The Trump-backed public token for the World Liberty Financial Defi project launched at around 12:40 UTC. The site experienced several issues in the first hour, however, 2,900 investors purchased tokens with 344 million WLFI sold.
According to Etherscan data, a total of 3,000 unique wallets purchased tokens in the first hour. However, this represents only 1.7% of the 20 billion tokens sold publicly.
The tokens allocated for public sale are priced at 0.015 cents each. Assuming all tokens are purchased, there will be $300 million raised. Furthermore, the total supply of Tokens including those not available to the public is $100 billion.
Earlier Monday, project officials revealed that 100,000 U.S. investors had been whitelisted ahead of the tokenâs launch. All whitelisted investors met certain financial requirements.
What can holders do with $WLFI tokens?
The team behind the token released a âgolden paperâ Tuesday morning to share details about the World Liberty Financial project and the role of the token. It is a unified platform that allows users to lend and borrow cryptocurrency. Token holders will also have a say in how the platform operates, along with other governance issues.
By holding this coin, investors will be able to propose various changes to the platform. However, it is important to note that $WLFI tokens are locked indefinitely and cannot be transferred to another wallet. All governance decisions will be subject to US regulations.
âYellow paperâ mentioned
âWLF strongly believes in supporting USD-based stablecoins and DeFi applications to maintain the US dollarâs ââposition as the global reserve currency for the next century without compromising the freedom that decentralized assets provide,â
Trump's two sons are described as "Web3 ambassadors" in the project documentation, while Trump is referred to as a "key cryptocurrency advocate."
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