Ethereal Exchange has submitted a proposal to the Ethena governance seeking approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity. Ethereal aims to provide a fully onchain venue for managing spot and derivative positions backing USDe. The proposal also includes offering a 15% allocation of any potential future Ethereal governance token to circulating ENA holders to ensure alignment between the two communities. Ethereal V1 is expected to have a testnet in Q4 and aims to match centralized exchange performance while maintaining self-custody and flexibility. The proposal outlines potential benefits for the Ethena ecosystem, such as increased demand for USDe and improved decentralization. Ethereal is requesting support from the Ethena community for integration and technical support for deployment onto the Ethena Network. Voting on the proposal will be released shortly.



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