World Liberty Financial (WLFI), Donald Trump’s family project, hits the floor as token sale value reaches $220 million within first hour despite website crash did.
What Happened: The WLFI token sale began with over 344 million tokens sold to approximately 3,000 unique wallets. CoinDesk reports that wallets associated with the token hold nearly $4 million in Ethereum ETH/USD, $1.2 million in Tether USDT/USD, and approximately $250,000 in USD Coin USDC/USD tokens. That’s what it means.
The WLFI token will serve as a platform governance token, allowing users to borrow, lend, and participate in other DeFi activities. The project aims to raise $300 million with 100 billion tokens released on the Ethereum blockchain, valuing the venture at $1.5 billion.
The Trump family plays a key role in the project, with Donald Trump as the “chief advocate of cryptocurrencies,” his son Eric Trump Jr. and Donald Trump Jr. as “Web3 ambassadors,” and Barron as the “chief advocate of cryptocurrencies.” He serves as a “DeFi visionary.”
Also read: Trump supporter World Liberty Financial says dollar-pegged stablecoins, not Bitcoin, are the best way to ‘make America great’
Why it matters: WLFI tokens allow holders to propose future platform changes, and governance becomes fully operational once the token sale is complete. Prior to the token’s launch, the Trump-backed project had pre-approved more than 100,000 US accredited investors.
All WLFI tokens are non-transferable and are locked into a wallet or smart contract indefinitely. In mid-October, the team at World Liberty Financial announced that the best way to use cryptocurrencies to “make America great” is to use USD-backed stablecoins rather than speculative and risky assets. He said that it is to promote. This belief is reflected in the project’s focus on stablecoins and DeFi activities.
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