Ethereal PerpDEX Takes the DeFi Scene by Storm with Explosive Growth in TVL
Ethereal (@etherealdex), the Ecosystem’s decentralized perpetual exchange, has made a remarkable leap in the DeFi space.
Now, according to DeFiLlama, it sits at the second-largest platform in the network by total value locked, with just usurped Jupiter. Ethereal’s TVL was $820 million at the time of writing, and it has surged almost 49% in the past week and a staggering 155% in the last month. Overall, within the landscape of decentralized exchanges, Ethereal seems to be making quite a name for itself—much to the delight, I’m sure, of its backers and investor group.
Ethereal occupies a space in the ecosystem where very few projects exist today. With its Testnet Season Zero pre-deposit stage well underway, there is a significant number of users that seem to be taking interest in the protocol. Currently, the Testnet Season Zero has over 16,210 addresses that have already deposited a staggering sum of 830 million USDe, which seems to be taking advantage of the pre-deposit stage. This number equals about 15.7% of the total amount of minted USDe.
Season Zero Pre-Deposit Stage and Test Network Launch
Ethereal is still in the pre-deposit phase of its Testnet. Unlike the pre-test phase of a summer blockbuster, which lures fans to early screenings with the promise of a fully fleshed-out film experience, the pre-deposit phase invites trusted testers to participate in an experimental stage of a not-yet-fully functioning network. In theory, such folks should have no illusions that they are using anything like a finished product. On the contrary, they should expect to encounter the kind of glitches that plagues any good test of a good network. And yet, things seem to be going so well for Ethereal that the team behind it has acceded to the inevitable: It now appears ready to make a much-anticipated public launch.
For those who hold USDe tokens, now may be the perfect opportunity to maximize involvement by making a deposit. Doing so not only earns project points, which will likely be important for future stages of the platform’s development, but it also helps secure a testnet qualification. This is a crucial step for anyone looking to engage in the upcoming mainnet operations once they are rolled out. Given that Ethereal’s ecosystem has already attracted such large volumes of deposits during its pre-deposit phase, the momentum appears to be building towards an even larger and more influential role in the DeFi landscape.
Unprecedented Growth in TVL
Ethereal’s rapid ascent within the Ethena ecosystem is not just a local phenomenon; it is part of a larger trend that sees decentralized exchanges becoming more active and more successful. Traditionally, one of the main metrics for measuring the success of a DeFi project in terms of liquidity has been TVL, and compared to many other projects, Ethereal has been performing excellently on that front. Clearly, there is something about the Ethereal project that has allowed it to capture activity and liquidity. I will first look at the mechanics of how the Ethereal project captures this activity, and then I will try to elucidate what makes Ethereal work better than many other similar projects.
The strong community support, a distinctive method of offering decentralized trading, and a burgeoning interest in USDe as a stablecoin that props up the Ethereal ecosystem are some of the reasons the platform has been successful. As indicated by data from DeFiLama, in the last week alone, the platform saw a nearly 49% increase in TVL, and in just a month, the TVL surged by 155%. This impressive growth underscores a promising user adoption rate, with more users seeming to gravitate toward the platform as an alternative to traditional, centralized exchanges.
The focus on perpetual trading has made Ethereal a platform that experienced traders search out when looking for decentralized solutions. The ability to trade on a decentralized platform, with the amount of leverage typically seen in centralized exchanges, offers users an enticing opportunity to not only use trading strategies to the max but to do so while remaining in control of their assets.
A Bright Future for Ethereal and the Ethena Ecosystem
Ethereal’s ascent and the growth of its TVL is just the inception for the platform, with the full test network launch poised to offer a whole new realm of opportunities in decentralized finance. With the pre-deposit stage very much in full swing, the platform’s liquidity—in part, a function of the very enticing pre-deposit interest rates mandated by the smart contracts—will continue to expand, and to appear quite necessary in the DeFi ecosystem.
For anyone following Ethereal’s advancements, the moment has arrived to engage. This is an invitation to the unfaltering DeFi devotee and the curious rookie alike to take part in what we are calling the Season Zero pre-deposit phase. It is now more than ever that we need you to step forward, and in turn, we will be pointing society toward you.
In the impending months, as the test network transforms into a completely operational DeFi platform, Ethereal is firmly on track to becoming one of the most important decentralized exchange actors. Its total value locked is climbing, its community numbers are strong, and the developments on the roadmap indicate a push that could amount to a complete redefinition of decentralized perpetual trading.
If you hold USDe, you are in the perfect position to mint even more rewards with very little added effort and to support a platform that is well on its way to achieving long-term sustainability and success. This is the moment to seize if you want to catch the pre-deposit wave before it lapses.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
