What is Ethereal?
What is Ethereal?
Ethereal is a decentralized spot and perpetuals exchange built on the Ethena Network, powered by native USDe collateral. With institutional-grade performance (sub-20ms latency, 1M+ orders/s) and DeFi-enabled self-custody from day one, Ethereal aims to be the premier trading venue for the rapidly growing Ethena ecosystem and beyond.
Key Features
Ethereal (v1) is a decentralized exchange protocol that combines the best of both onchain and offchain architecture. Its key features include:
Perp (available v1.0) and spot (v1.1 - 1.2) trading markets running on a high-performance offchain order book system.
A specialized sequencer to process offchain trades (and other sponsored actions) and periodically commits them onchain in batches, similar to how rollups work.
Operates as an L3 that settles onto the Ethena network, giving it complete control over its block space to ensure consistent performance and settlement even during periods of high trading volume, without suffering from network congestion or delays.
This hybrid approach maintains the speed of centralized exchanges while preserving the security of onchain settlement. Most importantly, users maintain full custody of their assets throughout the trading process, as deposits remain secured by smart contracts rather than being held by a third party. The design brings together CEX performance with the security and trustlessness of DeFi.
Season Zero: Pre-Deposit Campaign
Season Zero is a pre-deposit campaign introduced by Ethereal with the goal of:
Bootstrapping liquidity for the platform's upcoming launch
Rewarding early supporters with 30X Ethena rewards & Ethereal Points
Season Zero is live today, and will end in May 2025.
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