Hold onto your hats, crypto fans, because the rollercoaster ride of the World Liberty Financial Initiative (WLFI) just took another wild turn! This ambitious crypto project, championed by none other than former U.S. President Donald Trump, recently wrapped up its token sale, hauling in a jaw-dropping $590 million. That’s right, folks, WLFI is now sitting pretty among the top 10 largest token raises ever!
But not everything is sunshine and rainbows in WLFI-land. The project’s crypto portfolio took a hefty $124 million hit, thanks to Ethereum’s price dip and some general market chaos. Ouch!
Launched in September 2024, WLFI is all about shaking up the world of decentralized finance (DeFi) and boosting the power of US dollar-pegged stablecoins. The star of the show? A DeFi lending platform that’s got everyone talking.
Now, here’s where things get juicy. The WLFI tokens weren’t your run-of-the-mill crypto. These bad boys were only available to accredited investors, and there’s no word yet on when they might hit the open market. Can you say exclusive?
The WLFI token sale kicked off on October 15, aiming for a cool $300 million. But when demand didn’t quite hit the mark, the goal was trimmed down to $30 million. Still, interest surged, partly thanks to the buzz around Trump-related meme coins like Official Trump and Official Melania. By the end of the initial sale, they’d sold 20% of their total supply and released an extra 5 billion tokens that were almost snatched up by March.
Token holders will eventually get a say in the WLF Protocol, but they’ll have to hang tight for the first year, as the tokens are non-transferable for that time.
One big player in the WLFI saga is Justin Sun, the founder of Tron. He splashed out $30 million on tokens, making him the top investor when he jumped onboard in November.
But here’s the kicker: WLFI’s portfolio, bursting with 9 different crypto assets, took a hit this week, dropping by $124 million. Wrapped Bitcoin, Aave, and Tron were among the biggest losers in the latest market shake-up. And with Ethereum making up a whopping 65% of their holdings, its price plunge from an average of $3,240 to around $1,900 hit hard. Hold tight, WLFI, the crypto seas are choppy!
