ETHENA HITS LOWEST FDV/REVENUE RATIO

Summary from the TLDR Crypto newsletter

Ethena's FDV/Revenue ratio dropped to a cycle low of 12.6 in May, signaling stronger revenue efficiency as USDe climbs back to a $5.7B market cap, just 5% below its all-time high. This financial strength fuels bullish sentiment for the Converge stack, powered by Arbitrum, Celestia, Ethena, and Securitize.