Trump-backed public token for the World Liberty Financial Defi project went live around 12:40 UTC. In the first hour, the site faced numerous crashes, still, 2,900 investors bought the token with 344 million WLFI sold.
According to Etherscan data, a total of 3000 unique wallets bought the token within the first hour. However, the amount represents only 1.7% of 20 billion tokens for the public sale.
The allocated token for public sale was priced at a fixed $0.015 cents each. Assuming all of the tokens were bought, it would have resulted in $300 million of fundraising. Moreover, the overall supply of the Token including the ones not available to the public is $100 billion.
Earlier on Monday, the project’s officials disclosed that 100,000 US investors were whitelisted before the token’s launch. All the investors who were whitelisted met certain financial requirements.
What can holders do with the $WLFI token?
The team behind the token released a “gold paper” on Tuesday morning to share details about the World Liberty Financial project and the role of the token. It is a unified platform that allows users to lend and borrow crypto. Holders of the token will also have a say in how the platform runs along with other governance matters.
By holding the coin, investors will be able to propose various platform changes. However, it is important to note that the $WLFI token is indefinitely locked and cannot be transferred to another wallet. All the decisions related to the governance will be in accordance to the US regulations.
The “gold paper” mentioned
“WLF strongly believes in supporting US dollar-based stablecoins and DeFi applications that seek to preserve the US Dollar’s status, ensuring it remains the global reserve currency for the next century—without compromising the freedoms that decentralized assets provide,”
Two of Trump’s sons are described as “Web3 ambassadors” in the project materials, whereas Trump is mentioned as a “chief crypto advocate”.
