• Crypto Billionaire Justin Sun Pledges $30M Investment In Trump-Backed World Liberty Financial: What's Happening?

    Source: Buzz FX / 26 Nov 2024 01:20:16   America/Chicago


    Justin Sun, the founder of the TRON (CRYPTO: TRX) blockchain, announced a $30 million investment in President-elect Donald Trump-backed cryptocurrency project World Liberty Financial (WLFI), lending support to the “Make America Great Again” movement.





    What Happened: On Monday, Sun revealed on X that Tron became the largest investor in the decentralized finance (DeFi) project with the strategic expenditure.





    He said, “The U.S. is becoming the blockchain hub, and Bitcoin owes it to Donald Trump!  TRON is committed to making America great again and leading innovation. Let’s go!”





    In response, the WLFI team said they were honored to have the support of Sun and the Tron ecosystem.











    Sun’s $30 million investment catapulted total sales of the project’s governance token past $50 million, according to a Dune Analytics dashboard, although still a long way away from the ambitious $300 million target.





    The project had a slow start, managing to raise just 4% of its token presale target within the first 48 hours of its launch.





    See Also: Peter Schiff Warns Trump’s Bitcoin Support Could Lead To Economic Chaos, Make America ‘Weaker’ As Wall Street Misallocates ‘Bigly’





    Why It Matters: Promoted aggressively by Trump and his family, the project attracted significant attention right in the middle of the GOP nominee’s presidential campaign.





    The WLFI token would serve as the platform’s governance token, enabling users to engage in borrowing, lending, and other DeFi activities. However, its non-transferable, non-yielding nature may have turned off speculative traders, adding to the lackluster presale.





    According to the World Liberty Gold Paper, WLFI would allocate 75% of its protocol revenues to a firm associated with the former President, DT Marks DEFI, LLC.





    As for Sun, he remains one of the largest publicly known cryptocurrency investors, boasting a portfolio worth more than $1.8 billion, data from Arkham Intelligence revealed.





    Photo Courtesy: Wikimedia Commons





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