Ethereal DEX Airdrop - Complete Tutorial
- comsilbronze4
- Dec 2, 2025
- 3 min read
Updated: Dec 9, 2025
Overview of Ethereal
Ethereal is a decentralized exchange (DEX) for spot and perpetuals trading, built on the Ethena Network. It integrates Ethena's USDe synthetic dollar stablecoin as margin collateral, allowing users to earn native USDe rewards on idle or active balances. The platform is currently in Mainnet Alpha (private beta phase), with limited access.
Participation involves depositing USDe, trading, and other activities to earn Ethereal Points, which contribute to potential future token airdrop eligibility. All mechanics are designed around USDe deposits and Ethena ecosystem interactions.
Ethereal is still in private beta and the only way to access it is via a waitlist here: https://deposit.ethereal.trade/waitlist?ref=0E7JW0 or you can reach me on X to request for an invite that allows direct access to Ethereal with the waitlist HERE (Private beta users start earning Ethereal points before the public.)
If you are an sENA (liquid staked $ENA) holder, you are earning Ethereal points which you can track here: https://app.ethena.fi/join/sdwbh
See video insight:
Current Private Beta (Mainnet Alpha) and Waitlist Process
Ethereal's Mainnet Alpha launched in October 2025, providing early access for testing spot and perpetuals trading across 100+ pairs. Access is restricted to:
Top 100 users on the mainnet waitlist.
Top 100 finishers from the August 2025 testnet competition (prizes credited to Ethereal accounts).
How to Join the Waitlist:
Visit the Ethereal waitlist page (accessible via https://deposit.ethereal.trade/waitlist?ref=0E7JW0) or you can reach me on X to request for an invite that allows direct access to Ethereal with the waitlist HERE (Private beta users start earning Ethereal points before the public.)
When selected to start using Ethereal either via waitlist or via invite, connect an Ethereum-compatible wallet and USDe on Ethereal via Arbitrum or Ethereum to get started trading on Ethereal. Your USDe also earns 4 percent APY by default. (Need a bridge? Use relay.link)
Track your position on the Ethereal Season One leaderboard, based on your trading and referral activity.
As of December 2025, only 400 users have access to Ethereal. This means that you have a rare opportunity to start earning Ethereal points earlier than the public and with less competition if you are start using Ethereal today.
Note: You can reach me on X to request for an invite that allows direct access to Ethereal with the waitlist HERE
Earning Ethereal Points
Ethereal Points are earned through deposits, holding, trading, and referrals. Points are distributed linearly based on deposit size, hold duration, and activity levels. There is no minimum deposit requirement, but depositing $100+ in USDe is recommended for noticeable accrual. Points are snapshotted at the end of each season/epoch.
Activity | How It Works | Points Mechanics |
Holding USDe Margin | Maintain USDe as collateral in beta (idle or active positions). Earns native USDe rewards on full balance. | Linear accrual based on balance and duration; contributes to overall points. |
Trading (Spot/Perps) | Execute trades on beta platform (100+ pairs). Available only to whitelisted users. | Points based on trading volume and fees generated. Up to 1.5x multiplier for high-volume or eUSDe-specific trades. |
Referrals | Share referral link during waitlist or post-selection. | 10% of referees' total Ethereal Points. Improves waitlist position. |
Community Tasks | Join Ethereal Discord, verify account, and complete listed tasks (e.g., feedback, social shares). | Fixed points per task; counts toward Season One total. |
Lending USDe | Lend USDe directly to institutional trading firms via Ethereal (post-onboarding). | Pro-rata share of 1 million weekly Ethereal Points + 15% APR. |
Seasons Structure:
Season One (Ongoing as of Dec 2025): Started August 14, 2025. Divided into epochs (e.g., Epoch 2 emphasizes mainnet interactions). Ends TBA; points from all activities count toward airdrop eligibility.
Earning Ethereal Points via Ethena
Ethereal is deeply integrated with Ethena, so activities often earn dual rewards:
Qualifying for the Potential Airdrop
The Ethereal airdrop ($ETHR token) is confirmed and expected (TGE, Q1 2026). Eligibility is based solely on accumulated Ethereal Points from the above activities—higher points lead to larger allocations.
Bonus
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