After a long period of separation, things must come together, and after a long period of coming together, things must separate. The FDV/TVL ratios of the three projects, Ethena, Usual, and Resolv, have recently begun to show significant differentiation after a period of convergence. Part One: Usual's debut. After its TGE, Usual surged with momentum, with an FDV/TVL ratio reaching as high as 4 times. However, as the saying goes in the community: "After a sharp rise, there is often a lot of false heat." Sure enough, after the excitement faded, it began to decline, gradually aligning with Ethena. Since the end of April, the two have been inseparable, making it hard for people to distinguish between them. Part Two: Resolv enters the fray. Fast forward to June, Resolv officially made its entrance. Being new to the scene, it naturally attracted a lot of attention, with its FDV/TVL ratio once standing tall. But soon, it also faced the harsh realities of the market, falling from the spotlight to stand alongside its older brothers. On June 18, the three brothers finally saw their FDV/TVL ratios drop to 0.58, sharing a cup of tea and living the same life. However, the crypto world is never at peace, and with ETH recently stirring up the storm again, the FDV/TVL ratios of Ethena, Usual, and Resolv have begun to widen once more, reaching a level of differentiation not seen since February of this year. The three brothers, will they each go their separate ways, or will they once again raise a toast together? To know what happens next, stay tuned for the next episode.
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