Trump Family-Linked World Liberty Snaps Up 3.54M MNT Tokens After Mantles Hard Fork
World Liberty Financial (WLFI), a DeFi project backed by President Donald Trumps family, has acquired substantial amounts of Mantles MNT token following last weeks major technological upgrade of the network.
WLFI purchased about 3.54 million MNT for nearly $3 million USDC for an average purchase price of 84 cents, according to data sources Lookonchain and Arkham Intelligence.
The recent purchase has increased WLFIs coin holdings, which include tokens like ETH, WBTC, TRX, LINK, AAVE, ENA, and others, to over $340 million. However, the Trump family-backed outlet still faced a paper loss of $111 million as of writing.
MNT is the native cryptocurrency of the Mantle Network, serving as a utility token for gas fees and a governance token for the layer 2 ecosystem focused on scaling Ethereum.
The Mantle Mainnet hard fork, or backwards-incompatible upgrade, took effect on March 19, activating EigenDA on the network. EigenDA is a secure, high-throughput, decentralized data availability service on Ethereum.
The EigenDA integration is said to boost Mantle Networks scalability without hitting data rate limits, reportedly resulting in a 15 MB/s throughput. In other words, the network can process more transactions per block. Additionally, the upgrade has made the Mantle Network better compatible with Ethereums impending Pectra upgrade.
MNT traded at 6% higher on the day at 83 cents at press time, according to data sources CoinDesk and TradingView.
The post Trump Family-Linked World Liberty Snaps Up 3.54M MNT Tokens After Mantles Hard Fork first appeared on CurrencyCrypt.
Text source: CurrencyCrypt
