Only twenty-four hours have passed since it went online Digital coin endorsed by Donald Trump “WLFI,” the token failed to meet the ambitious fundraising goals set by its founding team.
World Liberty Financial describes itself as a cryptocurrency bank, encouraging customers to borrow and invest in digital currencies. Token sale Tuesday morning. Project co-founder Zachary Folkman boasted during X’s pre-launch livestream on Monday that “well over 100,000 people” had been whitelisted for investment.
“We know this project is highly anticipated. We know there’s a lot of excitement in the market,” Folkman told the 12,000 people watching the event on X. Think we are setting all kinds of new records in the crypto space.
But blockchain data Tracking by Etherscan shows that as of Wednesday morning, approximately 9,050 unique wallet addresses held the token, accounting for approximately 9% of total registrations.
Trump raised the coin In X’s video post On Tuesday night, he promoted the World Liberty website and told his followers that the token sale had begun and that “cryptocurrencies are the future.”
In a roadmap to potential investors First viewed by The BlockThe WLF proposal states that the token hopes to raise $300 million at a valuation of $1.5 billion in its initial sale. The platform said it has sold more than 788 million tokens so far at $0.015 per token.
This is less than 4% of the 20 billion tokens available for public sale, amounting to approximately $11.8 million and still well below the $300 million fundraising goal.
WLF did not respond to CNBC’s request for comment.
Part of the problem is that the project website (the exclusive marketplace for the new currency) often suffers from lengthy outages, often displaying a page that says “We are under maintenance.”
But there are other obstacles that may have impacted the coin’s debut. WLFI is a Regulation D token offering, which means retail investors are essentially excluded from the process.
The rule makes it possible to raise funds without first registering the securities with the SEC, but certain conditions must be met, such as limiting the size of the sale and limiting it to accredited investors, defined in part as having a net asset value of more than $1 million. While the offering is a way to reduce legal risk, it reduces the size of the pool of potential investors.
The World Liberty team also clearly calls WLFI a governance token, which allows holders to vote on decisions about the protocol, but does not imply equity in the company itself.
However, as of now, WLFI token holders are unable to vote because a crypto bank connected to the digital currency does not yet exist.
Last week, WLF launched the crypto banking approval process with Aave, one of the longest-running and most trusted crypto lending platforms.
World Liberty has not yet released an official white paper or formal business plan to the public. The 400-word proposal posted on the Aave governance forum, which is used for discussion and voting on proposed projects like WLF, is pretty much all that has been revealed.
Token holders are issued some sort of IOU until the platform is approved and launched. At the same time, investments in tokens will go into the platform’s coffers.
WLF’s website Added in the fine print that Trump and his family may receive tokens from World Free Finance and that they are “is entitled to charge substantial fees for services provided to World Freedom Financial Corporation, although the exact amount cannot be determined.
