Donald Trump family-backed World Liberty Financial‘s WLFI token sale went live. More than 1,700 unique wallets purchased more than 220 million tokens in the first twenty minutes. The token sale website suffered numerous outages shortly after going live.
Donald Trump-backed WLFI goes live, site crashes amid intense interest!
As you have been following on Kriptokoin.com, Republican Donald Trump is taking on the role of “chief crypto advocate”. His sons Eric and Donald Jr. are “web3 ambassadors” and Barron is a “DeFi visionary,” emphasizing the family’s deep involvement in the project. The anticipated token sale for the Trump family-backed World Liberty Financial went live on the platform. There were numerous outages during the first hour on the site. Despite this, around 2,900 investors bought tokens.
According to the blockchain data, the sale went live at 15:40 PT. Thus, more than 344 million of the platform’s WLFI tokens sold out within the first hour. About 3,000 unique wallets bought these tokens. A Blockchain wallet linked to the token holds about $4 million worth of Ethereum (ETH), $1.2 million worth of Tether (USDT) and about $250,000 worth of USD Coin (USDC) tokens.
World Liberty Financial’s launch and goal
WLFI will serve as a platform governance token that allows users to borrow, lend, and engage in other DeFi activities. The project will launch on the Ethereum Blockchain. The project values the venture at $1.5 billion with 100 billion tokens. Thus, it aims to raise 300 million dollars.
Trump family-backed World Liberty Financial reportedly whitelisted more than 100,000 accredited US investors ahead of Tuesday’s token launch. Donald Trump is the project’s “chief crypto advocate”. Two of his sons, Eric and Donald Trump Jr, are “web3 ambassadors”. In addition, Barron holds the title of “DeFi visionary”. In the US, an accredited investor is authorized to invest in securities such as pre-IPO shares. However, these investors must meet certain income and net worth criteria, such as annual earnings of $200,000 and total assets of over $1 million.
What is World Liberty Finance and WLFI?
A “golden document” about the token provided more details about WLFI, including its distribution and its exact role on the platform. World Liberty Financial is described as a unified platform where users can lend and borrow cryptocurrencies, create liquidity pools and trade stablecoins.
The token will allow its holders to propose future changes to the platform. Furthermore, WLFI will be fully functional and useful for governance during the token sale. However, not all WLFI will be transferable. It will also remain locked indefinitely in a wallet or smart contract. All governance decisions will be in accordance with US regulations to ensure that any changes are in compliance with the law.
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