The governance token of World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol backed by U.S. President Donald Trump and his family, may soon become tradable on exchanges after a community vote concluded on Wednesday.
Token holders voted 99% in favor for the proposal to allow WLFI tokens to trade on secondary markets and transfer peer-to-peer, a Snapshot vote shows.
The decision comes after the protocol raised around $590 million last year in a pre-sale where investors could buy WLFI tokens. For example, Tron founder Justin Sun also purchased $30 million of the asset. World Liberty Financial is developing a DeFi lending and borrowing platform, and also issues a U.S. dollar stablecoin named USD1.
The WLFI token was designed to give holders the right to participate in the protocol’s governance and decision-making. However, those tokens that were sold to early supporters have been locked-up since then, without the ability to sell, buy or transfer them.
The proposal that passed sets a phased token unlock plan. Some tokens that were sold during the presale will unlock at trading launch, while the rest await a second community vote to decide their release schedule. Tokens held by founders, the team and advisors will remain locked longer than early supporter allocations to underscore long-term commitment to the project, the proposal said.
Final unlock timing and eligibility criteria will be determined later, it added.
Read more: World Liberty Makes Narrative U-Turn, Says WLFI Token Will Become Tradable Soon
