Ethereal is a decentralized spot + perpetual exchange built on the Ethena Network, using native USDe collateral. It aims to deliver institutional-grade performance—with sub-20 ms latency and support for over 1 million orders per second—while preserving full self-custody. Operating as an EVM appchain with Converge settlement, it plans to fully integrate trading, borrowing, lending, and RWA instruments in one vertically integrated DeFi platform. Its Season Zero deposit program allows early users to accrue points ahead of the mainnet launch.