MexC announced an allocation of $ 20 million for Ethena’s synthetic dollar Usde and announced $ 16 million in Ethena Labs to fund the user to adopt Stabel.
On 26 February, Mexc Crypto Exchange Announced That it allocated USde $ 20 million. Additionally, MexC’s Investment Branch, MexC Ventures, has invested $ 16 million in Ethena (ENA) used for users-central stabeloin-related incentives for users, including opportunities to earn prizes at high-April staking events.
Ethena’s USDe is classified as a stabelcoin, but it is different from classic stabilcoins such as Tether (USDT) and USD Coin (USDC), in which it provides 9% yield to its holders. As at the time of writing, USDe’s market capitalization is $ 5.86 billion, which makes it Third largest stabechin by MarketcapAfter USDT and USDC.
Ethena did not release the USD for only yield generation. It is also a comprehensive construction Ecosystem To support this, ether, a platform for spot trading, and a protocol for deriv, on-chain options.
MexC’s investment follows Ethena’s recent conclusion of the $ 100 million funding round, which saw support from prominent investors such as Franklin Templeton. As BloombergThis money was held through a private sales of the ruling Athena’s rule token anna.
The attempt to raise money was for the launch of the new token, Iusde. Iusde will be a regulated version of Ethena’s existing synthetic dollar, which is ready for traditional financial institutions, looking for a crypto exposure without direct investing in digital assets. Gai YoungFounder of Athena Labs. Allegedly, Athena also intends to use the share of money to support the development of its own blockchain.
Due to these developments, the ENA price has been increasing by 7% in the last 24 hours, trading at $ 0.44, with a trade volume of about $ 300 million, according to Coinmarketcap,
