Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Trump-backed crypto token sale stalls at $10M after site issues

Trump-backed crypto token sale stalls at $10M after site issues

GrafaGrafa2024/10/16 04:00
By:Isaac Francis

World Liberty Financial (WLFI), a Trump-backed cryptocurrency platform, struggled to reach its funding goal during its token sale, raising just over $10.3 million, a mere 3.4% of its $300 million target. 

The sale, which went live on October 15, faced setbacks as the platform's website crashed soon after launch, disrupting access for several hours.

The platform had aimed to sell 20 billion tokens at a price of 1.5 cents each, but despite earlier claims of over 100,000 sign-ups, only 687 million tokens were sold within the first 14 hours. 

Data from Etherscan revealed that 6,832 unique wallet addresses hold WLFI, falling short of the project’s expectations.

According to the project’s "gold paper," released on October 15, WLFI’s total supply is set at 100 billion tokens, with 35% allocated for public sales. 

Donald Trump has taken an active role, named as the "Chief Crypto Advocate," while his sons Eric, Barron, and Donald Trump Jr. serve as "Web3 Ambassadors" for the project. 

Trump promoted the token sale on social media, stating, “Crypto is the future, let’s embrace this incredible technology and lead the world in the digital economy.”

The tokens, which are currently not tradable, are designed to serve as governance tokens for a decentralised finance (DeFi) platform based on Ethereum

World Liberty Financial plans to operate as an instance of the DeFi protocol Aave, with proposals submitted to integrate with Aave’s governance system.

Zak Folkman, head of operations, shared during an X Spaces event on October 14 that the platform would offer borrowing and lending services, liquidity pools, and transactions with stablecoins. 

Despite the ambitious plans, only accredited investors in the United States, approved by the Securities and Exchange Commission, can participate in the token sale. 

These investors are typically individuals earning over $200,000 annually with assets exceeding $1 million.

The WLFI token distribution plan allocates 32.5% for community growth and incentives, 30% for initial supporters, and 2.5% for the project’s team and advisers. 

Whether the project can rebound from its slow start remains to be seen, as it faces the challenge of building momentum amid mixed investor reception and technical issues.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!