World Liberty Financial (WLFI) Faces Controversy Over Pushing Through USD1 Growth Governance
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Summary
- World Liberty Financial (WLFI) reported that controversy has emerged after it passed USD1 growth governance while tokenholder voting was constrained.
- It reported that in the recent governance vote, the top nine addresses linked to the team exercised about 59% of total voting power, while participation by locked-up token holders remained limited.
- According to the WLFI white paper, 75% of the protocol’s net profit is allocated to entities affiliated with the Trump family and 25% to entities affiliated with the Witkoff family, and WLFI said it has applied for a banking license.
World Liberty Financial (WLFI) has sparked controversy after passing governance related to the growth of the USD1 stablecoin while tokenholder voting was constrained.
According to Cointelegraph, a digital asset (cryptocurrency) news outlet, WLFI’s recent governance vote showed that the top nine addresses linked to the team exercised about 59% of total voting power. During the process, effective participation by holders of locked-up tokens was reportedly limited.
According to the WLFI white paper, tokenholders are not granted rights to distributions from protocol revenue, and the structure is designed so that 75% of the protocol’s net profit is allocated to entities affiliated with the Trump family, with the remaining 25% allocated to entities affiliated with the Witkoff family.
Meanwhile, WLFI has previously applied for a banking license and continues moves to build a structure that manages issuance, custody, and exchange of USD1 end to end.
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