MEXC Ventures has expanded its total investment in the Ethena ecosystem to $66 million, making it one of the protocol's most significant institutional backers.

The venture arm's holdings now include $30 million in ENA, the governance token for the protocol, following a second strategic investment. The remainder of the capital is allocated across other parts of the ecosystem, including the synthetic dollar, USDe.

This move signals strong institutional conviction in Ethena's approach to creating a dollar-pegged asset without relying on traditional fiat reserves. By investing in both the governance token and the synthetic stablecoin, MEXC is demonstrating a comprehensive, long-term strategy and confidence in the growth of the Ethena platform and its role in the broader DeFi landscape.