Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 436

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 436
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 its ability to enhance transparency, security, and efficiency in processes that traditionally relied on centralized systems. Blockchain technology underpins crypto assets, a class of digital assets that includes cryptocurrencies, which can function as a medium of exchange, store of value, or unit of account, as well as enable non -financialapplications such as smart contracts, tokenized assets, and decentralized applications (dApps). The global adoption of blockchain technology has grown significantly in recent years, fueled by advancements in infrastructure, increasing institutional interest, and the development of next -generationuse cases. Currently, one of the most successful use cases of blockchain technology is the development of stablecoins. Ethena Labs, through an affiliate, issues the third largest stablecoin by market capitalization (USDe). 206 Cryptocurrencies and Proof-of -Stake Ecosystems Cryptocurrencies operate on blockchain networks using cryptographic protocols to secure transactions and manage decentralized ledgers. These networks rely on nodes, which are computers participating in the network, to validate and record transactions. A distinguishing feature of cryptocurrencies is their ability to enable secure peer -to -peertransactions without requiring a trusted intermediary, such as a financial institution or government. The original proof -of -work(“ PoW”) blockchains were secured and verified by virtual miners around the world racing to be the first to solve a math puzzle. The winner gets to update the blockchain with the latest verified transactions and is rewarded by the network with a predetermined amount of a given crypto asset. These PoW networks are relatively simple but require significant energy resources to validate transactions. Unlike the PoW networks, proof -of -stake(“ PoS”) networks, like the Ethereum and anticipated Converge network, utilize an efficient consensus mechanism that relies on validators staking their crypto assets to secure the network in exchange for a chance of getting to validate a new transaction, update the blockchain, and earn a reward. Generally how this is works is that when a user submits a transaction, it is broadcast to the network. Validators in PoS networks collect these transactions into a pool and verify their validity, which process includes checking if the sender has sufficient funds, confirming that the transaction adheres to the network’s rules, and ensuring the transaction format is correct. Validators bundle these verified transactions into a block and they get prioritized depending how much the user pays in network fees. Validators participate in the blockchain’s consensus mechanism to agree on which blocks are added to the blockchain, factors such as the amount of cryptocurrency that has been staked or locked as collateral are factors