The token launch for World Liberty Financial, a cryptocurrency initiative backed by the Trump family, is encountering significant struggles. Since its introduction on October 15, the project has managed to sell a mere 3.4% of its ambitious $300 million goal, with only 687 million tokens, valued at about $10.3 million, sold within the first 14 hours. The WLFI tokens, priced at 1.5 cents each, were made available to the public as part of a total supply of 20 billion tokens.
Etherscan data reveals that WLFI tokens are currently held by only 6,832 unique wallet addresses, a stark contrast to the project’s claims of over 100,000 signups just prior to the launch. The situation was further complicated when the project’s website experienced a crash shortly after the sale began, rendering it inaccessible for several hours due to high traffic. Users attempting to access the site were met with maintenance notifications, impeding potential buyers from securing their tokens.
According to the project’s “ gold paper,” which outlines its objectives, a total of 100 billion tokens will eventually be distributed, with 35% allocated for public sales. Donald Trump’s sons, Eric, Barron, and Donald Trump Jr., are identified as “Web3 Ambassadors,” while Donald Trump himself is designated as the “Chief Crypto Advocate.” He promoted the initiative on social media, emphasizing the potential of cryptocurrency in shaping the future economy.
Importantly, in the U.S., WLFI tokens can only be purchased by accredited investors, who are defined by their income and asset levels set by the Securities and Exchange Commission. While the tokens cannot be traded initially, they are expected to serve as governance tokens for a forthcoming Ethereum -based decentralized finance platform. Plans suggest that World Liberty Financial will operate as an extension of the well-known DeFi protocol Aave, enabling users to borrow and lend cryptocurrencies, create liquidity pools, and engage with stablecoins.
