The native token of World Liberty Financial, which is linked to the Trump family, fell nearly 14% on Wednesday following a controversial governance proposal that would cost more than $62 billion. $WLFI Tokens based on the new multi-year vesting schedule were submitted to a community vote.
The proposal was first presented to the World Liberty Governance Community on April 15, and voting officially began on Wednesday. Proposes to lock up more than $62 billion $WLFI Tokens will be held by early investors and insiders for two years and then gradually released over two to three years.
Voting will be open until May 7th. As of this writing, 99.95% of votes are in favor of this proposal, and the quorum requirement is 1 billion. $WLFI The number of tokens has already been met, with 6 billion tokens in favor and 3.2 million tokens against.
“This is one of the most important governance proposals in the United States. $WLFI World Liberty Financial said in an X post on Wednesday: “62,282,252,205 is locked” $WLFI Tokens are subject to this proposal. If passed, it won’t be on the market for at least two years. ”
Despite almost 100% of voting power being allocated to a “yes” vote, the proposal has faced strong criticism from some members of the community.
Cointelegraph previously reported that figures such as Moonrock Capital founder Simon Dedic compared the proposal to a rug pull and questioned the two-year unlock to coincide with the remainder of US President Donald Trump’s term. TRON founder Justin Sun has a large amount of wealth. $WLFIalso labeled the proposal one of the “ridiculous” ones he had ever seen.
In replies to World Liberty’s latest X post announcing the opening of the vote, the majority of comments were critical of the proposal.
sauce: world liberty financial
The unlock schedule for early investors includes a two-year cliff vest followed by a two-year linear vest, while insiders such as founders, team members, and advisors include a two-year cliff vest and a three-year linear vest.
The proposed schedule has faced backlash due to its length, while the voting process has also been criticized because those who do not vote will have their tokens locked indefinitely.
The World Liberty Financial Team said the structure is designed to provide a “clearer, more limited picture of governance preferences” and keep the token in the hands of those who are “genuinely committed” to the future of the project.
According to data from CoinGecko, $WLFI At the time of writing, the price is $0.06367, down 13.6% in the past 24 hours. Overall, the stock is down 72.8% since the public market began.
Cointelegraph has reached out to World Liberty Financial for comment.
