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- Donald Trump-backed crypto project, World Liberty Financial (WLFi), is set to launch a token sale on October 15, 2024
- WLFi aims to raise $300 million through the token sale, with a $1.5 billion valuation
- The token sale is open to accredited U.S. investors, with plans to expand to the general American public in the future
Former President Donald Trump’s decentralised finance project will launch its token, World Liberty Financial, sale on October 15.
In a Friday post on X, World Liberty Financial announced that the public sale of tokens will start on Tuesday, October 15. The sale will be open to those who qualify through the whitelist.
The post reads, “Big News! Public sale starts October 15th, open to everyone who qualifies through the whitelist.”
The project is led by Zachary Folkman and Chase Herro, who were previously involved with Dough Finance, a DeFi platform that suffered a $2 million loss from a July exploit.
Despite this history, members of the Trump family, including Donald Trump, have publicly supported the new venture. Donald Trump has been called “Chief Crypto Advocate,” while his sons, Eric Trump and Donald Trump Jr., serve as “Web3 Ambassadors.” His youngest son, Barron Trump, is listed as the project’s “DeFi Visionary.”
World Liberty Financial aims to raise $300 million through the token sale at a $1.5 billion valuation. The WLFI token will serve as the governance token for the protocol, allowing users to vote on initiatives related to its development.
In a proposal submitted to Aave’s governance forum, the project outlined plans to launch Aave’s v3 platform on the Ethereum mainnet. This would involve providing liquidity for assets such as Ether (ETH), wrapped Bitcoin (wBTC), stablecoins, and potentially other digital assets.
Globally accessible DeFi protocol
In a medium post by the project, they state that World Liberty Financial, Inc. (“WLFi”) is poised to launch a comprehensive and globally accessible Decentralized Finance (DeFi) protocol, combining cutting-edge technology, extensive crypto expertise, and brand influence.
This protocol aims to democratise access to digital asset systems, enabling permissionless and peer-to-peer transactions for users worldwide. Alongside this, WLFi will introduce the WLFi governance platform, empowering $WLFI token holders to participate in shaping the protocol through decentralised governance.
The WLFi protocol is designed as an all-in-one solution for DeFi users globally and was developed by industry-leading crypto experts. By leveraging strategic partnerships and widespread distribution channels, WLFi seeks to redefine DeFi for mass adoption, integrating advanced blockchain technology and user-friendly features.
Fast and accessible DeFi
The WLFi governance platform will allow community control over key aspects of the protocol. Through this decentralised platform, WLFi aims to facilitate widespread adoption by making DeFi more accessible, intuitive, and community-driven. WLFi intends to offer users a seamless onboarding experience with one-click social login and wallet creation, aiming to deliver a top-tier DeFi application with the scale and reach necessary for global use.
Subject to approval through its governance platform, WLFi plans to operate on both Ethereum and Scroll. With its deep liquidity, Ethereum is well-suited for large-scale institutional capital. Scroll’s fast, secure, and gas-less transactions through Paymaster services enhance the user experience for everyday users.
WLFi’s future
WLFi proposes to launch on Aave, pending successful governance votes by both AaveDAO and WLFi’s governance platform. If approved, this would allow users to access Aave’s leading non-custodial, peer-to-peer borrowing and lending platform, combining DeFi’s core lending and borrowing functionalities with the user experience of modern web applications.
Luke Pearson, General Partner & Research Cryptographer at Polychain Capital and advisor to WLFi described the project as “a unique opportunity to build a platform that’s accessible and secure for both seasoned crypto users and newcomers. The chance to bring advanced programmable finance to institutional players and global markets is a major step in broadening DeFi’s reach.”
Prospective clients were able to apply for the whitelist starting in September. For now, World Liberty Financial is only open in the U.S. to accredited investors, according to the SEC, those with a net worth of at least $1 million, individually or with a partner (excluding the value of the primary residence).
Accredited investors also have to have an annual income of at least $200,000 or $300,000 with a spouse or partner for two years, the U.S. regulator says, expecting the salary trend to continue in the current year. The project did say it hoped to be open to all Americans eventually.
Sabinus, Davido, 4 other Nigerian celebrities who have ventured into cryptocurrency
Meanwhile, TheRadar earlier reported that some Nigerian Celebrities have publicly announced their interest in cryptocurrency over the years.
The promoters, experimenters, and curious celebrities include Don Jazzy, Davido, Simply Tacha, Falz, Buju Bnxn, and Sabinus. They have been hesitant to declare their involvement in the blockchain space until recently due to the general sentiment of scams and the regulation policy by the Central Bank.