Trump-Backed World Liberty Financial to Launch Token Sale Amid Election Buildup
World Liberty Financial, a decentralized finance (DeFi) project supported by former President Donald Trump and his family, has announced plans to initiate its public token sale on October 15, just three weeks before the U.S. presidential election. The sale will be open to individuals who have qualified through the project’s whitelist process.
The project, spearheaded by Zachary Folkman and Chase Herro, aims to raise $300 million from token sales at a valuation of $1.5 billion, according to its roadmap. The WLFI token will serve as the protocol’s governance token, allowing users to vote on initiatives related to the platform’s development.
World Liberty Financial has positioned itself as an ambitious entrant in the DeFi space, with plans to launch on Aave’s v3 platform on the Ethereum mainnet. The project proposes to provide liquidity for various digital assets, including ether (ETH), wrapped bitcoin (wBTC), and stablecoins.
The Trump family’s involvement in the project has drawn significant attention. Donald Trump, who is currently the Republican candidate for the upcoming presidential election, holds the title of “Chief Crypto Advocate.” His sons, Eric Trump and Donald Trump Jr., are involved as “Web3 Ambassadors,” while his younger son Barron Trump is listed as “DeFi Visionary.”
This venture marks a significant shift in Trump’s stance on cryptocurrencies. Previously, he had expressed skepticism towards Bitcoin and other digital assets. Now, he has publicly championed World Liberty Financial, stating that it will “help make America the crypto capital of the world.”
The timing of the token sale, so close to the presidential election, has raised eyebrows in both political and financial circles. On blockchain-based prediction market Polymarket, bettors currently see Donald Trump as the frontrunner in the November 5 election.
However, the project is not without controversy. Folkman and Herro previously worked on Dough Finance, a DeFi platform that suffered a $2 million exploit in July. This history has led some critics to question the security and viability of World Liberty Financial.
As the crypto industry continues to intersect with politics, World Liberty Financial’s launch could have far-reaching implications for both sectors. The success or failure of this venture may influence future cryptocurrency regulations and the broader adoption of DeFi technologies in the United States.
