Since the launch of its WLFI token, the World Liberty Financial project has been doing everything it can to try to maintain its price, which is still down 35% from its all-time high. The latest operation to be implemented is a buyback and burn program.
World Liberty Financial launches WLFI token buyback program
Since its creation was announced, the World Liberty Financial crypto project has sparked much controversy, particularly regarding its direct link to the Trump family. This situation has not prevented it from continuing its development, with the recent launch of its native WLFI token. Since then, project managers have been trying to keep its price afloat, in the face of a decline still estimated at more than 35% since its historic peak on September 1—the date of its launch—at around $0.33.
In response to this situation, a burn of 47 million WLFI tokens was organized on September 2, without any significant upward effect on its price. This provided an opportunity to try a new approach with the implementation of a buyback procedure, which was voted for by a large majority of the community members.
The community voted to use 100% of WLFI’s cash liquidity fees to carry out buyback and burn operations, with the decision receiving almost unanimous support.
World Liberty Financial
An operation implemented at the end of last week
The main purpose of implementing a buyback procedure is to try to reduce the selling pressure on the price of a cryptocurrency. Indeed, this buyback action can have a bullish effect—or at least a stabilizing effect—if it involves sufficiently large volumes.
At the same time, the World Liberty Financial project also wants to combine this WLFI token recovery plan with a burn option that was already in place. The goal? To increase the scarcity of the token in question by reducing its available quantity through permanent destruction.
The first operation of this kind was carried out on September 26, with a burn involving just over 3.1 million WLFI tokens “from protocol fees on Ethereum and the BNB Chain.”
At the same time, 3.8 million WLFI tokens were purchased on the market with USD1 stablecoins for the largest share, but also in USDC and USDT. They were then “permanently removed from circulation.”
As a reminder, World Liberty Financial’s WLFI cryptocurrency has a maximum supply of 100 billion units.
