Ethereal

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Ethereal

Next generation decentralized spot and perpetuals trading powered by USDe.

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Ethereal x Wildcat

Auros Global has listed an open-term USDe market on Wildcat with up to 5 million USDe in supply capacity. Users can now lend USDe directly to top tier institutional trading firms deploying capital to Ethereal and earn 15% APR, Ethereal Points, and 20x Ethena Points. This is the second ever USDe market created on Wildcat but will be the first of many as Ethereal continues to expand usage and demand for USDe within DeFi. How it works: Deposit USDe on WildcatEarn 15% APR + 20x multiplier on Ethe...

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Mainnet Alpha & Season One Update

Ethereal x Wildcat

Season One Update

The Mainnet Alpha Waitlist is Now Open

Season Zero: Pre-Deposits & Ethereal Points

Public Testnet Launch

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The Mainnet Alpha Waitlist is Now Open

Ethereal will soon enter Mainnet Alpha! This is another exciting milestone for Ethereal and will mark the beginning of its mainnet rollout. As of today, the mainnet waitlist is live for sign ups. Users can also boost their position on the waitlist by referring friends.How it worksOnce launched, access to trading on Ethereal mainnet will be determined by users’ Waitlist Score. Higher scores correspond to higher positions in the mainnet waitlist. Authentic referral activity between now and laun...

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The Mainnet Alpha Waitlist is Now Open

Ethereal will soon enter Mainnet Alpha! This is another exciting milestone for Ethereal and will mark the beginning of its mainnet rollout. As of today, the mainnet waitlist is live for sign ups. Users can also boost their position on the waitlist by referring friends.How it worksOnce launched, access to trading on Ethereal mainnet will be determined by users’ Waitlist Score. Higher scores correspond to higher positions in the mainnet waitlist. Authentic referral activity between now and laun...

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Mainnet Alpha & Season One Update

The Ethereal Mainnet Alpha will launch on October 20th. This is another exciting step towards bringing our vision of a DeFi everything app powered by USDe to life. Thank you to all the users and community members who have contributed to the development of Ethereal so far. Access will initially be limited to the top 100 users currently on the Ethereal mainnet waitlist. As a reminder, waitlist position is a function of Season Zero participation, referral activity, and other onchain/DeFi wallet ...

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Season Zero Update

It’s been two months since the launch of the Ethereal Season Zero pre-deposit program. As of today, USDe pre-deposits into Ethereal have reached approximately $900 million, making this the fastest TVL growth of any DeFi protocol since the start of Season Zero. We’ve now seen over 24,000 unique depositors join the campaign, with an average of 344 new participants arriving every day, and the Ethereal pre-deposit contract is now the second largest holder of USDe.As sentiment becomes increasingly...

Discover card cover image

Mainnet Alpha & Season One Update

The Ethereal Mainnet Alpha will launch on October 20th. This is another exciting step towards bringing our vision of a DeFi everything app powered by USDe to life. Thank you to all the users and community members who have contributed to the development of Ethereal so far. Access will initially be limited to the top 100 users currently on the Ethereal mainnet waitlist. As a reminder, waitlist position is a function of Season Zero participation, referral activity, and other onchain/DeFi wallet ...

Discover card cover image

Season Zero Update

It’s been two months since the launch of the Ethereal Season Zero pre-deposit program. As of today, USDe pre-deposits into Ethereal have reached approximately $900 million, making this the fastest TVL growth of any DeFi protocol since the start of Season Zero. We’ve now seen over 24,000 unique depositors join the campaign, with an average of 344 new participants arriving every day, and the Ethereal pre-deposit contract is now the second largest holder of USDe.As sentiment becomes increasingly...

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Introducing Ethereal

Unlock your USDe with Ethereal, a next generation decentralized spot and perpetuals DEX, and the first app built natively on the Ethena Network Decentralization, transparency, and self-custody are core tenets of decentralized finance. Beyond empowering users to transact trustlessly, these characteristics also unlock the potential for new products made possible by onchain composability. This enables builders to integrate interesting products together to create even more interesting products. U...

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Public Testnet Launch

Ethereal is now live on testnet! Users can access the testnet application at: testnet.ethereal.trade Thank you to all the community members and Season Zero participants who have helped guide Ethereal’s product development so far. This launch is a key step towards mainnet, providing a first look at high-performance onchain trading powered by USDe.Under the hood, Ethereal is an appchain on Converge built with industry-leading EVM rollup infra like Arbitrum, Celestia, and Conduit. Together with ...

Discover card cover image

Introducing Ethereal

Unlock your USDe with Ethereal, a next generation decentralized spot and perpetuals DEX, and the first app built natively on the Ethena Network Decentralization, transparency, and self-custody are core tenets of decentralized finance. Beyond empowering users to transact trustlessly, these characteristics also unlock the potential for new products made possible by onchain composability. This enables builders to integrate interesting products together to create even more interesting products. U...

Discover card cover image

Public Testnet Launch

Ethereal is now live on testnet! Users can access the testnet application at: testnet.ethereal.trade Thank you to all the community members and Season Zero participants who have helped guide Ethereal’s product development so far. This launch is a key step towards mainnet, providing a first look at high-performance onchain trading powered by USDe.Under the hood, Ethereal is an appchain on Converge built with industry-leading EVM rollup infra like Arbitrum, Celestia, and Conduit. Together with ...

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The Ethereal Vision

The Ethereal VisionDecentralized perpetual futures platforms currently capture just 5-10% of trading volume compared to CEXs like ByBit and Binance. This divide exists because traders must choose between the high performance of centralized venues and the security guarantees of decentralized ones. Until now, no solution has effectively bridged this gap.The Ethereal AdvantageA dedicated L3 on the Ethena Network enables Ethereal to achieve what other decentralized protocols cannot. Ethereal will...

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Season One Update

Season Zero RecapLaunch of Season Zero program on Ethereum mainnet in February Integration of eUSDe with major DeFi protocols like Pendle, Aave, Morpho, Spark, Euler, and many others Pre-deposits surpassed $1B with over 30,000 unique depositors Private testnet app released in April 2025 with a small cohort of community members Continuous product improvements including advanced order types, native USDe rewards, and other UI/UX improvements & bug fixes Public testnet app launched in June with s...

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Season Zero: Pre-Deposits & Ethereal Points

Ethereal’s Season Zero Program is officially live. In addition to kicking off the countdown to Ethereal's launch, Season Zero marks the beginning of Ethereal's bootstrapping phase and initial onboarding of USDe collateral. Early supporters can participate in this pre-launch program by using the Ethereal app to deposit USDe and unlock:Ethereal Points: Linearly accruing points scaling with size and duration of deposit30x Ethena Rewards Multiplier: Earn additional Ethena rewards on USD...

Discover card cover image

Season One Update

Season Zero RecapLaunch of Season Zero program on Ethereum mainnet in February Integration of eUSDe with major DeFi protocols like Pendle, Aave, Morpho, Spark, Euler, and many others Pre-deposits surpassed $1B with over 30,000 unique depositors Private testnet app released in April 2025 with a small cohort of community members Continuous product improvements including advanced order types, native USDe rewards, and other UI/UX improvements & bug fixes Public testnet app launched in June with s...

Discover card cover image

The Ethereal Vision

The Ethereal VisionDecentralized perpetual futures platforms currently capture just 5-10% of trading volume compared to CEXs like ByBit and Binance. This divide exists because traders must choose between the high performance of centralized venues and the security guarantees of decentralized ones. Until now, no solution has effectively bridged this gap.The Ethereal AdvantageA dedicated L3 on the Ethena Network enables Ethereal to achieve what other decentralized protocols cannot. Ethereal will...

Discover card cover image

Season Zero: Pre-Deposits & Ethereal Points

Ethereal’s Season Zero Program is officially live. In addition to kicking off the countdown to Ethereal's launch, Season Zero marks the beginning of Ethereal's bootstrapping phase and initial onboarding of USDe collateral. Early supporters can participate in this pre-launch program by using the Ethereal app to deposit USDe and unlock:Ethereal Points: Linearly accruing points scaling with size and duration of deposit30x Ethena Rewards Multiplier: Earn additional Ethena rewards on USD...

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Ethereal x Pyth Lazer

We are excited to announce that Ethereal will partner with Pyth in the upcoming launch of Pyth Lazer, bringing unprecedented price feed performance to onchain trading. This collaboration marks a significant milestone in our mission to deliver institutional-grade trading infrastructure secured by Ethereum.Enter Pyth LazerPyth Lazer represents a quantum leap for onchain price oracles, delivering price updates as fast as 1 millisecond—a 400x improvement over standard oracle solutions. This ultra...

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Ethereal x Pyth Lazer

We are excited to announce that Ethereal will partner with Pyth in the upcoming launch of Pyth Lazer, bringing unprecedented price feed performance to onchain trading. This collaboration marks a significant milestone in our mission to deliver institutional-grade trading infrastructure secured by Ethereum.Enter Pyth LazerPyth Lazer represents a quantum leap for onchain price oracles, delivering price updates as fast as 1 millisecond—a 400x improvement over standard oracle solutions. This ultra...

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