Company: TLGYF
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001213900-25-125608
Chunk: 439

Company: TLGY ACQUISITION CORP
Filing Date: 2025-12-29
Form: S-4/A
Chunk 439
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 intended to provide investors with a comprehensive understanding of the economic and operational characteristics of these assets, their role within the Ethena ecosystem, and the factors relevant to StablecoinX’s business strategy and involvement in the ecosystem. ENA Token • Tokenomics and Lifecycle: ENA Token is the native governance token of the Ethena Protocol, with a maximum supply of 15 billion tokens. As of December15, 2025, about 7.69 billion tokens (or 51% of total supply) have been unlocked, subject to applicable vesting schedules and lock -upconditions. The initial token distribution includes: 30% to core contributors (with a 1 -yearcliff for 25% of their allocation, followed by 3 -yearlinear monthly vesting), 25% to investors, 28% to ecosystem development, 15% to the Ethena Foundation, and 2% to launchpools (e.g., via Binance). • Use Cases: ENA Tokens are primarily used for governance of the Ethena Protocol, allowing holders to vote on proposals related to protocol parameters such as risk management frameworks, collateral composition (e.g., adding SOL), exchange integrations, and potential yield distributions. ENA Tokens may also be staked to receive sENA, which can provide additional incentives and utility within the Ethena ecosystem. • Interrelationships: ENA Token holders participate in the governance of the Ethena Protocol, including decisions related to USDe’s backing and sUSDe’s yield allocation. ENA Token may also be staked to receive sENA, which can provide additional rights and incentives within the Ethena ecosystem and may play a role in supporting other functions, such as cross -chainUSDe transfers or activities on the proposed Converge network, if and when it launches. • Market Capitalization: Approximately $1.72 billion as of December15, 2025. • Volatility and Value Trends: ENA Token has historically experienced significant price volatility. Since its launch in April 2024, the trading price of ENA Token has ranged from a low of approximately $0.19 to a high of approximately $1.52 per token. Past price movements are not necessarily indicative of future performance. • Unbonding Period: ENA Tokens themselves do not have an unbonding period. However, if staked to create sENA, redemption for ENA may be subject to protocol -definedunstaking or cooldown periods, which can vary by staking