Donald Trump’s crypto venture, World Liberty Financial (WLF), is set to begin selling its WLFI tokens on Tuesday, just three weeks before the US presidential election.
Announced via a post on X, WLF will leverage decentralised finance (DeFi) by offering the WLFI token as a governance tool.
This allows users to vote on the protocol’s development initiatives.
This marks the first time a US presidential candidate has launched a crypto token sale, raising questions about potential conflicts of interest and the impact on campaign finance.
Skeptical replies to Trump’s X post were quick to point out his history of unsuccessful business ventures.
The token sale’s timing, so close to the election, has sparked debate over whether the venture is intended to bolster Trump’s campaign or serve as a fundraising tool.
WLF, which is built on the Aave DeFi protocol, has pledged 7% of its WLFI tokens and 20% of future fees to Aave’s DAO.
The sale, valued at $1.8 billion, is expected to raise up to $537 million if all tokens are sold, with 30% available to the public while the remaining 70% is reserved for project insiders.
Crypto market movers
Bitcoin is up 0.1% over the past 24 hours to about $62,800.
Ethereum is up 0.8% to $2,463.
What we’re reading
Michael Saylor has big plans for MicroStrategy’s $16bn Bitcoin pile: ‘The end game is to be the leading Bitcoin bank’ — DL News
FBI Created Crypto Token ‘NexFundAI’ to Lure Crypto Scammers — Unchained
Trump’s Lead Over Harris Widens on Polymarket’s Prediction Market — CoinDesk
Ethereum ETF options listing stalls as SEC pushes deadline to December — DL News
