World Liberty Monetary, the rising decentralized finance (DeFi) protocol backed by Donald Trump and his household, introduced plans to start out promoting tokens on Tuesday – simply three weeks earlier than the presidential election for which Donald Trump is the Republican nominee.
“The general public sale begins [on] October 15, open to anybody who qualifies via the whitelist,” the mission’s social media account posted on Friday.
Bettors on the blockchain-based prediction market Polymarket see Donald Trump because the frontrunner within the presidential election going down on November 5.
World Liberty Monetary is led by Zachary Folkman and Chase Herro, who beforehand labored on the DeFi platform Dough Finance, the place an exploit drained $2 million of crypto belongings in July.
Members of the Trump household, together with Donald Trump, publicly defended the mission on social media, giving the previous president the title of “Chief Crypto Advocate.” Two of his sons, Eric Trump and Donald Trump Jr., are concerned as ‘Web3 ambassadors, whereas his different son Barron Trump is listed as a ‘DeFi Visionary’.
Learn extra: Throughout the Trump Crypto Venture linked to a $2 million DeFi hack and former pickup artist
The mission goals to lift $300 million from token gross sales at a valuation of $1.5 billion, in keeping with the roadmap obtained and reported by The Block on Thursday. The upcoming token, referred to as WLFI, will function the protocol’s governance token and would enable customers to vote on initiatives relating to the protocol’s improvement, the report mentioned.
The mission proposed to launch on DeFi lending powerhouse Aave’s v3 platform on the Ethereum mainnet for “offering liquidity for ether (ETH), wrapped bitcoin {{wBTC}}, stablecoins, and doubtlessly different digital belongings,” mentioned an Aave board put up on Wednesday.