Originally published on: October 15, 2024
World Liberty Financial, a crypto project supported by Donald Trump, has revealed that it has garnered over 100,000 signups ahead of its public token launch on October 15th.
During an extensive 90-minute Xspace event on October 14th, Zak Folkman, the platform’s head of operations, shared that the WLFI token would be an ERC-20 token based on Ethereum, serving as the governing asset of the decentralized finance (DeFi) platform. Folkman, along with team members Chase Herro and Zach Witkoff, reiterated key points from an earlier blog post, highlighting the platform’s features such as borrowing and lending crypto, creating liquidity pools, and transacting with stablecoins.
In the US, only accredited investors approved by the Securities and Exchange Commission can access the platform. Herro announced that Rich Teo, co-founder of Paxos, would join the team as the project’s stablecoin and payments lead.
The WLFI token sale, scheduled for October 15th, will allocate 63% of tokens to whitelisted members of the public, with 17% for user rewards and 20% for the team. Holders can participate in governance votes immediately but the tokens are nontransferable for 12 months from distribution, as outlined in the leaked white paper.
The project aims to raise $300 million from the token sales, potentially valuing it at $1.5 billion. Aave CEO Stani Kulechov expressed excitement about Aave’s role in World Liberty Financial’s borrowing and lending functionality.
Donald Trump Jr., named as the project’s “Web3 Ambassador,” commended the platform for democratizing the financial system and criticized the US banking system as a “big Ponzi scheme.”
The platform will launch as a DeFi lending platform on the Ethereum network, expanding to Ethereum layer-2 network Scroll. The WLFI token sale will kick off on November 5th, three weeks after the US elections.
If elected, former President Trump pledges to establish the US as the “crypto capital” of the world. Trump currently leads Kamala Harris by 9% on Polymarket, while Harris holds a 2.4% lead in national polls.
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