Coinspeaker
WLFI Token Tanks 96% as Trump Unveils World Financial Liberty Project
Donald Trump unveiled his Defi crypto project World Liberty Financial on Monday, with project leaders later announcing the launch of the native WLFI tokens. The announcement came via an X Spaces interview, while Trump making his first public appearance after the second assassination attempt last weekend.
In the live stream dubbed as a “State of Crypto address”, Trump noted: “We’re going to make our country greater than ever before, and you’re going to be happy, and you’re going to love your crypto.”
Although Trump for 45 long minutes, he didn’t talk much about the DeFi crypto projects World Liberty Financial. The details for the same continue to remain sparse as of now. However, after two hours of live stream, a project leader Zak Folkman, stated that there would be a token.
Folkman also stated that they’re planning to sell non-transferrable WLFI tokens, which “are pure governance tokens, only providing the right to make proposals and vote on matters related to the platform.”
However, considering other regulatory aspects, the sale of the tokens will only be to accredited investors in the US. “Although we don’t consider WLFI to be a security, in the light of regulatory uncertainty surrounding tokens and token sales in general in the United States, we’ve decided that it’s prudent to limit the token sales to certain persons who would be eligible to participate in transactions that are exempt from registration under the US federal securities law,” Folkman said.
Moreover, he further added that the sale of the WLFI tokens to non-US persons would come along with “applicable restrictions”.
WLFI Token Price Tanks
Soon following the launch, the price of World Liberty Financial native token WLFI tanked by 96%, as per the data on CoinMarketCap. Also, the market is pretty less than $50,000.
Folkman along with the other project leaders mentioned that the World Liberty Financial platform seeks to remove the barriers existing in the current traditional financial systems. However, not many details are available regarding the project and its functionality. Previous reports suggest that World Liberty Financial would function as a DeFi project offering a borrowing and lending facility similar to Dough Finance.
The draft white paper also highlighted credit systems for borrowing and lending built on the widely-used DeFi app Aave, which World Liberty Financial stated it is “collaborating with”. Additionally, the project aims to promote “the mass adoption of stablecoins”.
However, the crypto community reaction to the launch has been lacking excitement and shows more of a disappointment.
Majority of feedback I’m getting from listeners on the @worldlibertyfi spaces is that it was disappointing — no substantive information about the platform and what it will actually do. Do you agree?
— Eleanor Terrett (@EleanorTerrett) September 17, 2024
WLFI Token Tanks 96% as Trump Unveils World Financial Liberty Project
