Nikolas Sargeant
World Liberty Financial (WLFI), a crypto project associated with Donald Trump, has reportedly amassed more than 100,000 signups ahead of its token launch on October 15.
This decentralized finance (DeFi) platform aims to introduce an Ethereum-based ERC-20 governance token, WLFI, enabling users to engage in various DeFi activities such as borrowing, lending, and stablecoin transactions.
WLFI: Cornerstone of a New Financial Ecosystem
During an X Space on October 14, Zak Folkman, the platform's head of operations, confirmed the impending token launch and emphasized WLFI's role as the governance token for the World Liberty Financial ecosystem.
Team members Chase Herro and Zach Witkoff reiterated information from an October 11 blog post, highlighting the platform's goal to facilitate user interaction with liquidity pools and crypto-based financial services.
It's worth noting that access to World Liberty Financial's services in the U.S. will be limited to accredited investors who meet specific SEC criteria, including an annual income exceeding $200,000 and assets valued at over $1 million.
Folkman also announced the addition of Paxos co-founder Rich Teo to lead the stablecoin and payments division, bringing valuable blockchain expertise to the project.
The WLFI token distribution includes 63% for public sale, 17% for user rewards, and 20% for the project team. According to a leaked white paper, tokens will be nontransferable for the first year, although holders can use them for governance voting immediately. The project aims to raise $300 million through the token sale, potentially valuing the initiative at $1.5 billion.
Expanding DeFi Horizons with Strategic Partnerships
World Liberty Financial plans to focus primarily on DeFi lending, with intentions to expand to the Ethereum layer-2 network Scroll. The initial launch will leverage Aave, a prominent decentralized lending protocol. Aave's CEO, Stani Kulechov, expressed enthusiasm about the platform's use of Aave for its lending features during the X Space.
Donald Trump Jr., serving as the project's "Web3 Ambassador," praised the platform as a step towards financial inclusivity and criticized the traditional U.S. banking system.
A recent survey by Fairleigh Dickinson University's Poll revealed that crypto owners tend to support former President Donald Trump more than those without digital assets, who lean towards Vice President Kamala Harris.
