News
  • Vijay Gir
    author-profile

    Vijay Gir right arrow

    Author

    Vijay Gir is a Certified Blockchain Expert with over 8 years of experience in the blockchain industry. He has a deep passion for sharing his knowledge of blockchain, cryptocurrency, and web3 technologies. For the past 7 years, Vijay has been dedicated to writing about these transformative topics, helping others stay informed and understand the evolving landscape of decentralized technologies.

    • 2 minutes read

    Trump-Backed WLFI Token Raises $10M Despite Technical Issues – What Next?

    Story Highlights
    • The Trump-backed crypto project, World Liberty Financial (WLF), experienced technical difficulties upon launch.

    • Despite initial website issues, WLF's governance token, WLFI, saw strong sales, raising millions of dollars in its early stages.

    • WLF aims to become a major player in the DeFi space, offering various financial services and focusing on U.S. dollar-based stablecoins.

    World Liberty Financial (WLF), a much-anticipated crypto project backed by the Trump family, launched on October 15, generating significant excitement. However, the rush of visitors caused the projectโ€™s website to struggle with heavy traffic, leading to unexpected technical issues. Despite these early challenges, token sales for the platformโ€™s governance token, WLFI, took off.

    Letโ€™s take a closer look at what happened.

    A Rocky Start, but the Frenzy Remains High

    On Tuesday, WLF launched and quickly overwhelmed its website, which crashed several times as eager users tried to get involved. Still, around 3,000 investors managed to buy 344 million WLFI tokens within the first hour. While this may seem impressive, it represents only 1.7% of the 20 billion tokens available for public sale.

    The project aims to raise an ambitious $300 million, and despite the rough start, WLF managed to raise $5.7 million in ether (ETH), $1.6 million in tether (USDT), and $300,000 in USD Coin (USDC) by the end of the first day. Currently, there are 7,337 WLFI holders.

    So far, WLF has sold 710.26 million tokens from the total 20 billion available, with each WLFI token priced at $0.015. This means the project has already secured over $10 million in funding, demonstrating strong momentum despite the technical challenges.

    What Makes WLFI Tokens Different?

    The WLFI token is not just a thing to buy and sell, it bears more purpose. The token bears the voting power in WLFโ€™s governance. This allows the holders to cast their votes on important decisions for the platform. The decisions might be for protocol upgrades, partnerships or changing security measures. The WLFI token holders will have a say in all that.

    However, thereโ€™s a catch: these tokens are non-transferable and locked in a smart contract unless the rules change in the future.

    Whatโ€™s Next for World Liberty Financial?

    WLF has big plans. The platform hopes to carve out a niche in the decentralized finance (DeFi) space by offering services like borrowing, lending, and creating liquidity pools. Supporting U.S. dollar-based stablecoins, they also want to keep the U.S. Dollar as a dominant global currency through decentralized financial tools. Their โ€œgold paperโ€ promises compliance with U.S. financial laws and lays out their strategy for the future.

    The project has also leveraged Trump’s name, with Donald Trump acting as the โ€œchief crypto advocateโ€ and his sons as โ€œWeb3 ambassadors.โ€ Their goal? Use their influence to bring Web2 users into the world of Web3. Itโ€™s still early days, but the team is off to an ambitious start.

    This Is a Promising Start – But What’s Next?

    Despite facing several technical issues, WLFโ€™s launch has captured strong investor interest, raising millions within hours. With its focus on DeFi services and commitment to U.S. regulations, the platform is positioning itself for long-term success in the crypto space.

    The world of crypto just got a whole lot more interesting. Are you excited for WLFI?

    Show More

    Related Articles

    Back to top button