World Liberty Financial is a cryptocurrency platform launched by Donald Trump, with the official launch date set for September 16, 2024. It is described as a decentralized finance (DeFi) platform designed to bypass traditional banking systems, offering features such as digital wallets, a credit account system, and lending/borrowing capabilities. The platform will also promote the use of U.S. dollar-pegged stablecoins, and it may operate on the Ethereum blockchain with potential partnerships, like the one mentioned with DeFi protocol Aave.
The project will issue a governance token called WLFI, but it’s non-transferable, meaning it cannot be traded or sold. Notably, 70% of the token distribution is allocated to company insiders, while 30% will be sold to the public.
Despite excitement from some parts of the crypto community, the project has faced criticism and concerns, especially regarding potential conflicts of interest as Trump campaigns for the presidency while launching this venture. Scammers have already exploited the project’s publicity, targeting individuals through fake advertisements and phishing scams.
