Trump’s $5.6 billion WLFI sparks big question what does it really offer

World Liberty Financial now carries a market value near $5.6 billion. However, many of us who watched WLFI’s debut are still unsure what the project actually does, what has shipped, and what, if anything, is new.

To date, deliverables include USD1, governance voting, and a proposed Aave v3 money market. Let’s weigh those elements against the valuation and ownership incentives that frame WLFI’s first days of trading.

World Liberty Financial’s WLFI token began public trading on Sept. 1 after holders voted to allow transfers.

The launch put a multibillion-dollar value on a token that started life as nontransferable, raising an immediate question for investors assessing a roughly $5 billion to $7 billion market value: what is substantively new here?

What has WLFI actually shipped?

The project describes WLFI as a governance asset. Holders can vote on proposals, including the July decision to make WLFI tradable, but published materials and third-party...

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