Although there are many shells in the crypto stocks, but the shell of @ethena_labs (#ENA) is the most beautifully structured. One reason is that the use of a SPAC structure ensures a sufficiently clean balance sheet, although the cost is that it takes more time. Even so, investor enthusiasm is very high, indicating recognition of the fundamentals and structure. On the other hand, the SPAC structure provides the company with a good governance framework. Unlike other crypto stocks, #STABLECOINX (#USDE) will not dilute the company's control with the issuance of additional shares, showing the team's long-term commitment. Additionally, the company has clearly stated that it will use protocol revenue for buybacks, unlike many vapor projects that seek liquidity from Nasdaq investors for exits, at least on the surface, retaining a significant bottom line. $usde is set to list in Q4. $ena is prepared to wait a bit longer to see.