World Liberty Financial, a crypto project backed by Presidential candidate Donald Trump is in the spotlight even before its official launch. The project claims to have received 100k signups. The project will launch on October 15. Let's see what all this buzz is all about.
What You Should Know About WLFI Token
The WLFI token is set to be an Ethereum-based ERC-20 token. It's designed to be the governance asset for the platform, which means users can use it to vote on major decisions. Here's the catch: while you can use it for governance right away, you won't be able to transfer the token for the first 12 months.
The project plans to offer various DeFi services. They might provide borrowing, lending and stablecoin transactions. However, there is a catch. Only accredited U.S. investors can enjoy these features initially. That means if a person wants to participate, he must have an annual earning of over $200k or must have over $1 million in assets.
Big Numbers and Big Names
The upcoming WLFI token sale is expected to be huge. A massive 63% of the tokens will go to whitelisted users, with the platform hoping to raise $300 million from the sale. This would bring the project's valuation to $1.5 billion. The rest of the tokens? 17% will be reserved for user rewards, while 20% will stay with the team.
It's not just the numbers that are impressive, though. The project has some big names onboard. Rich Teo, co-founder of Paxos, has taken the lead on stablecoin and payment features, while Stani Kulechov, CEO of Aave, has shown excitement about WLFI using Aave's lending and borrowing technology. These partnerships are a big reason why this project is grabbing attention.
What to Expect
So, what's next? World Liberty Financial will launch as a DeFi lending platform, initially on Ethereum. There are also plans to expand to Ethereum's layer-2 network, Scroll. The timing of the launch is quite interesting, with the token sale happening just weeks before the U.S. elections on November 5. Donald Trump, who has promised to make the U.S. a “crypto capital,” is currently leading in some polls. So, there's plenty to keep an eye on, especially as politics and crypto continue to intertwine.
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