世界自由金融：唐納德·川普推動的加密貨幣計畫似乎是一個巨大的失敗

儘管如此，該項目於 10 月 16 日啟動了代幣銷售 WLFI，公開計劃透過出售 20% 的代幣供應量籌集約 3 億美元

Republican presidential candidate Donald Trump has endorsed a cryptocurrency project, where he is listed as “Chief Crypto Advocate,” by calling it “Huge.” However, two weeks into the project’s token sale, it appears to be a huge flop, with no clear information on what might happen next.

共和黨總統候選人唐納德·川普支持了一個加密貨幣項目，他被列為“首席加密貨幣倡導者”，稱該項目“巨大”。然而，該專案代幣銷售兩週後，似乎遭遇了巨大的失敗，目前還沒有關於接下來會發生什麼的明確訊息。

World Liberty Financial (WLF) is meant to be a decentralized finance (DeFi) platform. First appearing in news media in August of this year, the project’s composition and purpose remain largely unknown. The most recent, unconfirmed reports suggest that WLF is working on its own stablecoin.

World Liberty Financial (WLF) 旨在成為一個去中心化金融 (DeFi) 平台。該項目於今年 8 月首次出現在新聞媒體上，但其組成和目的目前仍不得而知。最近未經證實的報導表明，WLF 正在開發自己的穩定幣。

Despite this, on October 16th, the project launched its token sale, WLFI, publicly aiming to raise around $300 million by selling 20% of the token supply. If everything went according to plan, the platform – still lacking a clear business model or details on its services – would be valued at $1.5 billion.

儘管如此，該項目於 10 月 16 日啟動了代幣銷售 WLFI，公開計劃透過出售 20% 的代幣供應量籌集約 3 億美元。如果一切按計劃進行，該平台（仍缺乏明確的商業模式或服務細節）的估值將達到 15 億美元。

However, two weeks into the sale, less than 5% of the 20 billion tokens available have been sold, raising about $14 million. In theory, some of the tokens may have been sold directly, bypassing the website.

然而，在發售兩週後，200 億枚代幣中只有不到 5% 已售出，籌集了約 1,400 萬美元。理論上，一些代幣可能會繞過網站直接出售。

According to the project’s website, new sales are still ongoing. On October 23rd, WLF claimed that more than 15,000 people owned the token. According to a filing by WLF on October 30, the project currently plans to sell only up to $30 million in tokens before terminating the sale.

據該項目網站稱，新的銷售仍在進行中。 10 月 23 日，WLF 聲稱有超過 15,000 人擁有該代幣。根據 WLF 10 月 30 日提交的文件，該項目目前計劃在終止銷售之前僅出售最多 3000 萬美元的代幣。

Today’s the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp

今天就是這一天了！ @WorldLibertyFi 代幣銷售正在進行中。立即取得您的 $WLFI 代幣。在這裡購買 $WLFI：https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp

Industry observers have pointed out multiple reasons why the sale hasn’t gained traction. For example, Kain Warwick, founder of Infinex, a DeFi project that recently raised $67 million by selling its NFT (non-fungible token) collection, noted in a recent livestream on X that crypto investors today are more focused on meme coins rather than token sales.

產業觀察家指出了此次出售未能獲得關注的多種原因。例如，Infinex 的創始人Kain Warwick 是一個DeFi 項目，最近透過出售其NFT（不可替代代幣）系列籌集了6700 萬美元，他在最近的X 直播中指出，如今的加密貨幣投資者更關注meme 幣而不是代幣銷售量。

According to Warwick, if this sale had taken place during the 2017 initial coin offering (ICO) craze, WLF would have likely raised a billion. Indeed, during that time, some crypto projects raised billions even before launching and proving their investment potential.

Warwick 表示，如果此次出售發生在 2017 年首次代幣發行 (ICO) 熱潮期間，WLF 可能會籌集 10 億美元。事實上，在那段時間裡，一些加密貨幣計畫甚至在啟動並證明其投資潛力之前就已經籌集了數十億美元。

However, analysts cite the project’s tokenomics and numerous unknowns as additional reasons for the token launch's failure.

然而，分析師指出該項目的代幣經濟學和許多未知因素是代幣發行失敗的額外原因。

The world of unknowns

未知的世界

Firstly, it remains unclear what a token buyer gains from holding the WLFI token. According to the project’s Terms and Conditions, the sole utility of holding $WLFI is governance – token holders "have the power to propose and vote on proposals that will shape the future of the World Liberty Financial Protocol."

首先，目前尚不清楚代幣買家持有 WLFI 代幣能獲得什麼收益。根據該項目的條款和條件，持有 $WLFI 的唯一用途是治理——代幣持有者“有權提出提案並對其進行投票，這些提案將塑造世界自由金融協議的未來。”

However, token holders receive no economic or other rights, such as fees generated by the WLF Protocol or company earnings. Furthermore, the tokens are non-transferable, cannot be used for payments, and are locked indefinitely in a wallet or smart contract. Also, most likely for legal reasons, WLF warns buyers not to expect any increase in token value “as a result of any future functionality or the success” of the WLF Protocol.

然而，代幣持有者不會獲得經濟或其他權利，例如 WLF 協議產生的費用或公司收入。此外，代幣不可轉讓，不能用於支付，並且無限期鎖定在錢包或智能合約中。此外，很可能是出於法律原因，WLF 警告買家不要期望「由於 WLF 協議的任何未來功能或成功」而導致代幣價值增加。

In other words, at present, holders have virtually no utility with the token, and the project has not indicated when this might change, if at all.

換句話說，目前持有者實際上對代幣沒有任何效用，而該項目尚未表明這種情況何時可能改變（如果有的話）。

“Perhaps it’s not surprising that WLFI tokens haven’t been flying off the shelf, as the financial incentives for holding the WLFI token are not entirely clear,” a user commented in the WLF governance forum.

「也許 WLFI 代幣沒有被搶購一空並不奇怪，因為持有 WLFI 代幣的經濟誘因並不完全明確，」一位用戶在 WLF 治理論壇上評論道。

On the same forum, however, some argue that making the token non-transferable is “just legal protection” and that “a simple vote makes the tokens tradeable, which could happen right after governance goes live,” adding that “it would be quite dumb for insiders if they could never cash out.”

然而，在同一個論壇上，有些人認為，使代幣不可轉讓“只是法律保護”，並且“簡單的投票使代幣可以交易，這可能會在治理上線後立即發生”，並補充說“這將是相當大的”如果內部人士永遠無法兌現，那他們就太愚蠢了。”

Meanwhile, other red flags have included DT Marks DEFI LLC, a Trump family-affiliated entity, securing rights to receive 75% of net protocol revenues and approximately $338 million in WLFI tokens.

同時，其他危險信號包括川普家族附屬實體 DT Marks DEFI LLC，該實體獲得了獲得 75% 淨協議收入和約 3.38 億美元 WLFI 代幣的權利。

Additionally, Axiom Management Group, a Puerto Rican LLC owned by Chase Herro and Zachary Folkman, has the right to receive 25% of the net protocol revenue, although WLF claims the group has agreed to allocate half of this sum to WC Digital Fi LLC, affiliated with Steve Witkoff and certain family members.

此外，Axiom Management Group（由 Chase Herro 和 Zachary Folkman 擁有的波多黎各有限責任公司）有權獲得協議淨收入的 25%，儘管 WLF 聲稱該集團已同意將這筆款項的一半分配給 WC Digital Fi LLC，與Steve Witkoff 和某些家庭成員有關。

Witkoff is known as an American real estate investor, landlord, and founder of the Witkoff Group, while Folkman and Herro reportedly face various lawsuits, and their other DeFi project, Dough Finance, lost around $2 million to a hack this past summer.

Witkoff 是一位美國房地產投資者、房東和Witkoff 集團的創始人，而據報道，Folkman 和Herro 面臨各種訴訟，他們的另一個DeFi 項目Dough Finance 在去年夏天的一次黑客攻擊中損失了約200 萬美元。

Moreover, previous reports in crypto media have suggested that the WLF protocol is largely based on Dough Finance’s code.

此外，先前加密媒體的報告表明，WLF 協議很大程度上基於 Dough Finance 的代碼。

Descriptive titles

描述性標題

The Trump family

川普家族