Launch Day for World Liberty
The native token of the Trump-backed DeFi project, World Liberty Financial, has begun trading on CEXs and DEXs across the crypto space.
The token was trading at around $0.30 shortly after the launch as presale participants scrambled to claim the unlocked 20% of their tokens.
According to Etherscan, average gas fees spiked to over 200 gwei after the claiming period opened, causing claim and swap fees to surge to over hundreds of dollars per transaction.
Blockchain analytics platform Lookonchain noted that 3 whale-sized presale participants had moved 160M tokens, worth approximately $51M at the time, to Binance right after claiming.
Before the launch, World Liberty also published a brief on its circulating supply, detailing an initial circulation of 24.67B tokens.
Since the launch, the price of World Liberty’s WLFI token has dropped by 21.2% to $0.26, with a total market cap of $7.4B and fully diluted valuation of $26B.
In response to the declining price, the team proposed a token buyback program, using 100% of protocol fees generated to buyback and burn WLFI.
This proposal if successful, could boost the price of WLFI by reducing circulating supply.
Sonic Expansion
Sonic Labs, the foundation team behind the Sonic L1 blockchain announced the successful passing of their governance proposal to expand into US markets.
The proposal titled “U.S. Expansion and TradFi Adoption”, authorizes Sonic Labs to issue $150M worth of S token to fund this initiative.
$50M will be used to seed liquidity to form a S tracking US ETF/ETP.
The remaining $100M will be used to form a NASDAQ PIPE (private investment in public equity). This will potentially allow Sonic Labs to form a corporate treasury of S tokens.
The proposal also introduces changes to gas fee distributions in the Sonic L1 to create a more deflationary environment for the S token.
In Other News…
El Salvador Splits Bitcoin Holdings. The El Salvador government has just split its Bitcoin holdings into 14 different wallet addresses as a safeguard against potential quantum threats. Analysts however, said that the quantum computing threat to the Bitcoin network is only theoretical and is still “years away” from being a concern.
Killing Satoshi. Hollywood stars Pete Davidson and Casey Affleck will star in an upcoming thriller film regarding Satoshi Nakamoto’s identity. “Killing Satoshi” is slated for a 2026 release, and will be directed by Doug Liman who directed other thrillers such as Mr. and Mrs. Smith.
ZachXBT Slams Ripple Community. The famed blockchain investigator ZachXBT recently went on a rant on X, calling XRP holders “exit liquidity” for its founders. He explained his refusal to aid an XRP user to track stolen funds by calling the network an “MLM chain”.