Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 440

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 440
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 pool. sENA • Tokenomics and Lifecycle: sENA is a staked liquid receipt token representing ENA Tokens that have been deposited into Ethena’s staking system or approved partner staking pools. sENA is issued upon staking ENA and may be redeemable for ENA subject to applicable unstaking conditions and delays. 208

Holders of sENA may be eligible for certain incentives or distributions from applications within the Ethena ecosystem, which have included, in some cases, discretionary airdrops of tokens by third -partyprotocols such as Ethereal, a decentralized exchange, or Echelon, a decentralized lending protocol. Any such incentives or distributions are not guaranteed and are subject to the terms and decisions of the applicable third -partyprotocols. • Use Cases: sENA represents staked ENA Tokens and may entitle holders to certain incentives and rights, including eligibility for rewards from unclaimed airdrops and other staking -relatedincentives. Subject to future governance approval, sENA holders could also receive a portion of protocol fees if the Wintermute Proposal is activated. In addition, sENA may be used to support economic security mechanisms for cross -chainUSDe transfers and, if launched, may have a role in validation or other security functions on the proposed Converge network. Holders of sENA are generally able to participate in governance voting with respect to ENA -relatedproposals. • Interrelationships: sENA represents staked ENA Tokens and is directly derived from ENA Tokens. Holding sENA may entitle holders to staking rewards, governance participation, and potential future protocol incentives, which are intended to align ENA Token holders with the growth and usage of USDe and sUSDe within the Ethena ecosystem. • Market Capitalization: sENA does not have a separate market capitalization or independently traded market price. Any implied value of sENA is derived from the market value of ENA Token and the rights and incentives associated with staking ENA Token, including potential future protocol rewards. • Volatility and Value Trends: sENA’s implied value is closely linked to the market price of ENA Token, as sENA represents staked ENA Token and does not trade independently. Staking rewards and incentive distributions, including periodic airdrops from ecosystem participants, have historically contributed to the overall economic return to sENA holders, which may partially offset short -termprice movements in ENA. • Unbonding Period: sENA is a liquid staked receipt token