World Liberty Financial, a new decentralized finance (DeFi) protocol backed by Donald Trump and his family, has announced its plans to launch a public token sale on October 15th. This announcement comes just three weeks before the upcoming presidential election, in which Donald Trump is the Republican candidate.
The project is led by Zachary Folkman and Chase Herro, who have previously worked on the DeFi platform Dough Finance. Despite experiencing a $2 million exploit in July, the team is moving forward with World Liberty Financial. Members of the Trump family, including Donald Trump himself, have publicly endorsed the project on social media. Donald Trump has been given the title of “Chief Crypto Advocate,” while his sons Eric Trump and Donald Trump Jr. are serving as “Web3 Ambassadors,” and his other son Barron Trump is listed as a “DeFi Visionary.”
The goal of the project is to raise $300 million from the token sales, valuing the project at $1.5 billion. The upcoming token, WLFI, will serve as the governance token for the protocol, allowing users to vote on development initiatives. The project plans to launch on Aave’s v3 platform on the Ethereum mainnet, providing liquidity for assets like ETH, wrapped bitcoin (wBTC), stablecoins, and potentially other digital assets.
Despite the enthusiasm surrounding World Liberty Financial, the Donald Trump-themed DJT token has seen a 90% decline. However, bettors on the blockchain-based prediction market Polymarket still view Donald Trump as the frontrunner in the upcoming presidential election.
In other cryptocurrency news, Ripple is preparing to launch a stablecoin in the coming weeks, according to CEO Brad Garlinghouse. Additionally, Kamala Harris has expressed the importance of not conceding the crypto space to Trump, while Bybit has decided to withdraw its services from France.
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As the public sale for World Liberty Financial’s WLFI token approaches, it will be interesting to see how the project unfolds and how it impacts the DeFi space, especially with the support of the Trump family. Stay tuned for more updates on this developing story.
