World Liberty Financial (WLFI), the decentralized finance project affiliated with President Donald Trump, has burned 7.89 million WLFI tokens, valued at approximately $1.43 million, after a $1.06 million buyback across various chains.
On-chain data collected by Lookonchain indicates that the project raised 4.91 million WLFI ($1.01 million) as well as $1.06 million in fees and liquidity gains from its DeFi operations, and used $1.06 million to repurchase 6.04 million WLFI from the market.
The team subsequently burned 7.89 million WLFI on the BNB Smart Chain (BNB) and Ethereum (ETH), while 3.06 million WLFI ($638,000) remains unburned on Solana (SOL) awaiting further steps.
This action follows a 33% decline in WLFI’s price over the past month. As of Saturday, WLFI is trading at $0.2049, up by over 6% in the past day, according to CoinGecko. The token is still down more than 38% from its all-time peak.
Related: Crypto.com’s Cronos erases Trump pump gains, community questions demand
WLFI’s burn strategy receives approval
The token-burning strategy arises from a governance vote passed earlier this month, wherein 99% of WLFI holders approved the proposal. According to the plan, fees generated from WLFI-managed liquidity pools will be utilized for token repurchases, which will then be permanently eliminated from circulation through burns.
According to the WLFI team, this mechanism is designed to decrease total supply and relieve selling pressure. The project clarified that only fees from WLFI-controlled liquidity are factored into this process, excluding community and third-party liquidity pools.
Some on-chain analysts have speculated that the program could burn 4 million WLFI daily, amounting to nearly 2% of the supply annually. However, precise burn figures remain uncertain.
Related: California vs. MAGA memecoins: Why Gavin Newsom is challenging Trump
Trump Family’s WLFI holdings valued at $5 billion
As Cointelegraph reported, an entity associated with former US President Donald Trump and his family controls approximately $5 billion worth of WLFI following a scheduled unlocking of 24.6 billion tokens earlier this month.
The firm’s website lists DT Marks DEFI LLC and Trump family members, including Donald Jr., Barron, and Eric, as initial holders of 22.5 billion WLFI, with the price temporarily spiking to $0.40 before retreating to around $0.21.
Magazine: Bitcoin mining industry ‘going to be dead in 2 years’ — Bit Digital CEO
