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 project’s website to struggle with heavy traffic, leading to unexpected technical issues. Despite these early challenges, token sales for the platform’s governance token, WLFI, took off.
Let’s take a closer look at what happened.
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.
The WLFI token is not just a thing to buy and sell, it bears more purpose. The token bears the voting power in WLF’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, there’s a catch: these tokens are non-transferable and locked in a smart contract unless the rules change in the future.
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 “gold paper” 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 “chief crypto advocate” and his sons as “Web3 ambassadors.” Their goal? Use their influence to bring Web2 users into the world of Web3. It’s still early days, but the team is off to an ambitious start.
Despite facing several technical issues, WLF’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?
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