World Liberty Financial’s Strategic Investment in MNT Tokens
World Liberty Financial (WLFI), a decentralized finance (DeFi) initiative connected to the Trump family, has made headlines by purchasing a substantial amount of Mantle’s MNT tokens. This acquisition comes in the wake of a significant technological upgrade to the Mantle Network that took place last week.
A Look at the Purchase Details
According to data from Lookonchain and Arkham Intelligence, WLFI acquired approximately 3.54 million MNT tokens for nearly $3 million USDC. This translates to an average purchase price of around 84 cents per token. This strategic move highlights WLFI’s commitment to expanding its cryptocurrency portfolio.
WLFI’s Expanding Crypto Portfolio
With this latest acquisition, World Liberty Financial’s total holdings in various cryptocurrencies have surged to over $340 million. This diverse portfolio includes well-known tokens such as Ethereum (ETH), Wrapped Bitcoin (WBTC), TRON (TRX), Chainlink (LINK), Aave (AAVE), and several others. However, it’s worth noting that despite this impressive accumulation, WLFI is currently facing a paper loss of $111 million.
Understanding MNT and the Mantle Network
MNT is the native cryptocurrency of the Mantle Network, functioning not only as a utility token for gas fees but also serving as a governance token within this layer 2 ecosystem that aims to enhance Ethereum’s scalability. The recent hard fork of the Mantle Mainnet, which took effect on March 19, introduced a significant upgrade known as EigenDA.
Impact of the Mantle Mainnet Hard Fork
The introduction of EigenDA is crucial as it provides a secure, high-throughput, decentralized data availability service on Ethereum. This upgrade significantly enhances the Mantle Network’s scalability without compromising data rate limits, achieving an impressive throughput of 15 MB/s. Essentially, this means that the network can process a greater number of transactions per block.
Additionally, the hard fork has improved the Mantle Network’s compatibility with Ethereum’s forthcoming Pectra upgrade, further positioning it for future growth and innovation.
Current Market Performance of MNT
As of the latest updates, MNT has shown a positive market response, trading at approximately 83 cents, which is a 6% increase on the day, according to data from CoinDesk and TradingView. This uptick reflects the investor confidence in the Mantle Network’s recent advancements and future potential.
