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WLFI linked to Trump burns $ 1.43 million in chips after a recent buyout

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World Liberty Financial (WLFI), the decentralized finance project affiliated with President Donald Trump, burned 7.89 million WLFI tokens, worth around 1.43 million dollars, following a redemption of $ 1.06 million on different channels.

Onchain’s data collected by Lookonchain show that the project collected 4.91 million WLFI ($ 1.01 million) and $ 1.06 million in costs and liquidity costs from its DEFI activities, and spent $ 1.06 million to buy 6.04 million WLFI on the free market.

The team then burned 7.89 million WLFI on the smart channel BNB (BNB) and Ethereum (ETH), while 3.06 million WLFI ($ 638,000) does not remain burnt on Solana (Sol) while waiting for other actions.

This decision follows a 33% drop in WLFI price in the last month. According to Coingecko, WLFI is negotiated at $ 0.2049, up more than 6% during the last day. The token is still down more than 38% of its top of all time.

WLFI redemption and burn. Source: Lookonchain

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WLFI’s burning plan wins approval

The chip burn strategy stems from a governance vote adopted earlier this month, in which 99% of WLFI holders approved the proposal. As part of the plan, the costs generated from the liquidity pools managed by WLFI must be used for the redemptions of tokens, which are then removed from traffic via Burns.

According to the WLFI team, this mechanism aims to reduce the total supply and reduce sales pressure. The project said that only the costs of liquidity controlled by WLFI are included in this process. Community and third party pools are excluded.

Some ONCHAIN ​​detectives assumed that the program could burn 4 million WLFI per day, almost 2% of the supply per year. However, the exact burn figures remain vague.

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WLFI Holdings of Trump Family worth $ 5 billion

As Cintelelegraph reported, an entity linked to former American president Donald Trump and his family controls around $ 5 billion in WLFI following a planned unlocking of 24.6 billion tokens earlier this month.