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#加密货币衍生品市场趋势 Seeing the news about Multicoin Capital investing in ENA, it is not difficult to see the development trend of the current crypto derivation market. The convergence of three major financial transformations: the popularization of synthetic dollars, perpetual futures, and asset tokenization, is bringing huge opportunities to projects like Ethena. From the perspective of capital flow, large institutions' interest in this field is increasing. It is worth following Ethena's risk control capabilities and value capture paths, which may be key factors in attracting investment. Next, it is necessary to closely monitor the performance of the ENA token and on-chain data to assess its actual implementation and market acceptance.

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