TLDR
Trump announced the World Liberty Financial token sale on X
WLFI tokens priced at $0.015, with 644.98 million sold so far
Total goal is to sell 19.355 billion WLFI tokens
Initial sales fell short, raising about $9 million vs $300 million target
Website experienced multiple crashes during launch
The World Liberty Financial token sale, endorsed by former President Donald Trump, launched on Tuesday with mixed results.
The project aims to sell 19.355 billion WLFI tokens, with each token priced at $0.015. As of Tuesday evening, 644.98 million tokens had been sold, raising approximately $9 million.
The token sale website went live earlier in the day but experienced numerous outages and technical difficulties. These issues likely contributed to the initial sales falling well short of the project’s $300 million fundraising target.
Despite the rocky start, Trump took to the social media platform X (formerly Twitter) to promote the token sale. In his post, he declared that “crypto is the future” and encouraged people to embrace “this incredible technology.”
Today’s the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp
— Donald J. Trump (@realDonaldTrump) October 15, 2024
The former president’s endorsement came several hours after the initial launch, in an apparent effort to boost sales.
The WLFI token serves as a governance token for the World Liberty Financial platform. It is designed to allow users to participate in various decentralized finance (DeFi) activities, including borrowing, lending, and creating liquidity pools.
Visitors to the project’s website can purchase tokens using several cryptocurrencies, including Ethereum (ETH), Tether (USDT), USD Coin (USDC), and wrapped ether (WETH).
The website displays a prominent warning to potential buyers, stating that the tokens have not been registered under U.S. securities laws or with any regulatory authority.
The warning also clarifies that while World Liberty Financial does not consider the tokens to be securities, they are only available for sale to verified accredited investors under Rule 506(c) of Regulation D of the Securities Act.
This restriction limits the pool of potential buyers to individuals or entities meeting specific financial criteria.
The launch of the WLFI token sale marks Trump’s latest venture into the cryptocurrency space. The former president has previously been involved with non-fungible token (NFT) projects, which have seen varying degrees of success.
As of the latest update, the token sale tracker on the World Liberty Financial website did not show a significant increase in purchase volume following Trump’s social media endorsement.
This suggests that the initial technical difficulties and slower-than-expected sales may have dampened enthusiasm for the project.
The cryptocurrency community and financial observers are closely watching the progress of the WLFI token sale. Some experts have raised questions about the project’s goals and long-term viability, while others see it as a potentially significant entry into the DeFi space.
It remains to be seen whether the Trump-backed project will gain momentum in the coming days and weeks. The success or failure of the WLFI token sale could have implications for future celebrity-endorsed cryptocurrency projects and the broader adoption of DeFi technologies.
The post WLFI Token Sale Begins, Raising $9 Million in Initial Offering appeared first on Blockonomi.