ‘DeFi Visionary’.
It has claimed that it will “restructure where the United States debt is held” while posing a threat to the current financial system. However, no further details have been provided on how these lofty goals will be met.
WLF Platform To Piggy Back Off Of DeFi Leader, Aave
The Trump family is moving forward with World Liberty Financial
Today they proposed launching as a service on Aave.
Offering Aave 20% of fees and 7% of $WLFI in return.
AaveDAO members will now discuss the proposal and decide if it goes to vote. pic.twitter.com/MYjgRUvtbY
— Seventh (@hjkmnxxx) October 13, 2024
The WLFI token will serve as a governance token for the platform. This will enable users to participate in typical DeFi functions such as borrowing, lending, and creating liquidity pools.
It recently made a proposal to the Aave DAO. If passed, WLF will use the Aave v3 protocol to provide liquidity for Ethereum, Wrapped Bitcoin, Stablecoins, and potentially other digital assets, as determined by WLF governance.
By partnering with WLF, Aave hopes to onboard a significant number of new users and new liquidity to the Aave platform, helping maintain Aave’s position as a market leader in digital asset borrowing and supply.
In exchange for using a version of Aave’s tried-and-tested DeFi technology, the WLF team has offered 20% of the protocol fees generated by the WLF to the Aave DAO. Also, the offer to Aave is around 7% of the total supply of $WLFI tokens. These tokens will be used to participate in WLF Governance procedures and liquidity mining.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital
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