Just remembered that Ethena's next airdrop shouldn't be too long, so I took some time to check on the recent developments at his home. I saw that there seemed to be something amazing going on with @ ethena_1abs last week. On April 9, 2025, TLGY Acquisition Corp. signed a non binding letter of intent with the Ethena Foundation to explore potential cooperation in purchasing ENA tokens worth up to $100 million at a discounted price, which will be used for POS At present, ENA's FDV is 4.6 billion yuan, but its circulating market value is 1.7 billion yuan. If it can really be bought off 6.8% of its circulation and used as collateral, it is still quite strong. I conducted a brief investigation on TLGY, a special purpose acquisition company (SPAC) that completed a $230 million initial public offering (IPO) in December 2021 with the aim of merging its business with other companies through mergers and acquisitions. So the company should have money on hand, but $100 million already accounts for less than half of the assets that the company can use. As an atypical Web3 enterprise, I don't think I would dare to spend so much money. So this may be one of the reasons why the market has limited feedback on news, after all, in the downward stage of the market, everyone is immune to the pie. But if the real cake can be eaten, then the price of ENA will definitely fluctuate. Anyway, Ethena's pace and frequency of causing trouble are still in place. I hope to see ENA become one of the rare deep V players after this bear market passes.