WLFI Buyback And Burn Proposal Receives Strong Support

A proposal by World Liberty Financial (WLFI) to buy back and burn tokens has received overwhelming support after going live less than 24 hours ago.

The proposal earmarks 100% of the fees generated by the project’s liquidity positions on Ethereum, Binance Smart Chain, and Solana for open-market purchases of WLFI. These tokens will then be permanently removed from the supply, making the crypto more scarce.

The project specified that fees collected from the community or third-party LPs will not be affected as part of this proposal. 

Token Holders Vote In Favor Of Buyback And Burn Program

WLFI aims to burn more tokens as more people transact with the crypto. Every trade will generate fees, which will be used to remove WLFI from circulation, the team said. 

The program is also designed to remove tokens “from circulation held by participants not committed to WLFI’s long-term growth and direction,” according to the proposal. This will effectively increase “relative weight for committed long-term holders,” the team said.

All of the burns will be recorded on-chain and reported to the community as well.

The team said that they had considered alternatives, such as keeping fees in the project’s treasury for operations or splitting fees between treasury and burns, but opted to use all of the fees for token buybacks and burns in this proposal because they believe that this is the community’s preference. 

The proposal has already garnered 3,871 votes from token holders, according to the project’s governance portal. An overwhelming number of these votes, 99.68%, are in favor of the buyback and burn program. Meanwhile, 0.25% of the votes were from token holders that chose to abstain, 0.07% of the votes were to reject the proposal.

Voting for the proposal was activated late yesterday, and will end on Sept. 18.

If the proposal is approved, the team said that it will treat it “as the foundation of an ongoing buyback and burn strategy.” 

“Over time, we will explore expanding the program to include additional sources of protocol revenue, with the goal of steadily increasing the scale of WLFI buybacks and burns as the ecosystem grows,” the WLFI team wrote in the proposal.

WLFI Resumes Its Bearish Monthly Trend After Proposal Goes Live

After the proposal went live, the price of WLFI slid over 1% to trade at $0.1975 as of 8:50 a.m. EST, data from CoinMarketCap shows. 

WLFI price chart (Source: CoinMarketCap)

That’s after the token was able to climb more than 6% in the past week in what seemed to be a reversal of the negative trend on the longer-term monthly time frame. However, the recent dip has extended the altcoin’s losses over the past month to more than 13%. 

WLFI is also down over 50% from the all-time high (ATH) of $0.46 that it set on Sept. 1, the same day that it debuted on major crypto exchanges including Binance, KuCoin and others. 

Part of that decline since the project’s launch was due to controversy surrounding the project after it started blacklisting early investors’ addresses. One of these investors was billionaire TRON founder Justin Sun.

WLFI Launches “Project Wings” For USD1 Stablecoin

World Liberty Financial is a decentralized finance (DeFi) project with ties to US President Donald Trump and his family, and is one of their many ventures in the digital asset space. 

The project’s native WLFI token was originally not tradable and was mainly used as a governance token. However, the community voted to change this and make the token tradable, which led to the debut on top exchange platforms.

In addition to its WLFI token, the project also has its own stablecoin called World Liberty Financial USD (USD1). 

Top five largest stablecoins by market cap (Source: CoinMarketCap) 

USD1 is currently ranked as the fifth-biggest stablecoin by market cap, with a capitalization of more than $2.661 billion. 

Only Dai (DAI), Athena USDe (USDe), USD Coin (USDC) and Tether (USDT) are ranked above USD1.

Recently, the team unveiled its “Project Wings” campaign, which it says will be a “new chapter for USD1 on Solana.” As part of the campaign, USD1 pairs are now available for launch on Bonk.fun and Raydium’s Launchlab.

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