WLFI Token price drops 14% after controversial Open Token proposal goes to vote
The Trump-family-linked native token of the world's financial freedom fell about 14% on Wednesday after a controversial administration proposal that put more than 62 billion WMFI tokens under new multi-year issuance programs.
The proposal was first presented to the World Freedom Governance Society on April 15 and was officially released for a vote on Wednesday. It proposes to lock up more than 62 billion WSFI tokens held by early investors and insiders for two years before gradually releasing them over a period of two to three years.
Voting runs until May 7th, and at the time of writing, 99.95% of votes were in favor of the proposal, and the quorum of 1 billion WLFI tokens has already been met: 6 billion tokens in favor and 3.2 million against.
“This is one of the most significant governance proposals in WMFI's history,” World Liberty Financial said in an X-Post on Wednesday: “62,282,252,205 locked WMFI tokens.” [are] According to this idea. Any market will not be affected for at least 2 years.
Although nearly 100% of the voting power voted “yes,” the proposal has drawn strong criticism from some members of the community.
Figures such as Simon Dedich, founder of Moonrock Capital, have already reported Cointelegraph and questioned whether the two-year opening is connected to the remaining term of Donald Trump's presidency of the United States. Justin Sun, founder of Tron, a large-scale WWFI, also called the proposal one of the most “absurd” he's ever seen.
In responses to World Freedom's latest X post announcing that the vote had gone live, most comments were critical of the proposal.
Source: World Liberty Financial
The opening program for early investors includes a two-year cliff and a two-year linear vest, while insiders such as founders, team members and advisors have a two-year cliff and a three-year linear vest.
The proposed schedule has long been opposed, the voting process has also been criticized because those who do not vote will have their tokens locked indefinitely.
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The World Liberty Financial Group said this structure was designed to give a “clearer picture of management choices” and to ensure that the future of the project remains in the hands of those “with real commitment”.
According to data from CoinGecko, at the time of writing, WMFI was valued at $0.06367, down 13.6% in the last 24 hours. Overall, it has fallen 72.8% since the market opened.
Cointelegraph has reached out to Global Freedom Financial for comment.
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