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WLFI Buys $12M in Crypto, Prices Rise

Egede Ify by Egede Ify
December 13, 2024
in Featured, News
Reading Time: 3 mins read
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Introduction

World Liberty Financial (WLFI), a crypto project backed by Donald Trump, triggered major market gains. On Thursday, WLFI bought $12 million in crypto, causing LINK and AAVE to surge by 30% and ETH to rise 7%.

WLFI Buys LINK, AAVE, and ETH

On-chain data showed WLFI’s multi-sig wallet made key purchases:

  • $10 million for 2,631 ETH at $3,801 per token.
  • $1 million for 41,335 LINK at $24.20 each.
  • $1 million for 3,357 AAVE at $297.80 each.

This marked WLFI’s first purchase of LINK and AAVE, showing a move to diversify its crypto holdings. Additionally, data from Spot On Chain revealed WLFI spent $30 million over 12 days to buy 8,105 ETH at an average of $3,700.

WLFI’s DeFi Strategy

WLFI aims to integrate deeply into the DeFi ecosystem. It uses Chainlink’s data services for pricing and cross-chain tools, strengthening its market position.

The project’s DAO recently proposed deploying an Aave v3 instance on Ethereum. This move would:

  • Use external risk managers to reduce risks.
  • Attract new users to DeFi.
  • Share earnings with liquidity providers.

The proposal has already gained community approval, showing strong support for WLFI’s expansion plans.

Market Impact on LINK, AAVE, and ETH

WLFI’s purchases caused sharp price gains. LINK and AAVE rose by 30%, showing investor confidence in their roles within WLFI’s platform. Meanwhile, ETH gained 7%, cementing its position as WLFI’s key reserve asset. The project now holds $50 million in ETH, highlighting its focus on Ethereum’s long-term value.

wlfi
Source: TradingView

Trump’s Role in WLFI

Donald Trump’s “chief crypto advocate” leadership has added attention to WLFI. His sons, Eric Trump and Donald Trump Jr., serve as “Web3 ambassadors,” while Barron Trump acts as “DeFi visionary.” Together, they aim to make the United States a leader in crypto adoption. Since its October launch, WLFI has raised $55 million through its token sale, accepting ETH, USDC, and USDT. However, this amount remains well below its $300 million target.

WLFI Treasury and Challenges

WLFI’s treasury, managed through a limited liability company, holds nearly $73 million in crypto. These include wrapped Bitcoin (cbUSD), USDC, USDT, and altcoins. The project frequently trades using CoW Swap, a decentralized platform for cheaper transactions. Despite its efforts, WLFI still faces challenges. It needs help to gain full investor confidence and meet its ambitious fundraising goals.

Conclusion

WLFI’s $12 million purchase of ETH, LINK, and AAVE caused big market moves. LINK and AAVE surged by 30%, while ETH rose 7%. Backed by Donald Trump and his team, WLFI aims to lead in crypto adoption and DeFi integration. However, the project must overcome investor doubts and reach its fundraising targets to succeed in the long term.

Tags: AaveaavepriceChainLinkcryptonewscryptotrendsdecentralizedfinanceDeFidefiintegrationEthereumethpricelinkpriceliquidityservicestrumpcryptoWeb3wlfi
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