PANews reported on November 15th that Vishal Kankani, head of the investment team at Multicoin Capital, tweeted that Multicoin Capital's liquidity fund has invested in Ethena Protocol's native token, ENA. He believes that Ethena's synthetic dollar, USDe, has potential at the intersection of three major trends: stablecoins, perpetuity, and asset tokenization. Kankani pointed out that Ethena is the only synthetic dollar that achieves meaningful distribution and liquidity outside of USDC and USDT. USDe is already used as core collateral on platforms such as Binance and Bybit. Since the protocol's launch, it has generated nearly $600 million in revenue, with over $450 million generated in the past twelve months.