- World Liberty Financial’s WLFI sale has only raised $10.3M, achieving just 3.4% of its $300M goal in 14 hours.
- A website crash hampered investor access, dropping WLFI token holders to just 6,832, despite 100K sign-ups promised.
- WLFI tokens are exclusive to accredited U.S. investors, functioning as governance tokens on a new DeFi platform.
A token sale for the Donald Trump-backed World Liberty Financial has faltered, reaching only 3.4% of its $300 million goal. The debut sale of WLFI, the platform’s token, went live on October 15, offering 20 billion tokens priced at 1.5 cents each. However, just 14 hours later, only 687 million tokens, worth approximately $10.3 million, had been sold.
Etherscan data indicates that just 6,832 unique wallet addresses currently hold WLFI tokens. This number falls significantly short of the more than 100,000 signups the project’s team had touted just a day prior to the launch.
Technical Difficulties and Investor Accessibility
The project faced immediate challenges when its website crashed shortly after the sale commenced. This outage, attributed to excessive traffic, left many potential investors unable to access the site, with some receiving a “website under maintenance” message.
According to the project’s white paper, termed a “gold paper,” the total supply of WLFI will amount to 100 billion tokens. Of this total, 35% is earmarked for distribution during the token sales to eligible participants.
The platform’s white paper lists former President Donald Trump as the “Chief Crypto Advocate,” while his sons, Barron, Eric, and Donald Trump Jr., are designated as the platform’s “Web3 Ambassadors.” Trump promoted the token sale on X, stating that cryptocurrency represents the future of the economy and that the U.S. should embrace it.
Future Plans and Community Incentives
In the United States, only accredited investors have access to WLFI tokens. This means that only SEC-approved investors can purchase unregistered securities. Investors often earn more than $200,000 per year and have assets worth more than $1 million.
The WLFI tokens will not be tradable initially. Instead, they will function as governance tokens for a new Ethereum-based decentralised finance (DeFi) platform. World Liberty Financial intends to operate as an instance of the popular DeFi protocol Aave, which has gained traction in the crypto space.
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Of the WLFI tokens not allocated for public sale, 32.5% will support community growth and incentives. Additionally, 30% is designated for initial supporter allocation, while 2.5% will be reserved for the team and advisers.
During an X Spaces event on October 14, Zak Folkman, the platform’s head of operations, reiterated details about the project. He confirmed that users will be able to borrow and lend cryptocurrencies, create and engage with liquidity pools, and transact using stablecoins.
Despite the initial setbacks, World Liberty Financial remains committed to launching its platform. The project has faced early challenges, including a website crash and sluggish sales. However, it continues to draw attention in the rapidly evolving cryptocurrency landscape.
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