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 volatile, our underlying truth hasn’t changed: users today are uncompromising in their demand for performance, security, and simplicity. And they should be. Our mission at Ethereal is intentionally ambitious: we want to create the ultimate decentralized money app. One that is simple enough for new retail users to understand, yet powerful enough for the most sophisticated market participants. Upon mainnet launch, Ethereal will feature:

• Spot and perpetuals trading at ultra-high throughput and low latency

• Deep order book liquidity

• Full self-custody of funds

• The best digital dollar with native rewards in the world, USDe

Ethena’s USDe lies at the heart of this mission, serving as the native margin collateral for all perp positions on Ethereal. In addition to providing Ethereal users with seamless access to best-in-class sUSDe yields, USDe unlocks a nearly infinite range of customizable strategies including basis trades, lending, liquidity provision, and more. No matter how complex your process may be, we aim to make Ethereal the cleanest, most efficient app for precision portfolio management.

We are humbled by the overwhelming level of enthusiasm and support we have received from the community in the first two months of Season Zero, and it has only strengthened our resolve to deliver the best product possible. At the end of the day, we know that the successful execution of our vision will not be measured by the amount of dollars deposited in Ethereal, but the real users who use our platform every single day.

To this end, we are excited to continue growing and working with the legion of DeFi power users in the Ethereal and Ethena communities. During Season Zero, we’ve integrated the points program across all of your favorite DeFi protocols including Pendle, Morpho, Euler, Spark, Contango, and TermMax. More importantly, Ethereal’s early community - comprising some of the most gigabrained people we know - is now helping to shape the future of Ethereal products. As of today, Ethereal’s private testnet is being opened to a select number of DeFi power users, and will soon expand to more Season Zero depositors.

Wen public testnet? Wen mainnet? Wen season one? All we can say is soon™