According to Ai 姨 (@ai_9684xtpa), Ethena, one of the most popular projects in the first half of the current bull market, has successfully maintained its fully diluted valuation (FDV) in the multibillion range by consistently introducing compelling narratives that attract market interest. This strategy highlights Ethena's ability to leverage its core assets effectively, setting it apart from other projects with similar valuations. Ai 姨 notes that few projects manage to sustain their market appeal in this manner.