The Trump-backed crypto project, World Liberty Financial (WLFI), has already drawn significant attention ahead of its public token launch on October 15. In a recent 90-minute X Space on October 14, Zak Folkman, the platform’s head of operations, revealed that the WLFI token had garnered over 100,000 signups in anticipation of its release.
The token will be an Ethereum-based ERC-20 asset and will act as the governance token for the platform’s decentralized finance (DeFi) ecosystem.
During the discussion, Folkman and fellow team members, Chase Herro and Zach Witkoff, repeated information shared earlier this month, including the platform’s DeFi functionalities such as borrowing, lending, and interacting with liquidity pools. The platform will also offer stablecoin transactions. However, it will only be accessible to accredited investors within the United States, a group that the Securities and Exchange Commission (SEC) allows to invest in unregistered securities.
Excitement Around World Liberty Financial
The excitement surrounding World Liberty Financial was further amplified by the announcement that Paxos co-founder, Rich Teo, would be joining the team to lead its stablecoin and payments division. In an earlier post, Folkman explained the allocation of the WLFI tokens, with 63% to be sold to filtered members of the public, 17% reserved for user rewards, and 20% distributed to the team.
Additionally, Aave CEO Stani Kulechov made an appearance during the X Space, expressing his enthusiasm for the project. World Liberty Financial will utilize Aave’s lending functionality in its DeFi offerings, starting as an Ethereum-based DeFi platform before expanding to Ethereum layer-2 network Scroll.
Trump’s Crypto Push and Election Context
The WLFI token sale comes just three weeks before the U.S. elections, set for November 5, in which former President Donald Trump, who backs the project, is seeking to secure the Republican presidential nomination. Trump Jr., acting as the project’s Web3 Ambassador, hailed the platform’s potential to create a more equitable financial system, while criticizing the traditional U.S. banking system as a “Ponzi scheme.”
World Liberty Financial’s goal is to raise $300 million from the token sale, giving the project an estimated valuation of $1.5 billion. Meanwhile, Trump has promised to make the United States the “crypto capital” of the world if he wins the 2024 election.
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