Coinbase Ventures Invests in ENA to Expand Onchain Finance
- Coinbase Ventures acquired Ethena’s ENA token, strengthening ties with the growing onchain finance project.
- Ethena’s products aim to reach over Coinbase‘s user base of more than 100 million, enhancing USDe and ENA adoption.
- Ethena’s total value locked on Solana surged from $50 million to over $500 million in a month.
- USDe supply increased by more than 15% in the last month, while USDtb supply rose above $1 billion, marking a growth of over 70%.
- Cross-chain activity saw Ethena assets process more than $33 billion in transfer volume through Layerzero.
Coinbase Ventures’ investment in Ethena signifies a strategic move to broaden onchain finance offerings and digital savings products for Coinbase’s extensive user base. This collaboration is set to launch new growth initiatives next week, potentially increasing demand for USDe amid changing U.S. legislation.
The partnership between Coinbase and Ethena is expected to accelerate the adoption of onchain financial products among millions of users, leveraging recent growth metrics such as a significant increase in USDe supply and cross-chain activity volume.(Source)
