Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$1.3KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $1.3K | -- | -- | -- |
| Sep 2026 | $369.68 | -- | -- | -- |
| Aug 2026 | $0 | -- | -- | -- |
Comparison
Follow Updates
Follow Lists
People
About Ethereal
Ethereal (now rebranded as Meridian, official site meridian.xyz) is a spot and perpetual DEX based on Ethena's USDe stablecoin. Its core business includes low-latency perpetual and spot trading, with USDe as margin, allowing users to earn additional yield via Ethena. The key competitive edge lies in combining trading with yield-bearing assets, leveraging USDe's yield to improve capital efficiency, while adopting non-custodial smart contracts and LayerZero cross-chain deposits for security and convenience. Market pain points include insufficient liquidity, slow execution, and low capital utilization in traditional DEXs; Ethereal addresses these with deep liquidity and low fees. Development over the past six months (March to September 2026): no specific progress has been officially disclosed, but it is known that the brand transitioned from Ethereal to Meridian, launched a prediction market product (Meridian Predict), and operates an MLP vault. Negative aspects include: no confirmed token, deposit caps, migration requiring closing positions, and reliance on USDe's peg stability.
Meridian (formerly Ethereal) launched on Robinhood Chain as a day-one partner in late June 2026, rebranding from Ethereal in May. The platform now offers perpetual futures on real-world assets and prediction markets, with USDe as settlement. Key developments include the migration of user balances and points from Ethereal, a points program (Ethereal Points carried over plus new Meridian Points), and an active Combo Competition #2 with 5,000 USDe and 150,000 PONS rewards. The MLP vault (capped at ~$1M) offers yield and 30x Ethena rewards. Future roadmap focuses on expanding prediction markets, deepening RWA integration, and scaling liquidity on Robinhood Chain. No token generation event is confirmed yet; the team emphasizes points accrual via trading and vault deposits.
Ethereal (now renamed Meridian, official website meridian.xyz) is a spot and perpetual DEX based on Ethena.
Key people:
- Afif Bandak (Twitter: 0xAfif): Founder. Previously a contributor to Synthetix and Pyth, researcher at The Block, with a PhD in Biology from Johns Hopkins School of Medicine.
- Fells (Twitter: Fells0x): Core contributor. Limited public background info; no detailed profile available.