Donald Trump Crypto Project Gains 100,000 Users
15 Oct, 2024 ● Kripto ljudi
The Donald Trump-supported crypto project, World Liberty Financial, claims to have garnered over 100,000 signups ahead of its public token launch on Oct. 15.
In a 90-minute X space on Oct. 14, which provided little new information, the platform’s head of operations, Zak Folkman, confirmed that the WLFI token would be an Ethereum-based ERC-20 token and reiterated its role as the governance token for the decentralized finance (DeFi) platform.
Folkman, along with other team members, Chase Herro and Zach Witkoff, repeated details already shared in an Oct. 11 blog post, explaining that the platform will enable users to borrow and lend crypto, create and interact with liquidity pools, and transact using stablecoins.
In the U.S., the platform is limited to accredited investors, who are approved by the Securities and Exchange Commission (SEC) to invest in unregistered securities and typically have an annual income exceeding $200,000 or assets over $1 million.
Herro also revealed that Paxos co-founder Rich Teo would join the project as the head of stablecoins and payments.
Last month, during the project’s launch, Folkman disclosed that 63% of WLFI tokens would be sold to whitelisted public members on Oct. 15, with 17% allocated for user rewards and 20% designated for the team.
According to a leaked white paper, WLFI tokens will be nontransferable for 12 months after distribution, though holders can use them immediately to participate in governance votes.
The document also revealed that the project aims to raise $300 million from the token sale, giving it an estimated valuation of $1.5 billion.
Aave CEO and founder Stani Kulechov briefly joined the Oct. 14 X space, expressing his excitement about World Liberty Financial utilizing Aave for its borrowing and lending features.
Donald Trump Jr., listed as the project’s "Web3 Ambassador," also made a brief appearance, praising the platform for introducing a more equitable financial system and criticizing the U.S. banking system as a "big Ponzi scheme."
World Liberty Financial will initially launch as a DeFi lending platform, with an Oct. 9 proposal confirming it will operate as an Aave instance on the Ethereum network, with plans to expand to Ethereum's layer-2 network Scroll.
The WLFI token sale is scheduled to begin three weeks before the U.S. elections on Nov. 5.
Former President Donald Trump, the Republican presidential candidate, has promised to establish the U.S. as the "crypto capital" of the world if he wins the election in November.
Currently, Trump leads his opponent, Kamala Harris, by 9% on the decentralized betting platform Polymarket, while Harris holds a 2.4% lead over Trump in national polls, according to 538 polling data.
Sources:
https://cointelegraph.com/news/trump-crypto-project-100k-signups-pre-token-sale
https://x.com/worldlibertyfi/status/1845795823356985620
https://x.com/worldlibertyfi/status/1845795823356985620
https://polymarket.com/event/presidential-election-winner-2024
https://projects.fivethirtyeight.com/polls/president-general/2024/national/
