Donald Trump's crypto project, World Liberty Financial (WLFI), has reportedly garnered more than 100,000 signups ahead of its token launch on October 15.
The platform, which positions itself as a decentralized finance (DeFi) initiative, is set to release its Ethereum-based ERC-20 governance token, WLFI, offering users various DeFi functionalities, including borrowing, lending, and stablecoin transactions.
WLFI to Serve as Governance Token
In an X Space on October 14, the platform’s head of operations, Zak Folkman, confirmed details about the upcoming token launch.
He reiterated that WLFI will serve as the governance token for the World Liberty Financial ecosystem.
Folkman was joined by team members Chase Herro and Zach Witkoff, who echoed previously shared information from an October 11 blog post.
The platform aims to provide users with the ability to interact with liquidity pools and engage in crypto-based lending and borrowing.
However, access to World Liberty Financial’s services in the U.S. will be restricted to accredited investors.
These investors must meet certain financial criteria set by the Securities and Exchange Commission (SEC), including earning over $200,000 annually and holding more than $1 million in assets.
During the X Space, Folkman also announced a new addition to the team.
Paxos co-founder Rich Teo will lead the stablecoin and payments division, bringing his expertise in blockchain technology to the initiative.
The tokenomics of the WLFI token reveal that 63% of the tokens will be sold to whitelisted members of the public during the October 15 launch, while 17% will be allocated for user rewards, and 20% will go to the project's team.
According to a leaked white paper, WLFI tokens will be nontransferable for the first 12 months, although holders will be able to use them immediately for governance voting on the platform.
The white paper also outlines an ambitious fundraising goal of $300 million through the token sale, putting the project's valuation at approximately $1.5 billion.
World Liberty Financial Will Focus on DeFi Lending
The platform's primary focus will be as a DeFi lending platform.
However, there are also plans to expand to Ethereum layer-2 network Scroll, with the initial launch taking place on Aave, a leading decentralized lending protocol.
Aave's CEO, Stani Kulechov, made a brief appearance in the X Space, expressing his excitement about World Liberty Financial's use of Aave for its borrowing and lending features.
In a brief address during the Space, Donald Trump Jr., the project’s "Web3 Ambassador," hailed the platform as a step toward financial inclusivity and criticized the U.S. banking system, describing it as a "Ponzi scheme."
As reported, crypto owners are more inclined to support former President Donald Trump, while those without digital assets lean towards Vice President Kamala Harris, according to a survey conducted by Fairleigh Dickinson University's (FDU) Poll.
The survey, led by Dan Cassino, professor of government and politics and executive director of the FDU Poll, found that among these, 50% support Trump, who has recently become a vocal advocate for digital currencies.
The post Trump’s World Liberty Financial Crypto Project Gains Over 100,000 Signups Ahead of Token Launch appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
