Former U.S. President Trump has repeatedly announced since last month that he will launch the DeFi project "World Liberty Financial, WLFI" promoted by his family, claiming that he will "ensure that the United States becomes the cryptocurrency capital of the earth."
Today (17th), Trump officially stated on Twitter Space hosted by WLFI that World Liberty Financial has been officially launched. At the same time, WLFI also disclosed more details of the project.
WLFI will provide crypto lending services on Ethereum
According to foreign media "Decrypt", first of all, WLFI will provide users with cryptocurrency lending services on Ethereum, like many current DeFi projects. However, the difference is that WLFI said that it will use better technology as an alternative. Users are provided with the convenience of greater accessibility and a non-transferable governance token, WLFI, will be issued.
WLFI Token Economics
Zak Folkman, director of operations at World Liberty Financial, disclosed the token economics of WLFI in an interview today, saying that the token will not have a pre-sale, nor will any venture capital join, and will be distributed in a fair way:
No pre-sales, no venture capital, no early buy-in. This is just like any other DeFi project you can expect to see, it is launching now and the token distribution is very fair.
According to the WLFI white paper, the specific token economics of WLFI tokens are:
- 62.66% for sale to the public;
- 17.33% is allocated to the community and builders;
- 20% is allocated to the team as working capital, including to the WLFI Foundation, Trump affiliates, long-term Trump allies, etc.
WLFI will be regulated by the US SEC
We know that cryptocurrency projects born in the United States will be regulated by agencies such as the U.S. Securities Regulatory Commission (SEC), and the SEC’s attitude towards cryptocurrency under the leadership of the Biden administration is not friendly.
However, the WLFI development team revealed today that the issuance and sale of WLFI tokens will be regulated by the SEC. All buyers are limited to US-accredited investors and will also conduct KYC through the US cryptocurrency exchanges Coinbase and Kraken, and WLFI is not transferable.
As for U.S. accredited investors, according to the definition of the SEC, they refer to those whose income reached US$200,000 in one of the past two years, or whose spouse or spouse’s equivalent income in the past two years totaled US$300,000, or who A person with a net worth of $1 million or more.
Trump: U.S. crypto companies will live in hell if defeated
In addition, regarding the U.S. election to be held in November, Trump also reiterated the friendly regulatory policies he will bring to cryptocurrency, saying that if he fails, U.S. cryptocurrency start-ups will live in hell:
If I don’t win the U.S. election, those who are currently free under investigation, and those who are under the radar in the crypto world, will live in (SEC-regulated) hell.
