# Table of Contents - [What is Ethereal? | Ethereal Docs](#what-is-ethereal-ethereal-docs) - [Participate & Earn | Ethereal Docs](#participate-earn-ethereal-docs) - [FAQ | Ethereal Docs](#faq-ethereal-docs) - [Audits & Addresses | Ethereal Docs](#audits-addresses-ethereal-docs) - [Media Kit | Ethereal Docs](#media-kit-ethereal-docs) --- # What is Ethereal? | Ethereal Docs [NextParticipate & Earn](/season-zero/participate-and-earn) Last updated 2 months ago ### [](#what-is-ethereal) What is Ethereal? is a decentralized spot and perpetuals exchange built on the Ethena Network, powered by native USDe collateral. With institutional-grade performance (sub-20ms latency, 1M+ orders/s) and DeFi-enabled self-custody from day one, Ethereal aims to be the premier trading venue for the rapidly growing Ethena ecosystem and beyond. ### [](#key-features) Key Features Ethereal _(v1)_ is a decentralized exchange protocol that combines the best of both onchain and offchain architecture. Its key features include: * Perp _(available v1.0)_ and spot _(v1.1 - 1.2)_ trading markets running on a high-performance offchain order book system. * A specialized sequencer to process offchain trades (and other sponsored actions) and periodically commits them onchain in batches, similar to how rollups work. * Operates as an L3 that settles onto the Ethena network, giving it complete control over its block space to ensure consistent performance and settlement even during periods of high trading volume, without suffering from network congestion or delays. This hybrid approach maintains the speed of centralized exchanges while preserving the security of onchain settlement. Most importantly, users maintain full custody of their assets throughout the trading process, as deposits remain secured by smart contracts rather than being held by a third party. The design brings together CEX performance with the security and trustlessness of DeFi. ### [](#season-zero-pre-deposit-campaign) Season Zero: Pre-Deposit Campaign is a pre-deposit campaign introduced by Ethereal with the goal of: * Bootstrapping liquidity for the platform's upcoming launch * Rewarding early supporters with 30X Ethena rewards & Ethereal Points Season Zero is , and will end in May 2025. [Ethereal](http://deposit.ethereal.trade/) [Season Zero](/season-zero/participate-and-earn) [**live today**](https://deposit.ethereal.trade/points) --- # Participate & Earn | Ethereal Docs [PreviousWhat is Ethereal?](/) [NextFAQ](/resources/faq) Last updated 2 months ago ### [](#how-to-deposit) How to Deposit 1️⃣ Fund Your Wallet: Hold **USDe** on Ethereum L1. 2️⃣ Connect: Navigate to the page and click on "Connect Wallet" to get started. You will need to sign (no gas needed) and agree to the Terms of Service before you can make your first deposit. 3️⃣ Deposit: Enter the amount you'd like to pre-deposit and approve the transaction to begin earning points immediately. You can withdraw your pre-deposit at any time. 4️⃣ Mint eUSDe: Once you deposit USDe, you will receive an equivalent amount of Ethereal USDe (eUSDe), a 1:1 redeemable receipt token that represents your pre-deposit. 5️⃣ Hold & Earn: You can track your eUSDe holdings and points at any time on the Points dashboard. Simply hold eUSDe to earn a 30x/day rewards multiplier or deposit your eUSDe into supported integrations for boosted points. **Rewards** By default, all eUSDe holders will earn: * Ethereal Points: Priority access to testnet and future platform initiatives * 30x Ethena Rewards: Boosted sats rewards [Points](https://deposit.ethereal.trade/points) The longer you maintain your pre-deposit, the greater your future rewards will be in later seasons. You will stop earning points if you withdraw, but will keep the points you've accumulated up until that point. ![](https://docs.ethereal.trade/~gitbook/image?url=https%3A%2F%2F3854792735-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHE8L7SFIeJuSpmwDz8Fe%252Fuploads%252FFzrlXiyHQDdTTTBXhVMj%252FScreenshot%25202025-02-06%2520at%25202.36.34%25E2%2580%25AFPM.png%3Falt%3Dmedia%26token%3D8dcb5808-ee17-4a01-83c6-b7f661ab710e&width=768&dpr=4&quality=100&sign=2aff76ce&sv=2) ![](https://docs.ethereal.trade/~gitbook/image?url=https%3A%2F%2F3854792735-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHE8L7SFIeJuSpmwDz8Fe%252Fuploads%252FaOhFMZYB5vlVQlWfLHC2%252FCleanShot%25202025-02-12%2520at%252020.35.51%25402x.png%3Falt%3Dmedia%26token%3Dc1653f59-7dac-4655-82a8-91d154d9bd67&width=768&dpr=4&quality=100&sign=c63f6dc3&sv=2) --- # FAQ | Ethereal Docs [PreviousParticipate & Earn](/season-zero/participate-and-earn) [NextAudits & Addresses](/resources/audits-and-addresses) Last updated 2 months ago **What is Ethereal?** Ethereal is a high performance spot and perpetuals DEX built on the Ethena Network. **What is Season Zero?** Season Zero opens up pre-deposits into Ethereal. Participating users receive Ethereal Points (in addition to Ethena rewards), priority access to new product launches, and loyalty bonuses for early supporters in future programs. **How do I participate?** To participate, simply deposit USDe into the on Ethereum L1. Ethereal Points are distributed linearly as a function of deposit size and duration. **What is eUSDe?** eUSDe is the receipt token for USDe pre-deposits into Ethereal that enables composability with other DeFi protocols. When a deposit is made, eUSDe is issued which can be redeemed 1:1 for USDe at any time. **How long is Season Zero expected to last?** Season Zero is expected to last until Ethereal's mainnet launch later in the year. **Are my funds locked?** No. USDe deposited into the Ethereal pre-deposit contract can be withdrawn any time, without affecting any points accumulated up until that point. [Ethereal pre-deposit contract](http://deposit.ethereal.trade/) --- # Audits & Addresses | Ethereal Docs [PreviousFAQ](/resources/faq) [NextMedia Kit](/media-kit) Last updated 2 months ago * Audit Status: The Season Zero vault has completed an audit by * Contract Addresses: * Vault: [Guardian Audits](https://drive.google.com/file/d/1HMihTcqKwt75pTAct9F0H3noqDtCJ3u3/view?usp=sharing) [https://etherscan.io/address/0x90d2af7d622ca3141efa4d8f1f24d86e5974cc8f](https://etherscan.io/address/0x90d2af7d622ca3141efa4d8f1f24d86e5974cc8f) --- # Media Kit | Ethereal Docs [PreviousAudits & Addresses](/resources/audits-and-addresses) Last updated 2 months ago [](#ethereal-logos) Ethereal Logos --------------------------------------- [](#ethereal-colours) Ethereal Colours ------------------------------------------- [](#brand-guidelines) Brand Guidelines ------------------------------------------- ![Cover](https://docs.ethereal.trade/~gitbook/image?url=https%3A%2F%2F3854792735-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHE8L7SFIeJuSpmwDz8Fe%252Fuploads%252F5nlE0LkRyVzaDZ9ue3K1%252FBlur.png%3Falt%3Dmedia%26token%3D722c2a6d-eea9-4551-ae66-4469f99a6877&width=376&dpr=4&quality=100&sign=7d0fd44d&sv=2) Logotype White [Full-White.svg](https://3854792735-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FHE8L7SFIeJuSpmwDz8Fe%2Fuploads%2F5ZB58fepHluAkTwYlQMA%2FFull-White.svg?alt=media&token=11bb13e7-5017-4ecc-8a49-b1b3ea654972) [Full-White.png](https://3854792735-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FHE8L7SFIeJuSpmwDz8Fe%2Fuploads%2F8bjglAtluHpBiq1RaQuj%2FFull-White.png?alt=media&token=194e0cef-b1f1-4c48-8762-c98b9e36e86f) 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![Cover](https://docs.ethereal.trade/~gitbook/image?url=https%3A%2F%2F3854792735-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHE8L7SFIeJuSpmwDz8Fe%252Fuploads%252F0x6KZgcvQsQzHlzjy8NU%252Fblack.png%3Falt%3Dmedia%26token%3D09205941-4265-4d84-9ef5-9be11301b9ad&width=376&dpr=4&quality=100&sign=6aae07ea&sv=2) Ethereal Black #0D0F11 ![Cover](https://docs.ethereal.trade/~gitbook/image?url=https%3A%2F%2F3854792735-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252FHE8L7SFIeJuSpmwDz8Fe%252Fuploads%252FGtE4g2TCt7hxE0dkD1Yh%252Fblue.png%3Falt%3Dmedia%26token%3D2a60232e-0692-469e-925f-86ac00b97495&width=376&dpr=4&quality=100&sign=424563f2&sv=2) Supernova Blue #3B82F6 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