World Liberty Financial, the newly launched decentralized finance (DeFi) protocol backed by Donald Trump and his family, announced plans to launch a token sale on Tuesday — exactly three weeks before the presidential election in which Donald Trump is the Republican nominee.
“The public sale will begin on October 15, open to all who qualify via the whitelist,” the project’s social media accounts posted on Friday.
Bettors on blockchain-based prediction market Polymarket see Donald Trump as the frontrunner in the presidential election taking place on November 5.
World Liberty Financial is led by Zachary Folkman and Chase Herro, who previously worked at DeFi platform Dough Finance, which saw $2 million in crypto assets drained through an exploit in July.
Members of the Trump family, including Donald Trump, have publicly backed the project on social media, with the former president being named a “Major Crypto Supporter.” His two sons, Eric Trump and Donald Trump Jr., are on board as “Web3 Ambassadors,” while his other son Barron Trump is listed as a “DeFi Visionary.”
The project aims to raise $300 million from a token sale at a valuation of $1.5 billion, according to a roadmap obtained and reported by The Block on Thursday. The upcoming token, called WLFI, will serve as the protocol’s governance token and will allow users to vote on initiatives regarding the protocol’s development, the report added.
According to Aave's governance post on Wednesday, the project is proposed to launch on DeFi lender Aave's v3 platform on the Ethereum mainnet to "provide liquidity for ether (ETH), wrapped bitcoin {{wBTC}}, stablecoins, and potentially other digital assets."
