Multicoin Capital announces investment in Ethena Protocol's native Token ENA

According to 深潮 TechFlow news, on November 15, Multicoin Capital announced that its liquidity fund has invested in the native token ENA of Ethena Protocol, stating that USDe is becoming the only “third force” synthetic dollar to achieve large-scale circulation and depth liquidity after USDT and USDC.

According to the interpretation of Vishal Kankani, the latest research and investment head of Multicoin:

The circulation scale of USDe once reached a maximum of 15 billion USD, currently about 8 billion USD.

The protocol has accumulated nearly 600 million dollars in revenue, of which 450 million comes from the past 12 months.

USDe has been accepted as core collateral by exchanges such as Binance and Bybit.

Synthetic USD returns come from fully collateralized, delta-neutral basis trades, with annualized returns exceeding 10%.

USDe is slightly negatively correlated with interest rates: when interest rates fall and leverage demand rises, Ethena yields are actually higher.

Multicoin pointed out that Ethena is at the intersection of three major financial trends and will gain “compounding amplification”:

Stablecoin: Challenge the USDT/USDC duopoly and become the only successful large-scale distributed synthetic dollar;

Perpification: The daily trading volume of perpetual markets exceeds 100 billion USD, and Fintech will distribute leveraged products to more users in the future.

Asset Tokenization: Tokenizing the basis trade yield strategy that was originally only available to institutions, making it accessible to all users.

The team's risk control capabilities have also been recognized: they did not lose a single dollar during the Bybit $1.4 billion incident and the large-scale deleveraging on October 10, both extreme market situations.

Multicoin states that the synthetic dollar market has immense potential, and Ethena will become a key intersection of “stablecoin × perpetualization × tokenization.”