The Trump-backed crypto project, World Liberty Financial, raised $5 million during its token sale, amounting to 1.7% of its target.
*TRUMP’S WLFI PRESALE RAISES $5M IN FIRST HOUR
*WLFI SITE FACES ON-AND-OFF DOWNTIME, NO TOKEN PURCHASES IN LAST 8 MINUTES
— db (@tier10k) October 15, 2024
Observers noted disruptions on the project’s website due to a surge of participants.
At the time of writing, the World Liberty Financial wallet had received transfers of approximately $4 million in Ethereum, $1.2 million in USDT, and $0.25 million in USDC. View details.
The goal is to raise $300 million with a valuation of $1.5 billion by issuing 100 billion WLFI on the Ethereum blockchain.
The number of asset holders reached 2,985.
WLFI serves as a governance token for the platform, allowing users to participate in borrowing, lending, and creating liquidity pools. The product is promised to be made “more user-friendly and accessible.”
According to the white paper, the distribution of WLFI will be as follows:
- 62.66% of the tokens will be distributed through the token sale, with part of the net proceeds going to the project’s multisig wallet reserve fund;
- 17.33% of WLFI will be allocated to incentivize participation in World Liberty governance and community development initiatives;
- The remaining 20% of tokens will be allocated to the team, advisors, and future employees. An undisclosed portion of WLFI will be reserved for the WLF fund, Trump Organization affiliates, and Witkoff Group.
In September, the Trump family officially launched their cryptocurrency project, World Liberty Financial.
Subsequently, the team opened KYC for token sale participants. Due to regulatory restrictions, participation in the campaign is available only to accredited investors. Their number reached 100,000 before the presale.
Back in August, Trump announced a plan aimed at strengthening the United States’ leadership in the cryptocurrency sector.