Ethena generated $666 million in actual fees. Not projected, already happened. Its market cap is $780 million. That’s a price-to-fees ratio of 1.17x. For context, a normal company trades at 1

Nvidia bought $420 million worth of TAO. Grayscale’s TAO trust trades at a 50 percent premium to net asset value. Daily emissions halved from 7,200 to 3,600 TAO in December. And 77 percent of