What is Ethereal?
Ethereal is a decentralized exchange (DEX) built on the Ethena Network, offering both spot and perpetual trading markets. It combines the speed of centralized exchanges with the security and self-custody of decentralized finance.
The platform operates with sub-20ms latency and can process over 1 million orders per second, thanks to its high-performance offchain order book system. Trades are processed by a specialized sequencer and periodically committed onchain in batches, similar to rollup technology.
Ethereal uses USDe, a stablecoin native to the Ethena Network, as collateral for trading. Users maintain full custody of their assets throughout the trading process, as deposits are secured by smart contracts rather than held by a third party.
The platform is currently in its “Season Zero” phase, a pre-deposit campaign aimed at bootstrapping liquidity and rewarding early supporters with Ethereal Points and enhanced rewards. Season Zero is set to conclude in May 2025, coinciding with the platform's mainnet launch.
Ethereal Airdrop (Season Zero)
Ethereal has launched “Season Zero,” a pre-deposit campaign running until May 2025 when the platform plans its mainnet launch. While not officially confirmed as an airdrop, the points program strongly suggests a future token distribution. By depositing USDe into Ethereal, users receive eUSDe receipt tokens and earn Ethereal points that may determine allocation in a potential future token distribution.
Season Zero allows users to earn dual rewards: Ethereal points for potential future governance tokens and a 30x multiplier on Ethena sats rewards. The program is designed to bootstrap liquidity and reward early supporters of this high-performance DEX built on the Ethena Network.
✅ How to Qualify for the Airdrop:
- Join Ethereal: → Referral Link – defishills.com/ethereal
- Deposit USDe to Earn Points:
- Deposit any amount of USDe to receive equivalent eUSDe tokens
- Points are distributed linearly, scaling with deposit size and duration
- Simply hold eUSDe to earn rewards (no staking required)
- Minimum suggested deposit: Consider transaction costs when determining amount
- Boost Your Earnings:
- Basic: Hold eUSDe to earn 30x Ethena rewards multiplier
- Enhanced: Deposit into Euler Finance for 1.5x Ethereal Points (until April 7th, then 1x)
- Enhanced: Deposit into Morpho via Apostro for 1.5x Ethereal Points (first two weeks, then 1x)
- Premium: Deposit into Pendle pool for 1.6x Ethereal Points and 50x Ethena sats (locked until May 29, 2025)
- Access Exclusive Opportunities:
- Priority access to Ethereal testnet (phased rollout)
- Season Zero (SZ0) Discord role for holding at least 1 eUSDe
- Early access to future platform features
- Refer Friends:
- Generate your unique referral link
- Earn 10% of referred users' rewards
- Expected Benefits:
- Potential token airdrop allocation based on points earned
- Possible future governance participation rights
- Potential transaction fee discounts on the platform
