➥ Ethereal: The Perps DEX That Pays Traders Instead of Charging Them Old model: pay funding to trade. New model: earn yield as you trade. That shift defines @etherealdex, powered by $USDe, built for speed, liquidity, and yield in one place. Everything to know about Ethereal in 30s 🧵 — — — ► What is Ethereal? Ethereal is a decentralized perpetuals exchange building the USDe everything app. It is powered by @ethena_labs and built on a high-performance stack: ▸ @Celestia for data availability ▸ @PythNetwork for price feeds ▸ @Arbitrum for settlement and execution ▸ @Conduitxyz for sequencing and throughput ▸ @LayerZero_Core for cross-chain USDe deposits (OFT) This stack delivers sub-20 ms latency and over one million orders per second, combining CEX-level speed with on-chain security and non-custodial control. — ► Why Ethereal is Unique ▸ USDe Margin Yield – Trades use USDe as margin, earning 2–27 % yield instead of paying funding. ▸ Low Fees and Deep Liquidity – Zero maker and minimal taker fees for efficient execution. ▸ Yield on Collateral – Margin balances earn Ethena yield during open positions. ▸ Integrated Stack – Engine, margin, and oracle systems operate within Ethereal. ▸ CEX Speed with DeFi Control – Sub-20 ms execution and full on-chain custody. — ► How It Works with USDe ▸ Collateral – USDe serves as trading margin across perpetual markets. ▸ Yield – The margin balance continues earning Ethena yield through its Stablecoin-as-a-Service model. ▸ Settlement – Trades, PnL, and funding settle directly in USDe on Ethereal’s rollup. ▸ Cross-Chain Deposit – LayerZero OFT enables instant USDe deposits from supported chains. Margin capital remains productive, turning collateral into a yield-earning asset during trading. — ► Why It Matters Ethereal combines DeFi yield, CEX performance, and on-chain transparency in one protocol. The roadmap expands from perps to spot, money markets, and RWAs, all settled in USDe. Season One adds USDe yield and points, creating a closed-loop system for trading and rewards. Compared with other perps, Ethereal delivers faster execution with over one million orders per second, against ~200k on Hyperliquid and ~1.5k on dYdX. It flips the model: trade and earn instead of paying to trade. — ► Wrap-Up Ethereal is more than a perps DEX. It anchors the USDe ecosystem where trading, yield, and liquidity operate within one protocol. Using USDe for collateral, settlement, and rewards drives continuous demand as each trade and yield cycle expands its utility. Built for speed and real yield, Ethereal defines a new benchmark for on-chain markets while reinforcing USDe as DeFi’s productive stablecoin.

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