$ENA Fundamentals are looking v strong here alongside px at htf range lows. In my view, this one performs v well through q3/q4. > Big beneficiary from the new US pro crypto legislation coming out in H2 > $ENA resides at the core of three interwoven narratives that I believe will dominate mindshare in the crypto market for the coming months: Defi, Stablecoins, RWA > Catalyst 1 (Q3): launch of Converge. A new RWA blockchain designed to integrate TradFi + DeFi by facilitating tokenized RWAs & stablecoin-based transactions. The chain will be backed by Ethena + Securitize’s ~$10 bn in assets. $ENA will be the sole central token used in the Converge eco, enhancing token utility > Catalyst 2 (Q3): fee switch activation. Already approved, in the final stages of implementation. Risk Committee recently stated that Ethena is in a strong position to begin directing a portion of protocol revenue to sENA holders. Ethena generated c$350m in fees for the 12 months ending June 2025 > Direct beneficiary of expected cuts in US interest rates over H2. Unlike USDT or USDC, which rely on Treasury yields, USDe’s yield comes from delta-neutral strategies. Lower interest rates will reduce competitors’ yields but boost Ethena’s yields (through increased funding rates in crypto derivative markets) > Im bullish on $ETH for H2, particularly given clear emergence of the treasury narrative - Ethena is a tier 1 beta play Addressing ongoing unlocks: 1. Now linear flat monthly unlocks over H2 2025 - no increases in number of tokens/month or cliff events 2. Significant token utility enhancements coming soon w above mentioned catalysts 3. Circulating supply now stands at 43% 4. Last private sale round ($100m) was at $0.40c in Dec 2024 5. Tokens w unlocks can still perform well - you just need to time your positioning End.