Ethereal00

what's Ethereal?

Ethereal is a decentralized exchange (DEX) offering spot and perpetual futures trading. Built on Ethena Labs infrastructure, it uses USDe—a synthetic dollar stablecoin—as its core primitive to enable high-performance trading with native yield mechanisms integrated directly into the platform. Launched in mainnet alpha following Ethena community governance approval, Ethereal emphasizes speed and vertical integration, providing a seamless experience for traders across these markets without relying on external liquidity sources.

Snapshot

Ethereal's Arbitrum WETH vault distributes daily ARB rewards via Silo DRIP Season 1 (2 epochs left).

12H ago
PARTNERSHIP

Receives liquidity routed from a Wildcat market created by Kappa Labs, which listed an open-term USDe market with up to 1,000,000 USDe capacity at 10% APR.

5D ago
ONCHAIN METRICS

Processed over $73 million in volume on Relay Protocol.

ONCHAIN METRICS

Achieved over 47,000 transactions on Relay Protocol.

1W ago
ONCHAIN METRICS

Reached $65 million TVL on perpetuals platform.

1M ago
FINANCIAL EVENT

operates a WETH vault on Arbitrum that distributes daily ARB token rewards to suppliers as part of Silo Finance's DRIP Season 1 program, with 2 epochs remaining before the season ends

VISIBILITY EVENT

Included in a crypto watchlist for the next 6 months as a USDe-backed perpetual DEX tied into the Ethena ecosystem.

2M ago
TOKEN ECONOMICS

Offers 11% funding rate and 27.2% trading fee rewards plus points to users who short ETH on the platform.

Partnership announced with Panda Land, offering a 15% points boost for users using PANDA referral code.

Auros Global establishes an open-term USDe market on Wildcat with up to 5,000,000 USDe capacity at 18% APR, specifically designed to route liquidity to the DEX.

3M ago

User withdraws all funds from terminal and strata_fi platforms and questions the future of the DEX following the apparent failure of Converge (convergeonchain).

Integrates Ethena, automatically pays yield on all margin deposits for perpetuals liquidity providers.

Four product lines operate on the platform: perpetuals, prediction markets, rewards, and lending, with USDe as the central asset across the financial ecosystem.

Ethereal ranks as one of the three fastest-growing chains by TVL according to DefiLlama data.

Mainnet users can generate access codes for the referral program.

Airdropped backdated Ethena Exchange Points to users. Commits 5-15% of future token supply to sENA holders.

Integration with Pyth Network confirmed as the oracle solution for perpetual trading price feeds.

USDe deposits earn 5.1% yield plus points through the Ethena Labs integration.

4M ago

Launched on Arbitrum L3 with 100ms block times for perpetuals trading.

TGE (Token Generation Event) announced as coming up for the project, which is already live on mainnet.

Platform achieves 10x latency improvement from 500ms to ~50ms through EIP-7966 implementation and APAC RPC migration, resulting in tighter spreads and higher fee revenue.

Platform reaches 3M USDe deposits with mainnet alpha limited to top 100 traders, while announcing whitelabel stablecoin service partners Sui, Jupiter, and MegaETH, and Convergence integration for gas token support.

Mainnet alpha waitlist is now open for early access registration.

Launched mainnet on Arbitrum with Celestia and Conduit, integrated Ethena Labs' USDe for DEX operations, and went live on Relay Protocol enabling instant USDe swaps.

Completed $20M funding round at estimated $100M valuation, with the platform available for trade-based airdrop farming.

The DEX launches in 5 days with specific countdown timeline now public.

5M ago

Mainnet launch approaches with alpha waitlist now open for priority access.

Current yield farming shows 3% implied yield for Terminal points and 0.25% implied yield for Strata and Etherealdex, with potential airdrops from these three platforms providing speculative upside for participants.

Potential airdrop mentioned alongside 0.25% implied yield offering.

6M ago

Traditional finance players including BlackRock and Robinhood drive RWA integration reaching $370M AUM, while DAO generates over $800k monthly revenue through Timeboost and treasury management.

Monthly revenue hits $57M and TVL reaches all-time high of $12B, while expansion to BNB and XRP/HYPE perps is planned alongside new revenue streams through Aave integration and Hyperliquid market.

New yield farming opportunities launch with detailed reward structure across multiple protocols, offering up to 400% APR on YT-USDe.

7M ago

DEX launches trading competition on testnet ahead of mainnet deployment.

New yield farming opportunity enables eUSDe holders to deposit tokens on Strata protocol for amplified sUSDe yields.

DEX achieves $700M TVL in testnet and commits 15% of token supply to sENA stakers.

sENA holders now receive points from three additional protocols: Derive.xyz, Echelon Market, and Terminal.fi.

8M ago

Testnet launches, marking new development phase.

BlackRock $BUIDL clients gain access to exclusive 1:1 $USDtb swap facility, marking significant institutional adoption.

DEX achieves 50ms block times and confirms Securitize partnership for development.

9M ago

New Season Zero Pre-Deposit Vault launches on Superform platform, offering 1x Ethereal Points, 30x Ethena Rewards, and 5x Superform POINTS for deposits.

New eUSDe pool launches on Penpie with 1.6x Ethereal Points, 50x Sats, and boosted PENDLE rewards.

Testnet launch announced, marking key development milestone.

DEX reaches $1B in USDe deposits with 21.4% of total USDe supply locked in platform.

Early farming opportunity available during first snapshot period, preceding trading volume metrics activation.

New perpetual trading product launches on platform alongside Converge Chain integration.

Platform reaches $1B in USDe pre-deposits on Converge, indicating strong user adoption.

10M ago

Platform reaches $1B in USDe deposits with 21.4% of total supply locked, signaling strong pre-launch adoption.

New yield farming opportunity launches with 8% APY on PT-eUSDe until May 28, featuring 91% LTV borrowing on Aave.

New perpetual DEX under development with Converge integration for enhanced performance.

New high-performance chain integration enables perpetuals DEX with 100ms block times and real-world asset capabilities.

PT-eUSDe offers 8.1% Fixed APY with $12M liquidity cap through Pendle Finance integration.

TVL reaches $900M, doubling recently and now 6x larger than HLP. Active points farming program continues.

Early Deposit Vault reaches $900M TVL, approaching $1B milestone.

11M ago

eUSDe/USDe looping launches with 1.5x point multiplier until April 15th, featuring multi-protocol integration and triple reward structure.

Achieved $718M TVL in pre-deposit stage over past 45 days, equivalent to 36% of Hyperliquid's TVL.

eUSDE now available as collateral on Euler Yield with looping capability and Ethereal points earning.

Points multiplier for sUSDe pool in Pendle ending April 17. Ethena multiplier will be adjusted to 50x from April 17. Referral program active before April 14.

Pre-deposit campaign ongoing with 30x Ethena Rewards. Features include depositing USDe to get eUSDe, Pendle LP yielding PT yield + PENDLE LP yield + 1.6X Ethereal points + 50X Ethena Network sats. Unboosted APR around 4%, boosted up to 13%.

1Y ago

TVL breaks through 450M. $300M sUSDe decrease in Ethena since Feb 13th, while $450M eUSDe pre-deposited in Ethereal.

TVL increased from $160M to $370M after Bybit hack. Currently in pre-deposited stage.

Spot + perp DEX built on Ethena. Season 0 campaign running until May 2025. Offers points for USDe deposits without lockup, with 30x ENA points bonus available.

Pre-deposits open for $USDE holders with 7% yield, earning Ethereal points. Mainnet launch planned for May 2025.

DEX being built on Ethena network, approved by governance with 99.6% votes. Season 0 of liquidity providing started with $58M TVL. Allocated 15% of upcoming governance token to ENA stakers.