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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 17, 2024 05:03 UTC
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Trump’s New Crypto: World Liberty Finance’s WLFI Token Hits the Market
World Liberty Finance, a pro-crypto Trump-family-related project, plans to launch a regulated governance token, $WLFI, on Ethereum.
The WLFI token will not provide economic rights to holders and will be non-transferable.
The team has cautioned crypto enthusiasts about potential scams and fake airdrops related to the WLFI launch.
In a live X-Spaces interview on Monday, pro-crypto Presidential candidate Donald Trump joined the World Liberty Finance (WLF) team to announce the upcoming launch of their governance token, $WLFI. This token will support WLF’s crypto-lending services on the Ethereum (ETH) network, marking a significant step for the Trump-family-backed project.
Here’s everything you need to know.
WLFI Token: Regulated but Non-Transferable
Zack Folkman, WLF’s Operations Lead, and Chase Herro, Head of Data and Strategy, confirmed that the WLFI token will be regulated by the U.S. Securities and Exchange Commission (SEC). However, the token will be non-transferable and will not provide any economic rights to holders within World Liberty Finance.
“There have been no pre-sales and no VC, early buy-ins. It is just like any other DeFi project you can expect to see that’s launching now with incredibly fair token distribution,”
Caution: Watch Out for Scams!
The excitement surrounding World Liberty Finance’s Web3 project has grown due to its connection with Donald Trump. However, the team has warned crypto enthusiasts to be cautious and avoid scams until the official token launch is confirmed. There are already reports of fake WLFI airdrops meant to steal value from users.
Understanding the Token Distribution Breakdown
The team revealed their token distribution plans: 63% of the total supply will be sold to the public on the Ethereum network, 17% will be set aside for user rewards, and 20% will go towards compensating the WLF team, including new hires and advisors.
While no official launch date has been set, the team reassured that details will be shared soon through World Liberty Finance’s social media channels.
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