Donald Trump’s cryptocurrency project, World Liberty Financial (WLFI), has reportedly amassed over 100,000 signups ahead of its highly anticipated token launch on October 15. The platform, positioning itself as a decentralized finance (DeFi) initiative, is preparing to release its Ethereum-based ERC-20 governance token, WLFI, which will enable users to access various DeFi functionalities such as borrowing, lending, and stablecoin transactions.
WLFI to Act as Governance Token
During an X Space event on October 14, Zak Folkman, head of operations for World Liberty Financial, confirmed key details about the token launch. He emphasized that WLFI will serve as the governance token for the ecosystem, giving users a say in the platform’s future through voting on key decisions.
Joined by team members Chase Herro and Zach Witkoff, Folkman reiterated information from a previous October 11 blog post, detailing how users will be able to participate in liquidity pools and engage in crypto lending and borrowing.
However, U.S.-based users will face restrictions, with access limited to accredited investors—individuals who meet specific financial criteria set by the Securities and Exchange Commission (SEC), such as earning over $200,000 annually or holding more than $1 million in assets.
Paxos Co-Founder Joins the Team
In a key announcement, Rich Teo, co-founder of Paxos, will lead the stablecoin and payments division for World Liberty Financial, bringing extensive blockchain expertise to the initiative.
The platform’s tokenomics reveals that 63% of WLFI tokens will be sold to whitelisted members of the public during the October 15 launch, while 17% will be reserved for user rewards, and 20% allocated to the project’s team. According to a leaked white paper, the tokens will be non-transferable for the first 12 months, but holders will be able to use them for governance voting immediately.
The project aims to raise $300 million through its token sale, with a valuation target of approximately $1.5 billion.
Focus on DeFi Lending
World Liberty Financial’s primary focus is DeFi lending, though the platform has plans to expand to Ethereum layer-2 network Scroll. The initial launch will take place on Aave, a leading decentralized lending protocol. Stani Kulechov, CEO of Aave, made a brief appearance during the X Space event, expressing his enthusiasm for the platform’s use of Aave’s borrowing and lending features.
Donald Trump Jr., the project’s “Web3 Ambassador,” praised the platform during the event, calling it a move towards financial inclusivity and criticizing the U.S. banking system as a “Ponzi scheme.”
Crypto Community Support for Trump
A survey conducted by Fairleigh Dickinson University’s (FDU) Poll found that crypto owners tend to support Donald Trump, with 50% of them favoring the former president. In contrast, those without digital assets are more inclined to support Vice President Kamala Harris. This growing support aligns with Trump’s recent embrace of digital currencies.
Website: CentBit.Online – Crypto & Blockchain Expert Bangladesh