Key Points
- World Liberty Financial, a Trump-backed DeFi protocol, reports over 100,000 whitelist signups for its public token sale scheduled for October 15, 2024.
- The project has recruited Paxos co-founder Rich Teo as its stablecoin and payments lead, indicating a strong push towards mainstream adoption of decentralized finance.
Project Overview and Team
World Liberty Financial (WLF) is preparing for its highly anticipated token launch, with the team recently hosting a live stream on X (formerly Twitter) to discuss the DeFi protocol. Co-founded by Zak Folkman, Chase Herro, and Steve and Zach Witkoff, the project claims to be inspired by Donald J. Trump’s vision.
In a significant move, Paxos co-founder Rich Teo has joined the World Liberty team as its stablecoin and payments lead. Teo, who recently stepped back from his day-to-day duties at Paxos while remaining on its Board of Directors, brings valuable experience to the project.
Token Sale and Distribution
The WLFI token, an ERC20 token, is set for public sale on Tuesday, October 15, 2024. According to Folkman, over 100,000 people have signed up for the whitelist since it opened on September 30, indicating significant interest in the project. The token distribution is as follows:
- 63% of WLFI tokens will be sold to the public
- 17% allocated for user rewards
- 20% reserved for team compensation
The initial sale aims to raise $300 million, selling 20% of the token supply at a $1.5 billion fully diluted valuation. WLFI will be available to accredited investors in the U.S., qualified investors in the UK, and investors outside these countries.
Project Roadmap and Partnerships
World Liberty Financial has outlined an ambitious roadmap for its development:
- Launch a version of the DeFi lending platform Aave on the Ethereum Layer 2 network Scroll, allowing users to lend and borrow tokens, starting with bitcoin, ether, and stablecoins.
- Integrate with exchanges and implement on-chain attestations of know-your-customer (KYC) protocols for user on-ramps and off-ramps.
- Fractionalize real-world assets and obtain necessary regulatory licenses.
The project has garnered support from notable figures in the crypto space, including Stani Kulechov, founder and CEO of Aave, and Sandy Peng, co-founder and core contributor to Scroll.
Political Backing and Controversy
The project has received strong support from the Trump family, with Donald Trump Jr. and Eric Trump first teasing it on August 7, 2024. During the live stream, Donald Trump Jr. expressed his support for DeFi by criticizing the traditional U.S. banking system, calling it “a big Ponzi scheme” and emphasizing the need for reform and a more inclusive financial system.
While the project has its supporters, it has also faced criticism from some who view it as another political maneuver. The involvement of the Trump family and the project’s political overtones have sparked debate within the crypto community.
As World Liberty Financial prepares for its token launch, the crypto world watches with interest to see how this politically-backed DeFi project will fare in an increasingly competitive and scrutinized market, especially given the impressive number of whitelist signups it has already attracted.
