Donald Trump took another step into the crypto sector with his DeFi crypto project, as the U.S. presidential election nears.
Donald Trump is the 45th former U.S. president. During his administration, Trump was a Bitcoin critic, but in the last couple of years, he has started to show support for Bitcoin as a decentralized form of money. This year, he openly urged people to vote for him in the upcoming presidential election if they want crypto adoption under a friendly regulatory environment in U.S. jurisdiction.
On 17 Sep 2024, Trump disclosed key details about his DeFi project, World Liberty Financial, and its upcoming $WLFI token.
https://t.co/ws1YSdE7WD
— Farokh (@farokh) September 16, 2024
As per top media reports, the token has not been launched, but its basic structure and distribution framework were outlined to the public.
The $WLFI token will be a non-transferable governance token, not freely traded, but it will allow holders to support decisions on the platform.
According to Zak Folkman, co-founder of Dough Finance, 63% of the total supply will be available for public purchase, while 17% will go towards user rewards, and the remaining 20% will be reserved for the founding team, including Trump and his family.
It’s important to note that a pre-sale of this token will not be available, as it would violate the U.S. Securities and Exchange Commission’s (SEC) ban on crypto ICOs. However, accredited investors will be able to get these tokens directly. All retail buyers will be required to purchase these tokens from the marketplace.
Donald Trump Jr. shared his bullish view on the project’s mission to disrupt traditional finance by introducing DeFi (decentralized finance) solutions to the public. “This is the start of a financial revolution,” Trump Jr. stated.
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