World Liberty Financial Sees a Modest Start
World Liberty Financial, a DeFi protocol heavily endorsed by former U.S. President Donald Trump, launched its much-anticipated public token sale Tuesday morning. The sale saw approximately 610 million WLFI tokens sold by 7:25 p.m. ET, generating around $9.15 million. Despite early success, the platform encountered multiple slowdowns shortly after going live, as demand briefly overwhelmed the system.
Initial Sales and Token Goals
Priced at $0.015 per token, WLFI’s first day marked a significant, yet modest step toward its ambitious goal of raising $300 million by selling 20% of the token supply. This would value the project at a $1.5 billion fully diluted market cap. The WLFI token will function as a governance token, allowing holders to vote on platform development decisions. However, the tokens will remain non-transferable for the first year, a stipulation laid out in the project’s roadmap.
Strong Early Interest in WLFI
As of Tuesday morning, the sale went live between 8-9 a.m. ET, and within the first hour alone, the project raised a reported $5 million. The public sale has attracted a considerable amount of attention, with over 100,000 individuals signing up for the whitelist since it became available on September 30, according to co-founder Zak Folkman.
Notable Backers and High-Profile Support
World Liberty Financial boasts an impressive roster of backers, including co-founders Steve and Zach Witkoff, Zak Folkman, and Chase Herro. However, what makes the project stand out is the involvement of former President Donald Trump, who has taken on the role of “chief crypto advocate.” Trump’s sons—Donald Jr., Eric, and Barron—also serve as web3 ambassadors for the project.
In a post on X (formerly Twitter), Trump expressed his enthusiasm for the project, stating, “Crypto is the future. Let’s embrace this incredible technology and lead the world in the digital economy.”
Market Reactions and Criticism
While the World Liberty Financial project has garnered substantial interest, it has also faced criticism from some within the crypto community. Some industry experts argue that the involvement of high-profile political figures could be polarizing and potentially harmful to the sector.
Meanwhile, the price of Bitcoin has surged by 15% this October, a trend some analysts at Bernstein attribute to Trump’s increasing election odds over Democratic nominee Kamala Harris. They noted that Bitcoin’s performance has been closely tied to Trump’s rising chances in the prediction markets.
Conclusion: Crypto’s Political Influence Grows
World Liberty Financial’s public sale may have had a promising start, but its success will depend on its ability to sustain interest in the face of technical challenges and public scrutiny. As Trump continues to champion the project, the intersection of cryptocurrency and politics seems to be gaining momentum, signaling a new era for the digital asset market.
