Summary Multicoin Capital announced an investment in the ENA token of the Ethena protocol and elaborated on the core logic for their long-term bullish outlook. Ethena issues the synthetic dollar stablecoin USDe, which has become the third-largest digital dollar stablecoin and achieves over 10% annualized yield via a basis trade strategy. Core Thesis * Market Positioning: Ethena sits at the convergence of three major trends: stablecoins, the "perpification" of assets, and asset tokenization, e...

Summary Multicoin Capital announced an investment in the ENA token of the Ethena protocol and elaborated on the core logic for their long-term bullish outlook. Ethena issues the synthetic dollar stablecoin USDe, which has become the third-largest digital dollar stablecoin and achieves over 10% annualized yield via a basis trade strategy. Core Thesis * Market Positioning: Ethena sits at the convergence of three major trends: stablecoins, the "perpification" of assets, and asset tokenization, e...