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 chat on 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.
Although Donald Trump himself has not directly commented on the token, cryptocurrency investor and entrepreneur Farokh Sarmad has acted as a spokesperson for the project, issuing the following statement.
“The answer is yes, there will be a token. Since I knew you were going to ask me about it, I have prepared a written statement that I will read that will give everyone some context and make sure they understand exactly what this is about.
At World Liberty Financial, we believe it is important that there is broad participation in the direction of the World Liberty Financial platform and decentralized finance as a whole. We believe a governance token is the best way to achieve this outcome.
“That’s why we plan to sell and distribute governance tokens called WLFI in the future. WLFI tokens are pure governance tokens, which only grant the right to make proposals and vote on platform-related issues…”
63% of WLFI tokens will be sold to the public, 17% will be allocated to user rewards and 20% are reserved for team compensation.
Earlier this month, the project released a statement about its roadmap stating that its mission is to spread dollar-pegged stablecoins and the concept of decentralized finance around the world.
In a new interview with Laura Shin on the Unchained podcast, Ogle, a pseudonymous security consultant for World Liberty Financial, admitted that the project would likely be a bigger target for hackers because of the political implications.
The security expert said he helped the team conduct various “fire drills” and checklists to prevent possible breaches.
At the time of writing, WLFI was not yet operational.
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