1 day ago
MEXC Ventures has doubled down connected its concern successful the Ethena ecosystem, bringing its full vulnerability to $66 million, according to a property merchandise shared with CoinDesk.
The latest determination includes a $14 cardinal concern successful ENA, the governance token of the Ethena protocol, building connected a $16 cardinal ENA purchase and $20 cardinal acquisition of USDe made earlier this year.
USDe is simply a synthetic stablecoin designed to way the worth of the dollar without holding accepted reserves. Instead, it uses a operation of collateralized stablecoins and futures contracts.
The stablecoin’s marketplace capitalization has astir tripled since aboriginal July from astir $5.3 cardinal to present basal astatine $14.65 billion. Traditional stablecoins backed by currency and currency equivalents, including U.S. Treasurys, stay dominant, with the person USDT having a $174.7 cardinal marketplace capitalization.
MEXC Ventures, the property merchandise says, has already invested implicit $100 cardinal successful 40 concern projects. It has provided “enhanced empowerment support” to 7 projects.
"We presumption our relation arsenic ecosystem builders alternatively than passive investors,” Leo Zhao, Investment Director of MEXC Ventures, said.
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