As a seasoned crypto investor with over two decades of experience under my belt, I must admit that the recent unveiling of Donald Trump’s DeFi project, World Liberty Financial (WLFI), left me feeling more underwhelmed than exhilarated.
On Monday, Donald Trump revealed his digital currency venture named World Liberty Financial. Later in an interview conducted by X Spaces, project leaders disclosed the debut of the native WLFI tokens. This announcement was made following Trump’s first public appearance since the second alleged assassination attempt over the weekend.
During the broadcast titled “Crypto State Address”, Trump emphasized: “Our nation will reach unprecedented heights, and you’ll find joy and appreciation in cryptocurrencies.
Despite Trump discussing topics extensively for 45 minutes, he failed to delve deeply into the DeFi crypto projects World Liberty Financial. As of now, specifics about the project remain scarce. However, following two hours of live streaming, it was revealed by project leader Zak Folkman that a token will be involved in this initiative.
As an analyst, I can share that Folkman has disclosed their intention to offer non-transferable WLFI tokens. These tokens serve as purely governance tools, granting the holder the ability to submit suggestions and cast votes regarding the platform’s affairs.
Given the complexities of regulations related to tokens, we will only sell our tokens to accredited investors within the U.S., due to uncertainties regarding token sales and their classification as securities in the United States. As stated by Folkman, this decision is made with caution, aiming to comply with transactions exempt from federal securities registration.
Additionally, he explained that the purchase of WLFI tokens by individuals outside of the U.S. would be subject to “relevant limitations”.
WLFI Token Price Tanks
Immediately after its debut, the value of World Liberty Financial’s native token, WLFI, plummeted a staggering 96%. According to information from CoinMarketCap, the current market value is significantly low, under $50,000.
According to Folkman and other project leaders, the World Liberty Financial platform aims to break down the obstacles found in conventional financial systems. Unfortunately, specifics about the project’s operations are scarce at this time. It appears that World Liberty Financial may operate as a Decentralized Finance (DeFi) initiative, offering services such as lending and borrowing much like Dough Finance does.
The draft white paper also highlighted credit systems for borrowing and lending built on the widely-used DeFi app Aave, which World Liberty Financial stated it is “collaborating with”. Additionally, the project aims to promote “the mass adoption of stablecoins”.
Instead, the response from the cryptocurrency community towards the launch appears less enthusiastic and more indicative of disappointment.
The majority of responses I’ve received from people who attended events on the @worldlibertyfi platform indicate that they were underwhelmed because there wasn’t enough substantial detail provided about the platform and its intended functions. Is this something you concur with?
— Eleanor Terrett (@EleanorTerrett) September 17, 2024
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2024-09-17 15:18