World Liberty Financial Acquires MNT Tokens

World Liberty Financial (WLFI), a DeFi project backed by President Donald Trump’s family, has acquired substantial amounts of Mantle’s MNT token following last week’s significant technological upgrade of the network.

WLFI purchased about 3.54 million MNT for nearly $3 million USDC at an average price of 84 cents, according to data sources Lookonchain and Arkham Intelligence.

This recent purchase has boosted WLFI’s coin holdings, including tokens like ETH, WBTC, TRX, LINK, AAVE, ENA, and others, to over $340 million. However, the Trump family-backed outlet is currently facing a paper loss of $111 million.

MNT is the native cryptocurrency of the Mantle Network, which serves as a utility token for gas fees and a governance token for the layer 2 ecosystem designed to scale 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.

This EigenDA integration is expected to enhance Mantle Network’s scalability without data rate limitations, reportedly achieving a throughput of 15 MB/s. This means the network can process more transactions per block. Furthermore, the upgrade has improved the Mantle Network’s compatibility with Ethereum’s upcoming Pectra upgrade.

At press time, MNT was trading 6% higher at 83 cents, according to data from CoinDesk and TradingView.