World Liberty Financial, a DeFi project backed by the Trump family, has secured over 100,000 accredited US investors for its WLFI token pre-sale whitelist scheduled for October 15th.
The project is expected to raise $300 million in funding and has an estimated value of $1.5 billion. This launch comes just a few weeks ahead of the US presidential election, in which former President Donald Trump is running as the Republican candidate.
WLFI token pre-sale
In an X Spaces discussion on October 14, co-founders Zachary Folkman and Chase Herro outlined the platform’s core services and highlighted the platform’s long-term goal of making DeFi more accessible.
Positioned as a governance token, WLFI allows users to engage in DeFi activities including lending, lending, liquidity creation, and stablecoin trading.
The two co-founders also confirmed that non-US investors were carefully vetted to ensure compliance with local regulations before participating in the token pre-sale. Several leading figures from the cryptocurrency industry attended the discussion, including Aave CEO Stani Kulechov and Scroll co-founder Sandy Peng.
The project’s governance model is focused on DeFi and all decisions are made in accordance with US regulatory requirements. This focus on compliance ensures that the platform maintains legally compliant operations, which is an important step in gaining trust in the nascent cryptocurrency industry.
The token is designed to operate within World Liberty Financial’s platform, which integrates elements of Ethereum and Scroll to provide high liquidity and low fee trading.
The project also integrates the Aave V3 protocol for lending services, allowing users to borrow stablecoins and other assets using collateral such as USDC and Ethereum (ETH). In particular, Aave will be allocated 7% of WLFI supply to serve as a governance partner.
Trump’s Intervention
Trump, who serves as the “leading cryptocurrency advocate,” has positioned the venture as part of his broader vision to make the United States a leader in digital assets.
Meanwhile, Eric and Donald Trump Jr. are promoting the project as ‘web3 ambassadors’ and Barron Trump is considered a ‘DeFi visionary’, further emphasizing the family’s direct involvement.
With three weeks left until the US election, market analysts have pointed to Trump’s intervention as a potential boost for the cryptocurrency sector. His stance in support of cryptocurrencies stands in sharp contrast to Democratic candidate Kamala Harris, who appears to be less supportive of digital assets.
According to prediction markets, Trump is currently leading in the 2024 presidential election, and PolyMarket puts Trump’s odds at 54.9% and Harris’ odds at 44.6%.