World Liberty Financial makes test purchase of SEI on Ethereum, while whales buy up WLFI

World Liberty Financial continues to explore crypto assets, this time buying SEI on Ethereum. The fund rebuilt its portfolio to a higher value after moving or selling some of its assets. 

World Liberty Financial spent $125K in USDC to acquire SEI tokens on Ethereum. The new purchase is part of the fund’s rebuilding of its portfolio. World Liberty Fi has not stated it would hold the assets forever and has shown signs of trading them. However, the purchases also bring more attention to older projects with a history of development. 

After the purchase, SEI rallied by 10%, rising to $0.24. The token still trades near its three-month low, as World Liberty Fi bought the dip again. Currently, the fund sits on $23.88M in USDC. World Liberty Fi has rebuilt its portfolio to $57M in total notional value, up from a recent low of $37M. At its peak, World Liberty Fi held $405M in various assets, most notably Ethereum (ETH). The portfolio is also boosted by ongoing small-scale purchases from WLFI buyers. 

World Liberty Fi has brought back the focus on utility and RWA projects like Ondo (ONDO). The fund has maintained its balance of TRON (TRX) and MOVE tokens. 

SEI returns among the top 100 tokens

SEI is a token existing in two versions, including the native L1 token. The project was largely forgotten, as it raised most of its funding during the 2022-2023 bear market. SEI and the L1 narrative remained invisible during the recent meme token season. World Liberty Fi boosted the project’s visibility, though with a small purchase. 

SEI remains one of the well-funded projects, with a $10M public sale and $85M in VC rounds. SEI has been backed by Binance Launchpool and has received funding from Circle, Foresight Ventures, OKX Ventures, Jump Crypto, and others. 

SEI started out as part of the Cosmos ecosystem but moved on to become EVM-compatible. Most of the SEI transaction volumes still depend on the Ethereum ecosystem, which has over 70K daily users. SEI remains a project in development, with only $195.36M in value locked. SEI is a multi-chain project that allows the integration of different networks, though most of its DeFi operations depend on Ethereum’s leading position.

SEI was considered a ‘dead chain’, though it still carried over 50 distributed apps with above $555M in volumes. The interest from World Liberty Fi coincided with a recent community call, aiming to bring attention back to SEI. 

The chain is also trying to catch up with DeFi. The most recent addition that promises to bring liquidity is the launch of Avalon Labs lending. SEI carries small-scale versions of all types of DeFi apps, with a focus on lending and DEX swaps. Avalon Labs added SEI as its 21st chain and built up $15M in initial liquidity.

World Liberty Fi tries to speed up WLFI sales

World Liberty Fi is yet to complete the second stage of its WLFI sale. Another 468.58M tokens remain, currently at $0.05. 

WLFI is being bought up on a small scale, more similar to political donations. In the past few days, large-scale purchases have also originated from two wallets with the same creator. 

One of the wallets bought 200M WLFI, or 0.2% of the supply, and is now ranked #30 among other large-scale holders. The wallet was specifically created to acquire and hold WLFI. Another related wallet also bought 200M WLFI, a stake valued at $10M. 

The token is now spread among 81,866 wallets, growing in popularity despite the warning that it will not be movable for at least a year and that there are no plans for listing and trading. 

TRON DAO remains the biggest known holder beyond the fund’s own multisig wallets, holding 3% of the WLFI supply. The DAO and TRON’s founder, Justin Sun, consider themselves a key partner to World Liberty Fi while also gaining exposure through the project’s wallet.

Cryptopolitan Academy: FREE Web3 Resume Cheat Sheet - Download Now