The Trump Family Crypto Project WLFI Officially Launched

World Liberty Financial (WLFI) is a DeFi project initiated by Donald Trump Jr. and Eric Trump. It brings together top talents from the cryptocurrency, DeFi, finance, and technology fields, such as Steve Witkoff and Corey Caplan. The platform aims to challenge the traditional banking system by providing modern decentralized financial solutions, addressing the lack of innovation, transparency, and inclusiveness in the current financial industry. WLFI is also closely tied to Donald Trumps 2024 presidential campaign, with investments in WLFI tokens seen as a political bet on his election victory.

Despite gaining significant attention, especially from crypto enthusiasts and Trump‘s political supporters, the project has been controversial due to concerns about its co-founders’ backgrounds and the token‘s centralized tokenomics. Furthermore, the project’s roadmap is unclear, and its long-term prospects are met with skepticism. However, as the election approaches, WLFI could become a new fundraising channel to support Trumps campaign.

According to the roadmap shared with potential investors, WLFIs first token sale aims to raise $300 million, with 20% of the token supply sold at a fully diluted valuation of $1.5 billion.

Terms

According to the website, $WLFI tokens are only sold to non-U.S. users.

The main sales terms and conditions are as follows:

1. $WLFI is for governance purposes only, not an investment tool.

2. Tokens do not grant any economic rights or ownership.

3. All $WLFI tokens are indefinitely locked in wallets or smart contracts and are non-transferable.

4. Transferability can only be unlocked through governance procedures after at least 12 months and compliance with applicable laws.

5. No secondary market creation is planned.

6. Token purchases are non-refundable unless required by law.

Progress

The projects website went live between 8:00 AM and 9:00 AM Eastern Time on October 16, and so far, around $11 million worth of tokens have been sold.

Previously, the World Liberty Financial team stated that the project would provide cryptocurrency lending services on the Ethereum blockchain, similar to many existing DeFi applications.

According to market reports, Paxos CEO Rich Teo has joined the Trump familys WLFI project as the head of stablecoin and payments, though it remains unclear whether he has left his position at Paxos.

The specifics of World Liberty Financials offerings are still unclear. The token sale terms might be designed to avoid legal risks, but the project has faced criticism in the market.