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The DeFi industry is at its peak, with hundreds of millions of followers benefiting from it. And now ex-President Donald Trump has stepped into this world with World Liberty Financial. Regardless of many people’s speculation, it is more than a political campaign to win over crypto voters. The ex-president had earlier announced the launch to take place on Monday, which happened a few hours ago. This launch took place despite Trump facing a second assassination attempt while he was golfing at Trump International Golf Club.
What is World Liberty Financial and How Will It Work?
Donald Trump has already been part of the NFT world, where he recently launched a fourth series with another success. Other than that, many Trump-themed meme coins have taken over the industry after Trump expressed constant support. However, a proper stepping was missing, which he has covered with this crypto project called World Liberty Financial.
World Liberty Financial is a DeFi money market platform, which will allow borrowing, lending, and even earning interest on their crypto on the Ethereum blockchain network. Moreover, it will focus primarily on the stablecoins and their developments. Though much crucial information about Trump’s crypto venture is still missing, Trump has promised to create the best DeFi platform for crypto users.
During the two-hour X live, Trump introduced Donald Trump Jr. and Eric Trump as the main owners of this business and DeFi visionary. At one point, he also revealed why he had to get involved in this business, saying it was a necessity.
Crypto is one of those things we have to do. Whether we like it or not, I have to do it.
Earlier, the white paper gave a sneak peek of all the Trump family responsibilities, in which Trump Jr. and Eric will serve as web3 ambassadors. Moreover, Steve Witkoff and Puerto Rico-based AMG Software Solutions have played a crucial role in building this platform.
Donald Trump To Launch WLFI Crypto Token
Trump has assured the users of this crypto venture that it is different from any other DeFi platform, calling it more user-friendly and accessible. Moreover, he announced World Liberty Financial (WLFI), a non-transferrable or not tradable crypto token.
Though it might seem uncommon for crypto investors, the team has planned to launch a token for voting purposes only. More importantly, despite Trump promising to fire Gary Gensler, he revealed the SEC will oversee all the token regulation, distribution, and selling.
“There have been no pre-sales and no VC, early buy-ins. It is just like any other DeFi project you can expect to see that’s launching now with incredibly fair token distribution,” Folkman said.
Interestingly, 62.66% of the token supply will be distributed among public investors in the upcoming token sale. Even in this, a portion of the sale will go into a multi-signature wallet treasury reserve, and the remaining amount will go to the project’s founders, the Trump family, and service providers based on the white paper writing.
Another 17.33% is kept aside from the World Liberty Financial token for future purposes. This is to maintain the community growth incentives and ensure the expansion of the WLFI token. Finally, the remaining 20% is for the project team and other relevant purposes like hiring.
During this World Liberty platform launch, the most important update was that the ex-president had accurately followed every legal and SEC-mandated step, including mandating Know You Customer (KYC) for the buying process. Even the white paper mentioned how WLFI is not a deemed security. Instead, the token will be sold as unregistered security under Rule 506(c), which permits this selling.
Final Thoughts
After months of promoting the World Liberty Financial, Trump has finally introduced the users to his crypto venture. The ex-president discussed his Series 4 NFT Collection success and how entering the DeFi space is something that he has to do. Moreover, Donald Trump Jr and Eric Trump will handle the business as the official web3 ambassadors. Additionally, the platform will launch its governance token called WLFI.
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