super ツ

Wake up anon, new 2 in 1 airdrop on stablecoin yield has dropped. Ethereal gives a nice APR and 2 airdrops in 1 for stablecoins.

You get:

- 30x Ethena points 
- No lockups: withdraw whenever you want 
- 2 airdrop in 1. Ethena S3 + Ethereal’s own airdrop
- Early adopters are promised to get perks

Let’s break it down 🧵

1️⃣ What is Ethereal & Why Farm it?

Ethereal is a spot and perpetual DEX built by Ethena Labs. They promise sub-20ms latency with institutional-grade infrastructure, all while keeping self-custody intact.

Why farm it.

0) It’s early—this is Season Zero, their bootstrapping phase
1) Ethena-backed: ethena labs is already a trusted name with a history of strong APRs and solid growth. 2) TVL is $25M
3) 30x multiplier on Ethena points. I estimate 15-40% Apr for Ethena S3 airdrop on this
4) No lockups: You can deposit and withdraw anytime without penalties.

On top of that, early participants are promised have priority access to testnet, discord roles, and future initiatives.

2️⃣ What do you need to do? 

It’s simple. 

1️⃣ Head over to Ethereal’s platform deposit your $USDe 
https://deposit.ethereal.trade/points?ref=6D1DFZ

if you don't have USDe, get on unsiwap or on https://app.ethena.fi/buy 

That’s it.

3️⃣ Pros and Cons of Farming Ethereal

Pros:
✅ Deposit-and-forget: Deposit $USDe, earn points passively, and withdraw whenever.
✅ A great place to park your stablecoins if you’re looking for decent APR (~20–40%+).
✅ Double rewards: Ethena Season 3 APR + a share of Ethereal’s future airdrop.
✅ Team hints that beaing early gives priority access to future Ethena/Ethereal initiatives, gets you rewards and ds roles.

Cons:
❌ Ethereal already allocated 15% of their tokens tokens to $sENA / $rsENA
❌Points must be distributed to traders too, which means the rewards for depositors could be diluted.
❌ Exposure to USDe (but you are liquid, so all good)

A solid passive option for stables, but don’t expect it to be life-changing unless you’re going big.

4️⃣ My Thoughts: Why Ethereal Stands Out

Ethereal can become one of the cornerstones in Ethena Labs’ ecosystem. Here’s why:

1️⃣ Cash cow advantage: Ethena itself is already profitable and high-volume. This means Ethereal doesn’t need to rely on long beta runs or predatory fees to survive.
2️⃣ No VC dependency: Without venture capital backing, Ethena can focus on sustainable growth and prioritize community-driven rewards.
3️⃣ Built-in trading volume: Ethena’s own activity will drive volume, making the platform viable even in its early days.

This is the kind of project where, if the team plays it smart and keeps greed in check, everyone (users, traders, LPs) can walk away happy. I think Arthur Hayes won't disappoint us.

Personally, I’m parking a portion of my stables here.

5️⃣ Do Your Own Research

As always, this isn’t financial advice: just my take on a protocol I believe has a potential. Make sure to DYOR on how collateralized stablecoins work and possible risks in bad markets.

Let me know in the replies what you think about ethereal.