Donald Trump’s new crypto venture, World Liberty Financial (WLFI), isn’t exactly off to the races. Despite the former president’s endorsement and a big push to raise $300 million, the project only managed to secure $11.8 million within its first 24 hours. That’s just 3.6% of its ambitious target. The project, which aims to be a “crypto bank” where users can borrow, lend, and invest, seems to be stumbling straight out of the gate—and the reasons are piling up.

WLFI’s initial hype was significant, with co-founder Zachary Folkman predicting massive interest and a high number of whitelisted investors. However, the reality has been much different. Out of an expected 100,000 whitelisted users, only 9,050 unique wallets were created, and even fewer made purchases. The discrepancy suggests a lack of follow-through from those initially interested or an overestimation of the project's appeal.

One major hurdle has been the platform itself. Technical difficulties marred the launch, with the WLFI marketplace repeatedly crashing and showing maintenance messages to would-be investors. It’s a classic case of “if you build it, they might come—if they can actually log in.” Frustrated buyers couldn’t access the platform when they needed to, which likely deterred further interest and investment.

A Project Lacking Clarity and Transparency

While WLFI was pitched as a governance token giving holders voting rights, there’s currently nothing for them to vote on. The project’s main feature—a crypto bank—remains in development, and WLFI is still awaiting approval from Aave, a leading decentralized lending platform. Without a functioning platform or any decisions for token holders to make, investors are left holding what essentially amounts to a promise.

Adding to the uncertainty is the fact that WLFI hasn’t released a white paper or formal business plan, leaving many investors scratching their heads about the project’s long-term goals. The lack of transparency and clarity around the token's utility makes it hard for potential buyers to see the value in jumping aboard.

Despite Trump’s promotion, even his social media shoutouts didn’t boost token sales. In a rather embarrassing blunder, Trump’s initial tweet promoting the token sale featured a typo in WLFI’s handle, which was swiftly deleted and corrected. But even with the proper spelling, sales continued to drag.

Concerns over transparency have only grown. The “Gold Paper” released this week revealed that the initial proceeds are earmarked for “expenses, indemnities, and obligations,” and that a significant chunk of funds and tokens will go to DT Marks DEFI LLC, a company linked to Trump himself. This raises eyebrows about potential conflicts of interest, as Trump and his family stand to gain a significant amount from the project, casting doubts over whether investors’ interests are truly being prioritized.

Can WLFI Recover?

Crypto experts have been vocal about WLFI’s rocky start. Some see it as a cynical cash grab that could damage the industry’s reputation, while others view it as a reminder that high-profile endorsements don’t guarantee success in the decentralized finance (DeFi) world. Platforms like Aave, which WLFI plans to integrate with, have even shown hesitation, questioning whether a Trump-affiliated project fits within their ecosystem.

At this point, WLFI’s ability to bounce back and gain momentum remains uncertain. With technical issues, a narrow investor pool, and a lack of transparency, the project has plenty of hurdles to clear before it can prove itself in the competitive crypto landscape.

Well, World Liberty Financial’s bumpy debut shows that not even a big name like Trump’s can save a poorly executed crypto launch. In the fast-moving world of digital assets, flashy endorsements and ambitious promises aren’t enough.

Investors and crypto enthusiasts need transparency, functionality, and clear utility—none of which WLFI has delivered so far. Whether the project can turn things around remains to be seen, but the crypto community is watching closely, waiting to see if this is just another flash-in-the-pan or a genuine contender in the DeFi space.