World Liberty Financial, a new DeFi protocol backed by Republican candidate Donald Trump, launched its public token sale on Tuesday morning. Despite the high media coverage, the project only managed to raise $9 million on the first day of sales.
WLFI Token Sale Begins
During the first day, approximately 610 million #WLFI tokens were sold, with 19.4 billion tokens still available. At a price of $0.015 per token, this resulted in sales of around $9.15 million. The project's website experienced slowdowns and outages during the morning hours as the sale launched between 8 and 9 AM Eastern Time. Reportedly, the project raised $5 million within the first hour.
Goal: $300 Million from Selling 20% of Tokens
World Liberty Financial aims to raise $300 million by selling 20% of its token supply, with a fully diluted valuation of $1.5 billion. WLFI tokens will serve as governance tokens, allowing holders to vote on the platform's future development, as laid out in the project's roadmap. However, the tokens will be non-transferable for the first year.
Zak Folkman, co-founder of the project, stated that more than 100,000 people registered for the whitelist since it was announced on September 30. The project was co-founded by Steve and Zach Witkoff, Folkman, and Chase Herro. A key promotional figure is former President Donald Trump, who is labeled as the "chief crypto advocate," alongside his three sonsâDonald Jr., Eric, and Barronâwho serve as Web3 ambassadors.
Trump Backs the Crypto Future
"Big news! The World Liberty Financial token sale is now live," Trump posted on X Tuesday evening. "Crypto is the future. Letâs embrace this incredible technology and lead the world in the digital economy."
Mixed Reactions to World Liberty Financial
Reactions to World Liberty Financial have been divided. While crypto supporters welcome the project, critics argue that it could harm the broader industry. Bitcoin's price increased by about 15% in October, partly due to rising electoral odds for Donald Trump, according to analysts.
Bernstein analysts believe this bitcoin strength is linked to Trumpâs improved election prospects. "We believe the recent strength in bitcoin is driven by its renewed correlation with Trumpâs election odds," analysts wrote in a note to clients on Tuesday. While both political parties have signaled support for digital assets, the crypto market responds more strongly to Trumpâs improved chances in prediction markets.
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