WLFI Token Raises $5 Million As Technical Issues Persist

World Liberty Financial (WLFI), a newly launched DeFi token backed by Donald Trump, kicked off with impressive momentum, generating $5 million within its first hour. Nevertheless, the initiative has encountered technical challenges that have hindered its operations.

These issues have also raised doubts among the crypto community, particularly due to the former United States President himself being notably absent during the launch in addition to the timing of the launch as it is very close to the upcoming election.

Long Term Viability

Initially, WLFI was available exclusively to whitelisted investors, aiming to raise $300 million in its first round. Despite strong interest, the debut of the token was marred by operational setbacks, including a website crash and transaction issues affecting ongoing sales. These technical hurdles, along with Trump being absent, have led to worries regarding the longevity of the project alongside its capacity to fulfill its commitments.

Various crypto leaders and experts have additionally expressed skepticism about what kind of technical strategy the project seems to be adopting. Manuel Ferrari, Co-Founder of Money On Chain, suggested that many investors might find greater value in Bitcoin (BTC) instead of participating in the Trump-themed DeFi venture.

Optimistically Cautious

Access to sales was limited, as the initial round catered solely to accredited investors, defined by the SEC as individuals with a net worth over $1 million or an annual income of $200,000. Even with this exclusivity, World Liberty faced difficulties in managing these sales efficiently, further questioning the readiness of the project.

Currently, the World Liberty website remains down, yet on-chain data shows that staggered transactions continue to be processed. It is uncertain whether these technical issues will persist, but the strong interest in WLFI indicates a sustained demand, even as the crypto community approaches the initiative with caution.