The DeFi project World Liberty Financial, supported by Donald Trump, will launch a token sale for accredited investors on October 15.
It's finally here: the decentralized finance project of former President Donald Trump will launch its token sale next week.
World Liberty Financial announced in a post on Twitter (also known as X) on Friday that the public sale of the tokens will begin on Tuesday, October 15. This sale will be open to those who have been whitelisted.
Potential customers have been able to apply to be added to the whitelist since September. Currently, World Liberty Financial is only open to accredited investors within the United States, meaning investors with a net worth of at least $1 million according to the U.S. Securities and Exchange Commission's rules, whether individual or joint (excluding the value of their primary residence).
U.S. regulators also state that accredited investors must have an annual income of at least $200,000 (or $300,000 for a spouse or partner) for the past two years, with the expectation that this salary trend will continue this year. The project has indeed stated that it hopes to eventually open up to all Americans.
World Liberty Financial is an Ethereum-based decentralized finance (DeFi) project first announced by Donald Trump's son Eric in August.
The team behind the project stated in an exclusive interview with Rug Radio, a sister company of Decrypt, last month that the project will provide cryptocurrency lending services.
On Thursday, the project released a blog post explaining that it "aims to be a one-stop shop for global DeFi." DeFi is a complex and experimental field in the cryptocurrency industry, hoping to use blockchain technology to replace traditional financial services.
The project aims to raise $300 million through the token sale, with a valuation of $1.5 billion. The report adds that the upcoming token, named WLFI, will be the governance token of the protocol, allowing users to vote on initiatives developed by the protocol.
According to information released by Aave on Wednesday, the project plans to launch on the Aave v3 platform on the Ethereum mainnet, "to provide liquidity for Ether, wrapped Bitcoin wBTC, stablecoins, and other potential digital assets."
A mature example of a DeFi project is Uniswap, a decentralized exchange where anyone can use it to swap digital currencies and tokens. However, many DeFi projects are considered risky, and hacks in the field are not uncommon.
Republican presidential candidate Donald Trump has explicitly stated that he is a crypto-friendly candidate before the November U.S. presidential election.
Trump had previously opposed the field, stating that he "doesn't like" Bitcoin and cryptocurrencies. But since then, he has ventured into the Non-Fungible Token collection space and even expressed a desire for all remaining Bitcoin to be mined in the United States.
He also stated that World Liberty Financial will "help make America the world capital of cryptocurrency."
