Ethereal

Latest Update: Ethereal Mainnet Alpha Now Live

The Ethereal mainnet alpha is now live, but only the top 100 people on the mainnet waitlist can use it at first. The waitlist position is based on how many people participated in Season Zero, how many people referred others, and other on-chain/DeFi wallet metrics. In the next few weeks, more users will be added to the whitelist at a faster rate. People who sign up with a referral code from a whitelisted user can also get into mainnet alpha. To get started:

1. Visit the Ethereal trading platform
2. Connect your wallet to access the mainnet alpha
3. Begin trading to earn Ethereal points and native USDe rewards on your full margin balance
4. Track your points and rewards at the points dashboard

Season One: Epoch 2

With Ethereal mainnet now live, Season One: Epoch 1 has officially come to a close. Holders of eUSDe will continue receiving Ethereal points emissions through 23:59 UTC on October 29th. Starting in Epoch 2, points distributions will shift to a weekly cycle.

Epoch 2 is designated as the full period during which Ethereal remains in the initial alpha phase. With the start of Epoch 2, whitelisted users will begin earning native USDe rewards on their full margin balance for the first time, while also earning Ethereal points for trading activity. Users can earn Season One points through several core activities, including but not limited to:

• Trading: Active trading on the Ethereal mainnet platform
• Holding USDe margin: Maintaining USDe margin balance on the platform
• Referrals: Inviting new users to join the Ethereal ecosystem

All Season Zero participants are also eligible for a 100% boost on points earned in Season One, up to their Season Zero balance.

Ethena Exchange Points Campaign

Ethena has launched the Ethena Exchange Points campaign, a six-month program rewarding trading activity on Ethereal with ENA. Ethereal has been allocated 100 million points weekly, which are awarded in addition to existing rewards such as Ethereal Points, Balance Rewards, and Trading Rewards.

Points accrue based on authentic trading activity across 24 weekly epochs. The program is already live, and all eligible activity will be backdated to the start of the program. Users can track their Ethena Exchange Points at the points dashboard.

Wildcat Protocol USDe Lending Market with Ethereal Points

Auros Global has launched a USDe lending market on Wildcat Protocol with up to 5 million USDe supply capacity, enabling users to lend USDe directly to institutional trading firms and earn multiple reward streams. Here’s how to participate:

1. Deposit USDe on Wildcat Protocol (you can purchase USDe directly from Binance or bridge assets to get USDe to Ethereum using Rhino.fi)
2. Earn 15% APR plus 20x multiplier on Ethena Points
3. Receive pro-rata share of 1 million weekly Ethereal Points
4. Request withdrawal anytime with full onchain visibility of fund deployment to Ethereal

This represents the second USDe market created on Wildcat, with additional markets planned as Ethereal expands USDe usage within DeFi. Borrowers deploying funds to Ethereal become eligible for Ethereal Points inclusion after completing Wildcat’s onboarding process and creating a USDe market.

Frequently Asked Questions

What is the minimum amount of USDe required to participate?

While Ethereal hasn’t specified a minimum deposit amount, you should consider transaction costs when determining your deposit size. Generally, larger deposits are more cost-effective relative to gas fees.

Can I withdraw my USDe deposit at any time?

Yes, standard deposits can be withdrawn at any time without penalties. However, if you choose the Pendle pool option for enhanced rewards, those funds will be locked until May 29th, 2025.

How can I track my accumulated Ethereal points?

Points accumulation should be visible on your dashboard after connecting your wallet to the Ethereal platform. The interface displays your current points total, deposit amount, and other relevant metrics.

Will my points expire if I withdraw my deposit?

Based on similar programs, points earned typically remain associated with your wallet address even if you withdraw your deposit. However, you would stop earning additional points once your funds are withdrawn.

Are Ethereal points transferable between wallets?

No, Ethereal points are non-transferable and tied to the specific wallet address that made the deposit.

Conclusion

Ethereal’s Season One campaign represents an opportunity to position yourself for potential rewards in a promising new DeFi protocol that bridges the gap between CEX performance and DeFi principles. By depositing USDe and earning Ethereal points, you’re not only potentially setting yourself up for future token allocations but also gaining priority access to upcoming features and testnet participation.