Donald Trump officially announced a new DeFi project today called World Liberty Financial, which aims to enable mass adoption of stablecoins and decentralized finance.
Project Announcement
World Liberty Financial aims to enable mass adoption of stablecoins and decentralized finance, making crypto and America better, according to its creators. The project was first pitched by Eric and Donald Trump Jr. in early August. Since then, Donald Trump has promoted the project on social media, officially announcing the launch date last week.
Criticism and Skepticism
However, the project has already drawn criticism from various quarters, including top Democrats like Maxine Waters, who warned Congress that the excitement surrounding the project could be used by malicious actors to defraud potential users. Even Trump supporters are skeptical. Nic Carter, co-founder of Castle Island Ventures and a staunch Trump supporter, called the project an 'unnecessary distraction' and a potential embarrassment for the former president.
Tokenomics and Structure
World Liberty Financial aims to raise $537 million from the token sale, potentially enriching its developers and the Trump family. The project plans to sell 30% of its WLFI tokens worth $1.8 billion, with the remaining 70% allocated to the Trump family, developers, and advisors. Tokens are expected to be non-tradeable initially, although they could be made tradeable in the future.
World Liberty Financial has already attracted significant interest and criticism, and its future will depend on whether the project can meet the expectations of its creators and investors.
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