MEXC Ventures has doubled down on its funding within the Ethena ecosystem, bringing its complete publicity to $66 million, based on a press launch shared with CoinDesk.
The newest transfer features a $14 million funding in ENA, the governance token of the Ethena protocol, constructing on a $16 million ENA buy and $20 million acquisition of USDe made earlier this yr.
USDe is an artificial stablecoin designed to trace the worth of the greenback with out holding conventional reserves. As a substitute, it makes use of a mixture of collateralized stablecoins and futures contracts.
The stablecoin’s market capitalization has practically tripled since early July from round $5.3 billion to now stand at $14.65 billion. Conventional stablecoins backed by money and money equivalents, together with U.S. Treasurys, stay dominant, with the chief USDT having a $174.7 billion market capitalization.
MEXC Ventures, the press launch says, has already invested over $100 million in 40 funding initiatives. It has offered “enhanced empowerment help” to seven initiatives.
“We view our function as ecosystem builders moderately than passive buyers,” Leo Zhao, Funding Director of MEXC Ventures, stated.