Trump-Backed DeFi Project Set To Launch WLFI Token Sale October 15
12 Octobre 2024 - 9:00AM
NEWSBTC
Former President Donald Trump foray into decentralized finance
(DeFi) with his initiative, World Liberty Financial, has officially
begun onboarding users, with a public sale of its WLFI token
scheduled for October 15. This announcement comes as the
project aims to raise $300 million at a valuation of $1.5 billion
through its initial token offering, which garnered significant
attention in the cryptocurrency community. The Trump DeFi
Initiative In a recent post on X (formerly Twitter), World Liberty
Financial announced that the public sale will be open to
individuals who qualify through a whitelist process. The governance
token, WLFI, will have a non-transferable status for the first 12
months, although it will allow holders to participate in voting on
platform decisions immediately. Related Reading: Bitcoin Price
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Coming? The initial phase of the project includes launching a DeFi
lending platform, modeled after Aave, on Scroll, an Ethereum Layer
2 solution. It will initially support Bitcoin, Ethereum, and
stablecoins, with future plans to introduce a stablecoin-focused
credit card, facilitate integration with exchanges for seamless
asset transfers, and fractionalize real-world assets like hotels
and clubs. World Liberty Financial is presented as a key component
of Trump’s vision to “Make America great again, this time with
crypto.” The initiative aims to position the US as the leading
global hub for cryptocurrency, enhancing financial security and
enabling peer-to-peer transactions without intermediaries through
decentralized finance. However, specific functionalities and
a definitive launch date for the platform have yet to be announced.
Interestingly, a preliminary white paper for the project includes a
disclaimer stating that World Liberty Financial is “not owned,
managed, operated or sold” by the Trump family, although it notes
that they may receive compensation from the initiative. This
disclaimer aims to clarify the project’s structure amidst ongoing
scrutiny. Political Polarization Ahead? The launch of World Liberty
Financial has raised expectations among investors, but it has also
raised eyebrows within the cryptocurrency community, particularly
within industry leaders such as Charles Hoskinson, co-founder of
the Ethereum and Cardano blockchains. Hoskinson has expressed
concerns that Trump’s DeFi venture could become a “political
flashpoint,” exacerbating existing tensions surrounding
cryptocurrency regulation in the US under Biden’s
administration. Related Reading: BNB Under Siege: Failed
Recovery Sparks Fears of Deeper Losses Hoskinson also warned that
the political polarization surrounding Trump could provoke a
backlash from Democrats that could threaten the viability of the
initiative. The Cardano founder indicated that if Democrats
perceive Trump’s DeFi project as a significant threat, they might
leverage governmental power to impose restrictions, potentially
driving many crypto projects offshore to jurisdictions with more
favorable regulations. Despite his concerns, Hoskinson
acknowledged that it has attracted influential investors and
advocates. However, he remains skeptical about whether this support
will translate into effective policy changes should Trump regain
power. Featured image from DALL-E, chart from TradingView.com
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