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Multicoin Capital Announces Investment in $ENA

Vishal Kankani, Head of Investments at Multicoin Capital, shared that the firm’s liquidity fund has taken a position in ENA, the native token of Ethena Protocol.

He believes Ethena’s synthetic dollar USDe has the potential to merge three major trends: stablecoins, perpetuals and real world asset tokenization. According to Kankani, Ethena is the only synthetic dollar that has achieved meaningful distribution and liquidity outside of USDC and USDT.

USDe is already being used as core collateral on platforms such as Binance. Since launch, the protocol has generated close to 600 million dollars in revenue, with more than 450 million dollars earned in the past twelve months.

$ENA
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