A cryptocurrency project backed by Donald Trump has only managed to sell 3% of its target tokens since its recent launch. Trump, the Republican presidential candidate, who touts himself as the potential “crypto president,” voiced his support for the World Liberty Financial project on X (formerly Twitter) following the release of its WLFI token.
Despite Trump’s endorsement, the project has only raised $11 million out of its $300 million sales goal within the first 24 hours after the public launch. Following the launch, the World Liberty Financial website experienced a crash but has since been restored to normal functioning.
During the initial hour of its launch, the website attracted over 72 million unique visitors, as reported by WLFI advisor Sandy Peng. However, out of these visitors, only around 2,900 investors purchased the token, a mere fraction of the total visitors. The WLFI token, which is currently non-transferable, allows holders to participate in voting on governance matters of the World Liberty Financial platform, such as partnerships and technical updates.
Out of the total tokens available, only 63% are open to the public, with 17% reserved for user rewards and 20% designated for “team compensation,” including Trump family members and other project collaborators. Trump himself holds the title of “chief crypto advocate” at World Liberty Financial, while his son Barron is named the project’s “DeFi visionary.” Eric and Donald Jr., Trump’s other sons, are identified as “web3 ambassadors” for the project.
Inspired by the original bitcoin whitepaper, World Liberty Financial unveiled a “gold paper” outlining its objectives on Tuesday. The project aims to go beyond being a decentralized finance platform and instead positions itself as a movement to safeguard the future of the US Dollar in the digital realm, resisting the centralised control of Central Bank Digital Currencies, as stated in the paper.
“With $WLFI, you are a participant, you are a voter, and you can be a part of the future of decentralized finance,” the paper asserted.