Former president Donald Trump and his family have confirmed the launch of their upcoming decentralized finance (DeFi) project World Liberty Financial and an accompanying token.
In a discussion on the social media platform X with Trump and his three sons, the team confirmed that the upcoming DeFi project will indeed have a governance token dubbed WLFI.
While Donald Trump himself didn’t directly comment on the token, crypto investor and entrepreneur Farokh Sarmad acted as a spokesman for the project, issuing the following statement.
“The answer is yes, there will be a token. Because I knew you were going to ask me about this, I prepared a written statement that I’m going to read that I’m going to give everybody a little context and make sure that they understand exactly what the token is about.
At World Liberty Financial we believe that it is important for there to be broad-based participation in the direction of the World Liberty Financial platform and decentralized finance as a whole. We believe that a governance token is the best way to seek to achieve that outcome.
Therefore, we’re planning to sell and otherwise distribute governance tokens called WLFI in the future. WLFI tokens are pure governance tokens, only providing the right to make proposals and vote on matters related to the platform…”
63% of WLFI tokens will be sold to the public, 17% will be allocated for user rewards, and 20% are reserved for team compensation.
Earlier this month, the project issued a statement on its roadmap saying that its mission is to spread stablecoins pegged to the US dollar and the concept of decentralized finance around the world.
In a new interview with Laura Shin on the Unchained podcast, Ogle, a pseudonymous security advisor for World Liberty Financial, admitted that the project would likely be a larger target for hackers because of political implications.
The security expert said that he has been helping the team run through various “fire drills” and checklists to prevent possible breaches.
At time of writing, WLFI has not gone live.