Ethereal Trade airdrop

Ethereal is a non-custodial spot and perpetual DEX built as a Layer 3 on the Ethena Network, engineered for CEX-level execution and margined in USDe, Ethena's synthetic dollar. That collateral choice is the whole thesis: USDe is itself yield-bearing and points-bearing, so margin sitting on Ethereal is never idle the way USDC is on a normal venue. It launched with more than $1.2 billion in pre-deposits, so it never had the empty-book problem. Start on Ethereal.

• Ethereal Points - the native program.
• Balance Rewards - for simply holding USDe as collateral, so you score even when flat.
• Trading Rewards - for genuine volume.
• Ethena Exchange Points - Ethena allocates 100,000,000 points per week to Ethereal across 24 weekly epochs, paid out in ENA, sitting on top of everything above, with eligible activity backdated to the program start.
• Season 0 bonus - everyone from Season 0 carries a 100% bonus on Season 1 points.

And the nested part: USDe held as collateral has earned a reported up to 30x Ethena points on top. One deposit, two ecosystems.

15% of Ethereal's token supply is allocated to $ENA holders - a published, specific number, which is rare pre-launch. Point holders are stated to share the future airdrop. The Ethereal token's size and timing remain unconfirmed, so treat that as speculative. But the ENA you earn from the Exchange Points campaign is a real, liquid token today, which means part of your return is paid in something that already trades while you wait on the speculative one. The Exchange Points campaign was live as of early February 2026 and runs 24 weekly epochs, so it is in its later stretch - check the current epoch in-app before sizing up.

• Chain: Layer 3 on the Ethena Network
• Type: Non-custodial spot + perpetual futures DEX
• Status: Live, multi-layer points running. No Ethereal token yet
• Collateral: USDe (yield- and points-bearing)
• Ethena Exchange Points: 100M/week, 24 weekly epochs, paid in ENA, additive
• Token: 15% of supply to ENA holders (published); points holders share the drop
• Traction: $1.2B+ pre-deposits
• Related: Ethena, Perpl, Ostium, Arcus
• Join: Ethereal

Fund Ethereal with USDe, not USDC - that one choice is the alpha, because it farms Ethereal's Balance Rewards while staying inside Ethena's program. Trade genuinely to capture the ENA-denominated Exchange Points, and leave working capital parked as collateral between trades so the balance leg keeps earning. Want volume without direction? Run a delta-neutral hedge against a second venue. The full playbook is in the Ethereal airdrop guide , and the collateral thesis is in one deposit, two ecosystems .

Your collateral farms Ethena anyway, so pair them; the same perp activity also positions you on Perpl , Ostium and Arcus . Know what USDe is before parking size: it is a delta-hedged synthetic dollar, not fiat in a bank. Only trade what you can afford to lose, use the official domain, and never share a seed phrase.