Multicoin Capital "Invests in Ethena (ENA)… Expects Synthetic Dollar Market Growth"

Multicoin Capital said it invested in ENA, the token of the Ethereum-based synthetic dollar project 'Ethena Protocol'.

On the 15th (local time), Vishal Kankani, a partner at Multicoin Capital, said on X (formerly Twitter) that "Multicoin Capital's Liquid Fund invested in ENA."

Kankani assessed that Ethena sits at the intersection of synthetic dollar (USDe) growth, the expansion of the derivatives (Perpetual) market, and the trend of asset tokenization. He explained that USDe has been adopted as collateral on major exchanges such as Binance and Bybit, and that the protocol's cumulative revenue has approached $600 million.

He said, "The team's risk management experience and the potential to capture future revenue are positive signals," and forecasted, "The synthetic dollar market will grow further."