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Read more: World Liberty Financial Opens KYC For WLFI Token Sale
According to a regulatory filing, the project plans to raise $30 million instead of the $300 million target initially established, a 90% drop in expected funds raised.
Several reasons have been ascribed to this slow performance. The token of World Liberty Financial, WLFI, offers very limited utility beyond governance. Hence, it offers few near-term incentives for potential buyers. Also, token buyers are asked to pass the KYC verification-a measure that may have restricted investor interest.
Moreover, there are some trading restrictions on the WLFI token, such as the 12-month holding period, which makes it even less appealing in a highly speculative market.
Documents show that the Trump-owned DT Marks DEFI LLC is set to receive 75% of “net protocol revenues,” which include proceeds from token sales, but this is only after World Liberty Financial has reached the $30 million mark in fundraising. Trump’s entity is also supposed to get 22.5 billion WLFI tokens, at an initial valuation of approximately $337.5 million based on the price per token at $0.015.
This financial structure has raised eyebrows, as some community members blasted the huge potential earnings the Trump family will make off the project. Following these revelations, Trump, who is facing a key election next week, reaffirmed his pro-crypto position.
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Zug, Switzerland, 31st October 2024, Chainwire
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