Multicoin Capital announces investment in Ethena Protocol token ENA

Multicoin Capital's investment team leader Vishal Kankani tweeted that the Multicoin Capital liquidity fund has invested in the native token ENA of Ethena Protocol. They believe that the synthetic dollar USDe issued by Ethena has potential at the intersection of three major trends: stablecoins, perpetuals, and asset tokenization.

Vishal Kankani pointed out that Ethena is the only synthetic dollar that achieves meaningful distribution and liquidity beyond USDC and USDT. USDe has been used as core collateral on platforms such as Binance and Bybit. Since the launch of the protocol, it has generated nearly $600 million in revenue, with over $450 million generated in the past twelve months.