World Liberty Financial (WLF) hosted a live webcast on X Spaces on Monday to provide updates on its decentralized finance (DeFi) technology ahead of its public token launch on Tuesday.
The token WLFI, an ERC20-based cryptocurrency, will be available for purchase through the WLF website, which has had over 100,000 signups since its launch on September 30.
Zak Folkman, one of the project’s cofounders alongside Chase Herro, Steve, and Zach Witkoff, stated, “This was all inspired by the ideals and the vision of Donald J. Trump.”
WLFI’s public distribution will see 63% of the tokens available for sale, with 17% allocated to user rewards and 20% for team compensation. The initial token sale aims to raise $300 million by selling 20% of the total supply, which would value the project at a fully diluted $1.5 billion.
Accredited investors in the U.S., qualified investors in the UK, and investors in other regions will be able to participate in the sale, which will begin on October 15. On the same day, a “gold paper” outlining the project’s vision and roadmap will also be released.
Stani Kulechov, founder and CEO of Aave, stated during the stream that mainstream adoption of DeFi will likely take at least a decade, as the technology needs time to mature. He added that Aave’s goal is to ensure it develops the best technology that is accessible to everyone.
WLF plans to connect with exchanges to make it easier for users to move crypto assets on and off the platform, using on-chain KYC verification. The project also aims to break down real-world assets into smaller parts and get regulatory approvals to simplify the process.
Paxos co-founder Rich Teo has joined the World Liberty Financial team to lead its stablecoin and payments division, though it’s not clear if he has left Paxos.
Donald Trump Jr. has been a strong supporter of the project, promoting decentralized finance (DeFi) as the future and criticizing traditional banks. In the live stream, he highlighted DeFi’s potential to provide cheaper loans and fix the “unreliable” U.S. banking system. He also encouraged the crypto community to vote in the upcoming elections, stressing the need for clear regulations for projects like WLF to succeed.
The project has gained attention, but it also faces criticism. Rep. Wiley Nickel questioned Donald Trump’s involvement, calling it more political than focused on real crypto innovation. Nickel warned that Trump’s role could hurt bipartisan efforts to create a secure and regulated digital asset future.
