Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 454

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 454
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 Environment:Legislative or policy changes, government scrutiny, or geopolitical developments may create operational uncertainty. Favorable changes or developments can encourage adoption, network participation, and token value, while restrictive measures can hinder it. • Awareness and Market Perception:Public and institutional confidence in the Ethena Protocol and ENA Token could affect adoption, network participation, and token value. Due to the rapidly evolving nature of digital assets and the volatile price of ENA Token, which has experienced and continues to experience significant volatility, we expect that our operating results will fluctuate significantly from quarter to quarter in accordance with market sentiments and movements in the broader Ethena ecosystem. • Monetary Policy:Interest rate changes, inflation, expansive monetary policies and other economic conditions may influence investors to search for alternative investments, such as digital assets. A more restrictive policy environment could reduce speculative investment in cryptocurrencies, dampen demand for ENA tokens, and limit StablecoinX’s ability to raise capital for token purchases and validator expansion. Conversely, less restrictive policy may fuel volatility and price bubbles, creating both opportunity and risk for ENA tokenomics and StablecoinX’s balance sheet. • Technological Innovation:Rapid advances or unexpected disruptions in blockchain technology present both opportunities and challenges for StablecoinX. Breakthroughs in scalability or consensus mechanisms could enhance validator efficiency and network throughput, while unforeseen vulnerabilities, protocol bugs, or competing technologies could erode confidence in the Ethena Protocol and proposed Converge network or other validation opportunities in the Ethena ecosystem utilizing ENA Token. Such developments may necessitate unplanned investment to upgrade infrastructure and could affect staking rewards, ENA Token utility, and long -termadoption. • Competition from Other Stablecoins and Validators:The emergence of competing stablecoins or alternative validator networks could reduce transaction volume on USDe and the Ethena Protocol and limit staking opportunities for StablecoinX. Heightened competition may compress validator rewards, increase customer -acquisitioncosts, and challenge the perceived uniqueness of ENA Tokens, potentially weakening token value and constraining StablecoinX’s revenue growth and treasury strategy. • Fundamental Changes in the Ethena Protocol:Modifications to Ethena’s tokenomics, governance framework, the proposed Converge network parameters, or other validation opportunities in the Ethena ecosystem utilizing ENA Token, or proposed mechanisms could materially alter StablecoinX’s operating model. Such changes might affect staking yields, validator economics, or any anticipated indirect benefits from the USDe protocol, undermining StablecoinX’s financial