Ethereal Exchange Proposes Integration with Ethena Network to Launch Spot and Perpetual Exchange Built on USDe

Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.

Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.

The proposal introduces Ethereal as an integrated spot and perpetual futures decentralized exchange (DEX) built on the upcoming Ethena Network using USDe. Ethereal is requesting direct integration into Ethena-related reserve management from launch to provide a fully onchain venue for managing spot and derivative positions backing USDe.

As part of the proposal, Ethereal is offering a 15% allocation of any potential future Ethereal governance token to circulating ENA holders. This move aims to ensure alignment between Ethena and Ethereal community stakeholders.

Ethereal V1, with a testnet expected in Q4, is designed as an L3 EVM appchain settling to the Ethena Network. The exchange aims to match centralized exchange performance while maintaining complete self-custody and flexibility to support features such as cross-margin, liquidity automation, and portfolio margin. Ethereal’s architecture is reportedly capable of processing 1 million operations per second with sub-20ms latency.

The proposal outlines several potential benefits for the Ethena ecosystem, including increased demand for USDe, improved decentralization through onchain management of USDe backing, and setting a precedent for other applications built using USDe on the Ethena Network.

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