World Liberty Financial (WLFI), a decentralized finance (DeFi) platform backed by former U.S. President Donald Trump, has officially launched its highly anticipated token sale. The public sale, which began today, is open exclusively to participants who qualified through a whitelist process initiated in September.
In an impressive start, the project sold over 220 million tokens to more than 1,700 unique wallets in the first 20 minutes. Despite experiencing multiple website outages during the rollout, nearly 2,900 investors were able to secure 344 million tokens within the first hour.
However, due to U.S. regulatory constraints, the sale is limited to accredited investors, as outlined by the Securities and Exchange Commission (SEC). To qualify, investors must meet strict financial criteria: a net worth exceeding $1 million (excluding their primary residence) or an annual income of at least $200,000 for the past two years, or $300,000 when combined with a spouse.
The WLFI token serves as the governance asset for the DeFi platform, allowing investors to engage in borrowing, lending, and earning interest. However, unlike traditional cryptocurrencies such as Bitcoin, the WLFI token is non-transferable and does not generate yield.
The project, spearheaded by Eric Trump, the son of Donald Trump, aims to raise $300 million. Over 100,000 accredited U.S. investors had already secured spots on the whitelist ahead of today’s launch. Notably, 63% of the total token supply is reserved for accredited investors, creating a highly exclusive offering.
Eric Trump, who has been the face of the project since its announcement in August, described World Liberty Financial as “digital real estate,” positioning the Ethereum-based platform as an ambitious competitor in the DeFi space. The team has set out to challenge established players, with the project’s ultimate goal being to become a global “one-stop shop for DeFi,” according to a recent blog post. WLFI will compete with major decentralized platforms like Uniswap, underscoring the project’s lofty ambitions.
Related Topics:
