Trump’s World Liberty Financial Rakes $9 Million in First-Day of Token Sales

The Trump family-backed decentralized finance (DeFi) project World Liberty Financial started the public sales of its token (WLFI).

Surprisingly, the project generated over $9 million following the sales of almost 610 million WLFI tokens. Former President Donald Trump took to X to promote WLFI sales while labeling crypto as the future of finance.

Amid its impressive WLFI token sales, the DeFi platform faced hitches and multiple slowdowns, sparking some criticisms within the crypto industry.

Trump Hype Crypto As WLFI Token Pre-Sale Generates Over $9 Million on First Day

World Liberty Financial began publicly selling its native token, WLFI, on Tuesday morning. According to the data from Etherscan, WLFI has generated about $9.15 million in sales.

The platform revealed it had sold 610 million WLFI coins at $0.015 per token. Thus, the project has about 19.4 billion tokens allocated for its public sales.

The WLFI pre-sales started with over 344 million tokens sold to about 3,000 different wallets. One of the addresses that purchased the token already holds millions of dollars worth of other crypto assets.

This particular wallet's holdings comprise $4 million in ETH, $1.2 million in USDT, and over $250,000 in USDC tokens.

Former President and the Republican candidate in the upcoming election, Donald Trump, and his family play a vital role in the WLF project. Donald Trump serves as the project's Chief crypto advocate, his sons Eric and Donald Trump Jr. are the Web3 Ambassadors, and Barron is the DeFi Visionary.

Following the WLFI pre-sale launch, Trump took X to promote the token on Tuesday night. He noted that crypto is the future" and encouraged the public to embrace it and invest in WLFI.

Today's the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp

- Donald J. Trump (@realDonaldTrump) October 15, 2024

Trump said: Big news! The World Liberty Financial token sale is now live. Crypto is the future. Let's embrace this incredible technology and lead the world in digital economy."

World Liberty Financial Platform Saw Multiple Outages In Token Launch, Sparking Reactions Within The Industry

Despite Trump's involvement via his X post, the WLF platform didn't attract much sales due to multiple outages. Before Trump's involvement, the platform sold over 540 million WLFI coins.

The DeFi platform reportedly generated over 5 million in sales in its first hour of operation. However, the website later crashed, slowing further sales and transactions on the platform.

The multiple outages sparked reactions from advocates and critics within the crypto industry. Sandy Peng, the co-founder of Scroll Network and WLFI advisor, explained the possible reasons before the crashes.

Peng noted that the DeFi platform saw an overwhelming demand, with over 72 million unique visits within the first hour of its launch. WLF listed more than 100,000 users, but the crash dropped the number of users who engaged on the platform to just 6,700.

Meanwhile, some criticized the project, highlighting its lack of transparency and exclusive initial participation criteria for investors. Othersslammedthe WLF over the multiple outages and Trump's involvement amid his upcoming presidential election.

Zak Folkman, Chase Herro, and Steve and Zach Witkoff are the founders of World Liberty Financial. The project planned to raise $300 million in its initial public sales of 20% of its token supply. Also, it aims to hit a fully diluted valuation of %1.5 billion.

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