Trump’s Global Freedom Finance Raises Just $11M in First Day of Token Sale

World Freedom Finance (WLF), the much-anticipated decentralized finance (DeFi) protocol backed by Donald Trump, launched its public token sale on Tuesday, raising nearly $11.49 million on its first day.

This figure represents around 3.8% of the protocol's expected $300 million fundraising target from the pre-token sale.

The figures fell short of the forecast

At the time of writing, data from Dune Analytics shows that approximately 766 million WMFI tokens have been sold at $0.015, resulting in sales of approximately $11.49 million. It is said that the website of the project experienced a temporary interruption due to the live broadcast of the sale.

These results fell short of the projections outlined in the WLF Roadmap, which expected to raise $300 million through a 20% sale of the WWFI token offering. The token would have had a fully diluted market cap of $1.5 billion.

On Monday, co-founder Zach Folkman hosted a live stream on X Spaces saying that “over 100,000 people” have signed up for the whitelist since it opened on September 30.

However, even after Trump took his followers to X to buy tokens, blockchain data shows that 8,699 unique wallet addresses still hold WMFI.

Additionally, some critics have criticized the Republican flag for the project, with the US presidential election just weeks away.

More details on the project

According to information from the WLF white paper, or “gold paper” as it is titled, the cryptocurrency is available to accredited investors in the US, qualified investors in the UK and others worldwide.

In terms of distribution, 63% of WMFI is sold to the public, 17% is allocated to user rewards and 20% is allocated to group compensation.

The roadmap shows that WFI will act as a governance token, allowing holders to vote on decisions about the platform's future. However, investors cannot transfer their tokens for at least one year after purchase.

The project is divided into three phases. In the first phase, WLF plans to launch a decentralized financial lending platform and then integrate it with exchanges in the second phase. This allows users to control on- and off-chain Know-Your-Customer (KYC) protocols.

The final phase focuses on segmenting real-world assets and obtaining the necessary regulatory approvals.