Just one day after surviving a second assassination attempt, Donald Trump officially launched his long-anticipated cryptocurrency project, World Liberty Financial (WLF), through a live X Space event.
However, the launch has gotten criticism from the crypto community for its lack of substantive information about the project.
Community Backlash
In a recent video posted on X, Trump revealed the launch date for World Liberty Financial, urging the public to join him for a Space on the day.
Following the event, Fox reporter Eleanor Terrett noted that many participants were left feeling “disappointed” and that it provided “no substantive information about the platform.”
Several X users agreed with this, including one who commented, “I logged off after over an hour of listening. All I know is it is a DeFi platform.” Another participant said there were no details on the platform, adding that Trump and his team bailed out of the discussion just before covering tokenomics.
Crypto entrepreneur Wayne Vaughan said, “We’re over two hours into this Trump crypto call, and they haven’t yet spoken about what the platform does. The listener count has dropped from 150,000 to 47,000. What a wasted opportunity!”
Overall, the general sentiment from the community was one of disappointment with some members describing it as “a long sales pitch” and a “mockery of BTC.”
WLF Team Clarifies Token Allocation Concerns
Despite the criticism, the project’s team did reveal some details in a separate interview with Rug Radio. According to them, WLF aims to offer borrowing and lending services for cryptocurrencies on the Ethereum blockchain, similar to existing decentralized finance (DeFi) platforms.
They also claimed it would be more user-friendly than current options and would use a non-transferable governance token, the WLFI. Additionally, the team indicated that the sale of the token will be regulated by the U.S. Securities and Exchange Commission (SEC).
Zak Folkman, operations lead, and Chase Herro, head of data and strategy, announced that “there have been no pre-sales and no VC, early buy-ins,” emphasizing that the token distribution would be “incredibly fair.”
This follows earlier allegations that 70% of WLFI will be allocated to insiders, such as founders, team members, and service providers.
Zak clarified this stating that most of the token supply, 62.66%, will be allocated for an upcoming token sale. Proceeds from the sale will fund the project’s treasury reserve and be used to compensate the founders and service providers.
Another 17.33% of the tokens will be set aside for governance and community growth initiatives. The remaining 20% will be distributed among the project’s team, advisors, and affiliates, including the Trump Organization and the Witkoff Group, led by his ally Steve Witkoff.
