Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 438

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 438
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 as collateral for tokenized assets on various DeFi applications. Moreover, Ethena stands to significantly benefit from the onboarding of institutional capital flows into the crypto space, as Converge contemplates providing a regulated and efficient pathway for traditional finance to interact with digital assets. In addition, the ENA Token will be the governance token for the Converge network. Ethena has also demonstrated remarkable revenue generation, becoming the second fastest protocol to reach $100 million in revenue, achieving this milestone in just 251 days. This was quicker than many well -knownand established protocols like Convex (CVX), PancakeSwap (CAKE), and Curve (CRV). We believe Ethena’s strong financial performance is a key indicator of its robust business model, providing a strong foundation for StablecoinX’s 207 investment thesis of establishing a large ENA Token treasury and operating validator nodes for the Converge network when it launches. See “— The success of our validator business depends in large part on the launch and operation of the Converge network, and any delay, failure to launch, or changes in anticipated procedures and policies could materially and adversely affect our business .” and “— Our success depends on the continued growth, development, and adoption of blockchain networks on which we may operate infrastructure software and services and the broader Ethena ecosystem, which growth remains uncertain.” Overview of the Ethena Ecosystem and Tokenomics The Ethena ecosystem is composed of a set of digital assets that will be central to the operation and growth of StablecoinX following the closing of the Business Combination. StablecoinX will hold ENA Tokens in its treasury and provide infrastructure support to the ecosystem, enabling participation in governance, staking, and other protocol activities that contribute to the operation and stability of these digital assets. The Ethena ecosystem is designed to operate as a banking -independentfinancial infrastructure protocol, with delta -neutralhedging as a core mechanism to mitigate volatility in its stablecoin and derivative positions. Assets within the ecosystem are economically interrelated through a yield loop, in which USDe generates revenue that can fund sUSDe and ENA Token rewards, with allocations subject to governance by ENA Token and sENA holders. Below is a description of ENA Tokens, sENA, USDe, sUSDe, and USDtb, including the lifecycles, use cases, interrelationships, market capitalization, volatility and value, and unbonding periods (where applicable) for each asset. This discussion is