- World Liberty Financial (WLFI), backed by Donald Trump, raised only $11 million on the first day of its token sale, far short of its $300 million target.
- The WLFI website faced major problems and crashed during the first hour of the token sale, making it difficult for people to access the site and buy tokens.
- WLFI token serves as a governance token for DeFi activities on the platform, but it is non-transferable, meaning it cannot be traded or sold on other markets.
World Liberty Financial (WLFI), a new decentralized finance (DeFi) project backed by Donald Trump and his family, kicked off its highly anticipated token sale yesterday. However, the sale fell dramatically short of expectations, raising only around $11 million of its $300 million goal.
Rocky Start Leads to Disappointing First Day
The WLFI token sale began at 12:40 UTC on Tuesday, October 15. However, the WLFI website faced major technical issues and crashed within the first hour. This made it difficult for people to access the site and participate in the token sale.
Despite the issues, around 2,900 investors managed to buy WLFI tokens. Over 344 million tokens were sold to about 3,000 unique wallets.
Additionally, former President Donald Trump also announced the token sale on Truth Social, his social media platform. But this failed to deliver the spike in demand that many expected.
Tokens Trade Below List Price as Interest Lags
As of Wednesday afternoon, each WLFI token was priced at $0.0015. Most buyers invested less than $1,000 on average, according to Etherscan data.
There are currently over 9,359 token holders, a 287% increase from when the website crashed. However, interest in the tokens appears to be lagging behind expectations.
The WLFI token serves as a governance token for DeFi activities on the platform. But the tokens are non-transferable, meaning they cannot be freely traded or sold on other markets. This seems to have discouraged some investors who prefer liquidity.
Trump Connection Fails to Attract Expected Investment
According to a previous company announcement, WLFI aims to provide a DeFi platform inspired by the ideals and vision of Donald Trump.
The token sale followed over 100,000 signups on the WLFI platform since its initial launch in September. However, the actual demand failed to match the hype.
Overall, the WLFI token sale performance raises concerns about the long-term viability of the project. The Trump connection appears to have failed in attracting the expected level of investment in the token sale’s first day.
Conclusion
The WLFI token sale kickoff was highly anticipated in the crypto community. But lackluster demand on the first day casts doubt on the project’s ability to reach its goals. The team will likely need to review its strategy to drive more interest moving forward.
