New York, Wednesday, October 16, 2024-World Liberty Financial (WLF), a decentralized finance (DeFi) project backed by former President Donald Trump, has raised $9.15 million on the first day of its public WLFI token sale, reports say.
“About 610 million WLFI tokens had been sold as of 7:25 p.m. ET, with 19.4 billion tokens remaining. At $0.015 apiece, this translates to around $9.15 million worth of sales. The project’s website faced intermittent downtimes Tuesday morning with the sale going live between 8-9 a.m. ET. It reportedly raised $5 million within the first hour,” the Block reported.
The sale, which launched on Tuesday morning, saw approximately 610 million tokens sold at $0.015 each. However, the project still has 19.4 billion tokens remaining, far short of its $300 million goal.
The WLF website experienced technical slowdowns shortly after the sale went live between 8-9 a.m. ET but managed to raise $5 million in the first hour. The WLFI token is designed as a governance token, with holders able to vote on platform developments. Tokens will remain non-transferable for the first year.
Trump, serving as the project’s “chief crypto advocate,” promoted the sale on X, saying, “Crypto is the future. Let’s embrace this incredible technology and lead the world in digital economy.” His three sons, Donald Jr., Eric, and Barron, are listed as web3 ambassadors.
The project has garnered mixed reactions, with both advocates and critics debating its potential impact on the cryptocurrency industry.
WLF aims originally estimated to raise $300 million at a $1.5 billion valuation through its initial WLFI token sale. The roadmap, outlined that 20% of the token supply would be sold in this round, with future sales anticipated.
WLFI, a governance token, will be non-transferable for 12 months, but holders can vote on platform decisions. The project, co-founded by Steve and Zach Witkoff, plans to launch a DeFi lending platform, integrate with exchanges, and tokenize real-world assets, despite criticism of U.S. regulations.
