World Liberty Financial will provide crypto lending services on the Ethereum chain, and WLFI sales will be regulated by the SEC

The team behind the Trump family's cryptocurrency project World Liberty Financial says the project will provide lending services for cryptocurrencies on the Ethereum blockchain network, which is no different from a large number of existing applications in DeFi. It promises to be more "user-friendly" and accessible than existing high-tech alternatives, and will be based on the non-transferable (meaning non-tradable) WLFI governance token. The World Liberty Financial crypto team, led by Zak Folkman, head of operations, and Chase Herro, head of data and strategy, today released new details about the WLFI token distribution plan and made it clear that the sale of tokens will be regulated by the U.S. SEC. "There is no pre-sale, no venture capital, and no early buy-in," Folkman said in an interview today. "This is just like any other DeFi project you can expect to see, and the token distribution launched now is very fair. ” According to an excerpt from its white paper, the majority of the token supply (62.66%) will be distributed in the upcoming token sale, with a portion of the net proceeds going to the project’s multi-signature wallet treasury reserve. The remaining net proceeds will be paid to project founders, team, and service providers. Approximately 17.33% of the WLFI supply will be used exclusively to incentivize participation in World Liberty governance development, as well as other community growth initiatives. The remaining 20% ​​of the token supply will be used for the project team, advisors, and future employees, and a portion of WLFI will be dedicated to the WLF Foundation, affiliates of the Trump Organization, and the Witkoff Group, which is run by longtime Trump ally and friend Steve Witkoff, a participant in World Liberty. (Decrypt)