World Liberty Financial (WLFI), a decentralized finance initiative supported by Donald Trump’s family, has made significant acquisitions of Mantle’s MNT token following a major technological upgrade of the network last week.
According to data from various sources, WLFI bought approximately 3.54 million MNT for close to $3 million USDC, achieving an average purchase price of 84 cents.
This latest acquisition has boosted WLFI’s cryptocurrency portfolio, which now includes various tokens such as ETH, WBTC, TRX, LINK, AAVE, ENA, among others, to over $340 million. However, the Trump family-backed entity is still facing a paper loss of $111 million at this time.
MNT serves as the native cryptocurrency of the Mantle Network, acting as both a utility token for gas fees and a governance token within the layer 2 ecosystem dedicated to enhancing Ethereum’s scalability.
The Mantle Network underwent a hard fork, or backward-incompatible upgrade, that went live on March 19, which activated EigenDA on the network. EigenDA is a secure, high-throughput, decentralized data availability service operating on Ethereum.
The integration of EigenDA is reported to enhance the scalability of the Mantle Network without breaching data rate thresholds, achieving a throughput of 15 MB/s. Essentially, this means the network can handle a greater number of transactions per block. Additionally, the upgrade enhances the Mantle Network’s compatibility with Ethereum’s upcoming Pectra upgrade.
At the time of writing, MNT was trading at 83 cents, reflecting a 6% increase for the day, as noted by data from various analytics platforms.