Former President Donald Trump launched his new cryptocurrency venture, World Liberty Financial (WLFI), during his “State of Crypto” address on X Spaces. However, the 45-minute event with crypto influencer Farokh Sarmad lacked detailed information about the platform.
The livestream, which began on September 16, opened with Trump discussing an assassination attempt he survived the previous day. Despite the event being billed as a major crypto update, it took 16 minutes for Trump to briefly touch on crypto, stating, “We’re going to make our country greater than ever before, and you’re going to be happy, and you’re going to love your crypto.”
It wasn’t until over two hours into the stream that Zak Folkman, a WLFI leader, provided any concrete information about the project. Folkman announced the introduction of WLFI tokens, which will be used as governance tokens to govern the platform.
These tokens, called WLFI, will allow holders to propose and vote on platform matters but are non-transferable. Folkman explained that WLFI tokens will be sold exclusively to accredited investors in the U.S. due to regulatory uncertainties.
Folkman assured that the token distribution will be fair, with approximately 63% available for public sale and no pre-sales or early discounts. However, 20% of tokens are reserved for the platform’s team and advisers, while about 17% are set aside for user rewards.
Details about the World Liberty Financial platform remain sparse. Initial reports suggest it will be a DeFi platform for borrowing and lending, similar to Dough Finance, which suffered a $1.8 million hack in July. The project plans to use the popular DeFi app Aave and aims to promote stablecoin adoption.
Trump, who once dismissed cryptocurrencies as being “based on thin air,” has recently embraced the crypto world, selling NFTs and accepting crypto contributions for his campaign.
Trump’s “State of Crypto” address was more focused on personal drama than on delivering substantive details about World Liberty Financial. The lengthy wait for crypto insights left many disappointed.
