World Liberty Financial (WLFI), a crypto project linked to Donald Trump and his sons, is testing its on-chain airdrop feature by airdropping USD1 stablecoin to token holders.
The airdrop test mechanism will reward early WLFI holders with a small amount of the new dollar-pegged stablecoin. Per a post on Tuesday in the WLFI forum, the proposal has already received over 99% of votes.
The test airdrop aims to “validate the technical functionality” of the feature in a “live environment,” the proposal read.
“Testing the airdrop mechanism in a live setting is a necessary step to ensure smart contract functionality and readiness. This distribution also serves as a meaningful way to thank our earliest supporters and introduce them to USD1.”
WLFI to Fix Final Amount of USD1
The proposal noted that the airdrop will have a fixed amount of the USD1 stablecoin per wallet, funded by WLFI. However, the exact amount of the stablecoin is yet to be finalized and will be based on the total eligible wallets and budget.
Further, the airdrop will be executed on chain via the platform’s airdrop system, on the Ethereum mainnet. All wallets holding any amount of $WLFI tokens will be eligible for the airdrop, subject to eligibility requirements.
“The timing of any airdrop would be determined by World Liberty Financial, Inc. in its sole discretion,” it added.
Following the votes, WLFI will have forum discussions and feedback to finalize the airdrop amount and execution details.
Newer Stablecoins in the Race as Regulatory Clarity Appears Increasingly Likely
Stablecoin regulatory framework is gaining traction among Republicans in the House, particularly after Senate Democrats withdrew their support for the stablecoin framework.
As a result, what’s unfolding now is a race among financial institutions and other countries to enter the stablecoin sector.
However, USD1 is still in its testing phase and is not yet officially tradable, as previously mentioned by the Binance founder, Changpeng Zhao. Besides, the stablecoin has around 3.5 million tokens circulating across Ethereum and BNB Chain.
Already, a state-backed investment firm in Abu Dhabi has chosen USD1 as the official stablecoin to close a $2 billion investment into crypto exchange Binance.
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