World Liberty Financial (WLFI), a new decentralized finance (DeFi) project supported by Donald Trump and his family, started its token sale yesterday. The initial goal was to raise $300 million by selling 20 billion tokens. However, it only raised about 4%, totaling around $11 million from about 792 million tokens sold.
The sale began at 12:40 UTC, but the WLFI website faced major problems and crashed during the first hour. This made it hard for people to access the site and buy the tokens.
However, even with these issues, about 2,900 investors managed to buy tokens, and over 344 million tokens were sold to around 3,000 unique wallets.
Additionally, former Donald Trump also announced the token sale on X (formerly Twitter), but it failed to give the spike that was expected for the sales.
As of Wednesday afternoon, each WLFI token was priced at $0.015, and most buyers invested less than $1,000 on average. According to Etherscan, there are currently over 9,359 token holders, a 28.7% increase from when the website crashed.Â
The WLFI token serves as a governance token for DeFi activities, allowing users to engage in borrowing, lending, and creating liquidity pools on the platform. However, the WLFI token is non-transferable, meaning it cannot be traded or sold on other markets. This seems to have discouraged some investors who like the option to sell.
According to a previous report, World Liberty Financial hosted a live webcast on X Spaces on October 14 to provide updates on its DeFi technology. Zak Folkman, one of the project’s cofounders, said that the project is “all inspired by the ideals and the vision of Donald J. Trump.”
The webcast came just before the public launch, which followed over 100,000 signups on the WLFI platform since its initial launch in September. Overall, the WLFI token sale didn’t perform as well as expected, which raised concerns about the project’s future.
Also Read: Eric Trump to Speak at Bitcoin MENA Conference 2024
