Ethereal Season Zero
Ethereal is an Ethena-native perpetuals DEX deployed as an Arbitrum-secured appchain where users trade with deep USDe liquidity and earn rewards on margin.
What is Ethereal Season Zero?
Ethereal is a perpetual and spot DEX built around Ethena's USDe stablecoin, deployed as an EVM appchain that settles on Arbitrum and uses Celestia for data availability. Users deposit USDe via LayerZero from any supported chain, trade gasless perpetual futures through an order book matching engine, and earn rewards on their full margin balance via Ethena. ENA holders are slated to receive 15% of any future Ethereal token.
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App store listings are independently reviewed and written by Alchemy using a combination of inbound submissions, editorial research, public project sources, and third-party directories, including ecosystem data from The Grid under the Open Database License, DefiLlama, DappRadar, Reown, and chain ecosystem pages.
