Donald Trump-backed cryptocurrency project disappoints

The token sale of the World Liberty Financial project backed by former US President Donald Trump has failed, reaching only 3.4% of its target.

"The day has finally come. The WorldLibertyFi token sale is underway. Get your WLFI tokens now. Buy WLFI here," former President Donald Trump's X account wrote on X on October 16, along with a link to the project. The post attracted more than 14.3 million views after one day of posting. The World Liberty Financial project backed by Mr. Trump is expected to sell 20 billion tokens at $0.015/token. Before the sale, the former US president's team said that more than 100,000 people had registered to buy tokens. He expected to raise $300 million in the first offering. However, data from analytics firm Etherscan showed that after 14 hours of the sale, only 687 tokens were traded, equivalent to $10.3 million. Cointelegraph assessed that the project failed when the token sale value only reached about 3.4% of the initial target of 300 million USD. To date, only 6,832 wallet addresses hold WLFI tokens, much lower than the 100,000 registrants that the project previously announced. One of the reasons for this disappointing number is that the system's website was constantly overloaded after the sale. The World Liberty Financial website stopped working many times, announcing maintenance for many hours in a row.

Illustration of former President Donald Trump next to a decentralized finance (DeFi) project PHOTO: COINTELEGRAPH SCREENSHOT

In the whitepaper, which the project calls a "golden book," World Liberty Financial will offer 100 billion tokens to the market. 35% of these will be sold to qualified people. Accordingly, WLFI is only available to people approved by the US Securities and Exchange Commission to invest in unregistered securities. These people must earn more than $200,000 per year and have more than $1 million in assets. According to the allocation plan, the next 32.5% of tokens will be used to develop the project. 30% is for "early supporters" and the remaining 2.5% is allocated to developers and advisory groups. Mr. Trump's sons, Barron, Eric and Donald Trump Jr., are introduced as "Web3 Ambassadors" of this platform. The Republican presidential candidate has also publicly supported cryptocurrencies many times. In a video on October 15, Mr. Trump said: "Cryptocurrency is the future. Embrace this incredible technology and lead the world in the digital economy." According to the information released, WLFI will be the governance token for the Ethereum-based decentralized finance (DeFi) platform. The operating protocol of World Liberty Financial may be similar to the popular DeFi today, Aave. In the event on October 14, the head of the World Liberty Financial platform, Zak Folkman, confirmed that WLFI will allow users to borrow and lend cryptocurrencies, interact with liquidity pools, and trade in stablecoins (tokens pegged to USD). From someone who considered "cryptocurrency a scam", Mr. Donald Trump is becoming one of the strongest supporters of this industry. At a fundraiser in June, the Republican candidate declared that he would be the "Cryptocurrency President". He also posted on Trust Social: "I want all remaining Bitcoin to be created in the US. It will help us dominate energy." The entire cryptocurrency market is watching every move of Mr. Trump. If he wins the race to the White House, the industry is expected to have major turning points. Billionaire Elon Musk, one of the cryptocurrency believers, also shows that he is on Mr. Trump's side. The Hill newspaper quoted Musk's latest financial report saying that he has donated at least $ 75 million of his personal money to the political action committee supporting former US President Donald Trump. The Tesla CEO even publicly supported the Republican candidate, dancing at Mr. Trump's recent rally in Pennsylvania.

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