- WLFI raised $550 million in its token sale.
- The token sale achieved a 100% sellout after initial stagnation before the issuance of TRUMP tokens.
- Justin Sun was one of the largest buyers, and funds will be used to expand DeFi applications and services.
World Liberty Financial (WLFI), a decentralized finance (DeFi) project associated with former U.S. President Donald Trump and his sons, has raised $550 million in its token sale.
The fundraising, which was completed on March 13, was announced on the project’s official website.
Token Sale Performance and Adjustments
WLFI launched in September with the goal of decentralizing finance and promoting US dollar-pegged stablecoins. Its initial token sale, which commenced on October 15, was supposed to raise $300 million by offering 20 billion tokens at $0.015 per token.
Initial sales fell behind, generating only $11 million. The goal was therefore reduced to $30 million.
Interest in the project increased after the release of Official Trump (TRUMP) and Melania Meme (MELANIA) tokens, which led to increasing demand for Trump-based cryptocurrencies.
The first sale ended on January 20, with 20% of the token supply sold. Responsive to growing demand, the project released another 5 billion WLFI tokens at $0.05 per token. By March 13, 99% had been sold, resulting in the total amount raised being $550 million.
Market Response
The initiative attracted great interest from investors, the first of whom was Tron founder Justin Sun, who invested $30 million in November and later injected more investment to maintain a position valued at $75 million. Investors purchased WLFI tokens for Ethereum, USDC, and USDT, and wrapped Ethereum (WETH).
WLFI will be a governance token, where the holders of the tokens have the authority to make decisions for the World Liberty Financial protocol. The tokens are, however, non-transferable for the first 12 months of running the protocol.
The proceeds of the raise will go towards scaling DeFi dApps, including lending protocols and liquidity pools. While the Trump family backs the project. According to their whitepaper, they do not own or directly operate it, though they may receive remuneration.
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