World Liberty Financial, a DeFi project backed by former President Donald Trump and his family, will launch a public sale of its WLFI tokens on Tuesday.
“Big news! @WorldLibertyFi The public sale begins October 15th and is open to anyone who qualifies via a whitelist. To learn more, join Twitter Spaces on October 14th at 8AM EST. Stay tuned for updates!” the project said in a post on X Friday afternoon.
According to the project roadmap, $300 million is expected to be raised through an “initial sale” of WLFI. As first reported by The Block on Thursday, it plans to sell 20% of its token supply at a fully diluted valuation of $1.5 billion. The project released its whitelist on September 30 and said a day later that “thousands” had signed up.
As mentioned in last month’s live stream, 63% of WLFI tokens will be sold to the public, 17% as user rewards, and 20% as team rewards. WLFI is available to accredited investors in the United States, qualified investors in the United Kingdom, and investors outside of these countries.
World Liberty Financial, led by co-founders Steve and Zach Witkoff, Zach Folkman and Chase Herro, aims to drive widespread adoption of digital assets through a fully compliant, all-in-one platform for alternative finance.
In the first of three phases, WLF plans to release a version. DeFi lending platform Aave Ethereum ETH
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Scroll through the mainnet and layer 2 networks, allowing users to lend and borrow tokens such as Bitcoin, Ethereum, and stablecoins.
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“According to the official governance proposal on the Aave Forum, WLF’s Aave v3 instance will allow users to borrow and lend ETH and WBTC tokens, as well as USDC and USDT stablecoins. Like Aave, depositors receive a share of the fees paid by lenders. The team ‘leverages its connections with traditional finance and institutional investments to predict onboarding assets that may not be compatible with the main market on the Ethereum mainnet,’ the team reported on Tuesday.
The Republican presidential candidate’s eldest sons, Eric and Donald Trump Jr., first teased a DeFi project last August. Cryptocurrency critics and supporters say the WLF is doing more harm than good.
“If the Trump family launches World Liberty Financial, the prospects for enacting cryptocurrency market rescue legislation should Trump win the election become lower,” Jaret Seiberg of TD Cowen Washington Research Group wrote in a recent note. “Because Democrats will be loathe to support legislation that is seen as enriching the Trump family for political reasons.”
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