The Ethereal Vision
Decentralized perpetual futures platforms currently capture just 5-10% of trading volume compared to CEXs like ByBit and Binance. This divide exists because traders must choose between the high performance of centralized venues and the security guarantees of decentralized ones.
Until now, no solution has effectively bridged this gap.
The Ethereal Advantage
A dedicated L3 on the Ethena Network enables Ethereal to achieve what other decentralized protocols cannot. Ethereal will process 1M+ orders 1,000+ trades per second with low latency, maintaining deep orderbook liquidity to fit right in with Ethena's $5B+ ecosystem.
Traders gain access to institutional-grade infrastructure including sophisticated position management, order type (stop loss, limit order, take profit, etc), professional APIs, and TradingView chart integrations—all while maintaining total control over their assets, paying no gas fees, and enjoying uncompromising security inherited from Ethereum.
Introducing Ethereal V1
At launch, Ethereal V1 will offer perpetual futures markets for major crypto pairs including BTC/USD, ETH/USD, and SOL/USD, all margined exclusively with USDe to earn best onchain rewards.
Deep liquidity in the orderbook will be reinforced by strategic integrations and partnerships within the Ethena ecosystem, ensuring institutional best-in-class execution while maintaining complete transparency, verifiable onchain settlement, and self-custody.
Ethereal V1 represents the first step toward matching centralized exchange capabilities within a fully decentralized environment.
All-in on the Ethena Network
Ethereal aims to function as the core trading venue for the Ethena Network, with native margining capabilities optimized for the basis trade. The platform's architecture enables direct ETH collateralization, providing capital efficiency that outpaces other venues supporting stablecoin margin only.
Ethereal's is designed from the ground up to become a leading venue for the tokenized onchain basis trade. Purpose-built onboarding systems with institutional-grade tooling will help to begin migration delta neutral positions backing the USDe synthetic dollar onto Ethereal (with oversight from the Ethena Risk Committee ensuring a seamless transition).
Ethena's thriving ecosystem of 200,000 users supporting over $5B in liquidity will be able to transition seamlessly into Ethereal's trading environment. Staking sENA will bring key advantages on Ethereal— stay tuned for more on that soon!
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