Donald Trump's family project World Liberty Financial (WLFI) hit the floors, with its token sale reaching $220 million in value within first hour despite website crashes.
What Happened: The WLFI token sale started with more than 344 million tokens sold to around 3,000 unique wallets. CoinDesk reported that a wallet associated with the token holds nearly $4 million in Ethereum (CRYPTO: ETH), $1.2 million in Tether (CRYPTO: USDT), and around $250,000 in USD Coin (CRYPTO: USDC) tokens.
The WLFI token will serve as a platform governance token, enabling users to engage in borrowing, lending and other DeFi activities. The project aims to raise $300 million, valuing the venture at $1.5 billion, with 100 billion tokens released on the Ethereum blockchain.
The Trump family plays significant roles in the project, with Donald Trump serving as the "chief crypto advocate", his sons Eric and Donald Trump Jr. as "web3 ambassadors", and Barron as the "DeFi visionary".
Why It Matters: The WLFI token will allow holders to propose future platform changes and will be fully functional for its governance upon completion of the token sale. Prior to the token launch, the Trump-backed project had pre-approved over 100,000 accredited U.S. investors.
All the WLFI token will be non-transferable and locked indefinitely in a wallet or smart contract. In mid-October, the team behind World Liberty Financial said that the best way to "Make America Great" using cryptocurrencies is to promote the use of U.S. dollar-backed stablecoins rather than speculative, risky assets. This belief is reflected in the project’s focus on stablecoins and DeFi activities.
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