Trump's cryptocurrency website crashed after the launch of its WLFI token.
World Liberty Financial has published.
Donald Trump's cryptocurrency project, World Liberty Financial, launched the sale of its token on Tuesday, but its website crashed shortly after. The pre-registration list for this decentralized finance project, which has generated considerable buzz despite limited explanation, opened on September 30 for accredited investors and individuals outside the U.S. According to Zach Folkman, co-founder of World Liberty Financial, over 100,000 people signed up to acquire their WLFI token. By the time of writing, the site appeared to be operational again.
However, blockchain data obtained through Etherscan indicated that only 5,317 unique wallet addresses held the token by Tuesday afternoon. Additionally, World Liberty Financial reported that over 532 million tokens had been sold out of the 20 billion available for public sale. Sandy Peng, an advisor to WLFI, mentioned that the service disruptions were caused by excessive traffic, stating that "the team did not anticipate this level of interest." The site reportedly received 72 million unique visits in the first hour following the token's launch.
The WLFI token, which will not be transferable for the time being, will be used to govern the World Liberty Financial platform. Token holders will be able to participate in decisions regarding protocol updates, technical changes, promotional partnerships, and security risk oversight. The platform will allow users to borrow and lend cryptocurrencies.
Although Trump and his team promote World Liberty Financial as a tool to support unbanked individuals, only those who meet the SEC's accredited investor requirements will be able to acquire WLFI. To qualify as an accredited investor, a person must have a minimum income of $200,000 (or $300,000 if married) and/or a net worth of at least $1 million, excluding their primary residence.
At the launch, a "gold paper" on the token was presented, mentioning Trump as "chief crypto associate." His three children, Eric, Donald Trump Jr., and Barron, are listed as Web3 Ambassadors. According to this document, the World Liberty Financial protocol "plans to provide users with information and access to third-party DeFi applications, including digital wallet providers for acquiring, holding, and transferring stable coins and assets that are not considered securities." Notably, the document states that the tokens "ARE NOT AVAILABLE TO U.S. PERSONS" and "HAVE NOT BEEN REGISTERED WITH ANY U.S. OR OTHER AUTHORITY."