World Liberty Financial (WLFI), a decentralized finance project associated with former U.S. President Donald Trump, has burned 7.89 million WLFI tokens worth approximately $1.43 million after a cross-chain buyback of $1.06 million.
On-chain data collected by Lookonchain shows that the project collected 4.91 million WLFI ($1.01 million) from its DeFi activities, along with $1.06 million in fees and liquidity earnings, and spent $1.06 million to buy back 6.04 million WLFI on the open market.
The team subsequently burned 7.89 million WLFI on the Binance Smart Chain and Ethereum (ETH), while 3.06 million WLFI ($638,000) remains unburned on Solana (SOL), awaiting further action.
This move comes after WLFI's price dropped 33% over the past month. According to CoinGecko data, as of Saturday, WLFI was trading at $0.2049, up more than 6% in the past day. The token is still down over 38% from its historical high.
The token burn strategy stems from a governance vote passed earlier this month, in which 99% of WLFI holders approved the proposal. Under this plan, fees generated from the liquidity pool managed by WLFI will be used for token buybacks, which will then be permanently removed from circulation through burning.
According to the WLFI team, this mechanism aims to reduce the total supply and alleviate selling pressure. The project clarified that only fees from liquidity controlled by WLFI are included in this process, excluding community and third-party liquidity pools.
Some on-chain analysts speculate that the plan may burn 4 million WLFI daily, which would annualize to about 2% of the supply. However, the exact burn numbers remain unclear.
As reported by Cointelegraph, entities associated with former U.S. President Donald Trump and his family control approximately $5 billion worth of WLFI after 24.6 billion tokens were unlocked as planned earlier this month.
The company's website lists DT Marks DEFI LLC and members of the Trump family, including Donald Trump Jr., Barron, and Eric, as the initial holders of 22.5 billion WLFI, which briefly surged to $0.40 before falling back to around $0.21.
Related: Solana (SOL) falls below $200, ETF approvals expected to trigger "institutional moment" and drive new highs
Original article: “Trump-backed WLFI burns $1.43M worth of tokens after $1M buyback”
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