As the crypto market bounced back over the weekend, with Bitcoin reclaiming $110K and the combined market cap for crypto climbing back above $3.8T, sentiment has flipped back positive, and traders are back to seeking the best airdrop opportunities, with the Ethereal airdrop dominating headlines.
Ethereal is the first decentralized spot and perpetual DEX based on Ethena
Ethena
3.13%
and is gaining attention with ENA up +4% in the past 24 hours.
Ethereal aims to fully utilize the power of Ethena crypto and its native stablecoin, USDe, within a high-performance on-chain finance environment to provide users with a one-stop shop for all their core DeFi needs in a single application.
Next week’s Mainnet Alpha launch represents a major step towards Ethereal’s ultimate vision to become the first DeFi everything app powered by USDe
Day 1 access is initially limited to the top 100 users currently on the mainnet waitlist pic.twitter.com/xVMBbH45oH
— Ethereal (@etherealdex) October 16, 2025
How to Farm the Ethereal Airdrop in Season 1, Epoch 2
The Ethereal Mainnet Alpha is launching today (October 20). Access will initially be limited to the top 100 users currently on the Ethereal mainnet waitlist. Waitlist position is a function of Season Zero participation, referral activity, and other on-chain/DeFi wallet metrics.
Members of the Ethereal team have stated that more users will be whitelisted for access as the rollout progresses in the weeks following Today’s launch.
With the Ethereal mainnet going live, Season One: Epoch 1 will officially come to a close as a result. Holders of eUSDe will continue receiving Ethereal points emissions until midnight on October 22.
This will see the beginning of Epoch 2, with point distributions generally occurring on a weekly cycle. Season One: Epoch 2 has been designated as the full period during which Ethereal remains in its initial alpha phase.
With the start of Epoch 2, whitelisted users will begin earning native USDe rewards on their full margin balance for the first time while also earning Ethereal airdrop points for trading activity.
The emphasis of Epoch 2 is on interacting with the Ethereal mainnet. Users can earn Season One points through several core activities, including but not limited to trading, holding USDe margin, or referrals.
Joining the Ethereal Discord and getting verified, and completing a subsequent list of tasks, is another way to gain Season One points that will count toward the upcoming Ethereal airdrop.
Ethereal DEX Airdrop – Join Early Waitlist 🚀
Ethereal is a decentralized spot + perpetual trading platform built on the Ethena Network, using USDe as collateral.
Why join?
Native DEX of the Ethena ecosystem
Possible token rewards / early access
— Sabo (@DheerajRoy21659) October 20, 2025
DISCOVER: 20+ Next Crypto to Explode in 2025
ENA Crypto Showing Strength Amongst a Shaky Market
The demand and hype behind the Ethereal airdrop campaign is being fuelled by the strength shown by ENA crypto, with the governance token surging +9% in the past week, while the majority of other tokens have struggled to recover from the Black Swan crash around ten days ago.
That crash, caused by US President Donald Trump after he announced 100% trade tariffs on China, wiped out over $19Bn via liquidations across the market. Not many other cryptocurrencies have bounced back stronger than ENA crypto, as it has gone from $0.35 at the bottom of the crash, back to $0.5, in just eight days.
It has held the weekly structure very well and is holding steady above support at $0.439, with a push toward $0.6 looking possible if broader market structure allows.
Tomorrow’s Surprise Crypto Summit by the Federal Reserve is Likely to Bring Insane Volatility
🚨 JUST IN:
FED TO HOST A MAJOR MEETING FOCUSED ON CRYPTO TOMORROW.
INSIDER CONFIRMS BIG ANNOUNCEMENT COMING – EXPECT EXTREME VOLATILITY.
GIGA BULLISH SIGNAL FOR #BITCOIN AND CRYPTO! pic.twitter.com/XN89Ipufc0
— 0xNobler (@CryptoNobler) October 20, 2025
The US Federal Reserve has announced a surprise ‘major’ meeting tomorrow that will be crypto-focused. While many traders and investors are bullish, the market has seemingly bounced on this news, but if the meeting tomorrow amounts to nothing, it could see the brief rally quickly reversed.
No official information has been released regarding the Fed’s crypto meeting tomorrow. However, there is growing speculation that a bullish announcement will be made at the meeting.
There is also the FOMC meetings in just eight days, in which Powell is expected to lower interest rates once more, with another 25bps cut at a 96% probability, according to Polymarket.
(SOURCE: PolyMarket)
The final event taking place this month that could lead to further volatility is the proposed meeting between Donald Trump and Chinese President Xi Jinping, which is slated to take place at the end of October.
A negative fallout from the meeting between the two global superpowers could spell disaster for the world economy, which could see crypto hit especially hard as investors would likely sell risk-on assets such as BTC
Bitcoin
1.28%
, ENA, and other digital assets.
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