On Monday, Republican presidential candidate Donald Trump officially unveiled his much-awaited DeFi crypto project – World Liberty Financial. Later, there was an announcement that the project would have its native WLFI token with some scant details available regarding the project.
Donald Trump’s World Liberty Financial WLFI Token Allocation
Donald Trump spoke very little about his crypto project yesterday in a two-hour live stream. However, later one of the project leaders Zak Folkman announced that there “will be a token”.
Reading through a pre-written statement, Folkman also stated that the World Liberty Financial Project was willing to sell non-transferable WLFI tokens. He added that WLFI tokens “are pure governance tokens, only providing the right to make proposals and vote on matters related to the platform”.
There are some minor details regarding the distribution pattern for WLFI tokens. Reportedly, 63% of the WLFI tokens would be available to the public and the other 17% would be reserved for public use. The rest 20% would go towards public compensation.
*WLFI TOKEN DISTRIBUTION ALLOCATION: 63% WILL BE SOLD TO PUBLIC, 17% FOR USER REWARDS, 20% FOR TEAM COMPENSATION: X SPACES – THE BLOCK PRO
— The Block Pro Headlines (@theblockupdates) September 17, 2024
Addressing Security Concerns
While commenting on the regulatory uncertainty surrounding crypto tokens and their sales in the United States, Folkman added that WLFI has decided to restrict its token sales to specific individuals.
“Although we don’t consider WLFI to be a security, it’s prudent to limit the sales to those eligible for transactions exempt from registration under U.S. federal securities law,” he added. Thus, US people willing to participate in these token sales need to be either accredited investors or reasonably verified.
Folkman along with the co-leader of World Liberty Financial Chase Herro, stated that they are identifying how the platform aims to eliminate barriers present in the traditional financial system.
However, the initial community reaction to the launch of the Donald Trump crypto project hasn’t been much positive. Following the recent assassination attempt on Trump, the former President unveiled the project but didn’t reveal many details about the DeFi project or its functionality regarding the same. The community shares its disappointment in sharp words.
We’re over two hours into this Trump crypto call and they haven’t yet spoken about what the platform does. The listener count has dropped from 150,000 to 47,000. What a wasted opportunity!
— Wayne Vaughan (@WayneVaughan) September 17, 2024
Several listeners at the X Spaces launch of the World Liberty Financial project shared their frustration over the lack of substantive information about the platform and its actual functionality.
Previous reports also suggest that the DeFi project from Donald Trump would offer borrowing and lending similar to Dough Finance.
Crypto has taken center stage in the recent Trumpvs Harris battle. In the latest development, XRP Healthcare, a startup ecosystem based on XRP Ledger recently endorsed Trump for the upcoming Presidential elections.
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