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【Meridian Liquidity Provider（MLP）What Is It, Along With 30x Ethena $ENA Airdrop Points?】
Meridian launches the MLP Vault as scheduled. This is the second step after Ethereal was rebranded as Meridian and shifted its primary usage to the Robinhood Chain.
Understanding the MLP Vault isn’t difficult. The main reason it feels complex is that it involves multiple entities:
➤ Core concept
Users deposit $USDE into the MLP Vault = providing liquidity to the Meridian Perps Market.
However, the execution is handled through a centrally managed vault model, so costs will be incurred.
➤ Costs
Performance fee: 30% of profit (does not affect principal) & 1% annualized management fee (unrelated to performance)
➤ Entities involved
Kappa Labs, Neutral Trade, Meridian, Accountable
Accountable YieldApp = user operation interface for the MLP vault ( + verification system)
Meridian = trading venue
Kappa Labs = market maker; operates the MLP Vault funds for market making and hedging
Neutral Trade = trading infrastructure; the execution venue for hedging strategies
➤ User returns
1. Returns from market making and hedging strategies
2. 30x Ethena ENA airdrop points
3. Meridian airdrop points (allocated to mPerps at 20%)
*Note: During the pre-staking phase, depositing into the MLP Vault earns USDe rewards—could it be targeting the same APY as sUSDe?
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Summary
From the perspective of Ethena airdrop points, 30x Ethena Points is currently the highest multiplier for single-asset staking with USDe—equivalent to targeting LP double-asset liquidity.
But to some extent, providing liquidity on a DEX is essentially taking the other side of traders. When traders make big profits, liquidity providers may end up losing money. The MLP Vault uses hedging strategies to mitigate risk, but you still need to watch how effective it actually is.
In addition, its costs are not cheap. After the strategy is running in real life, it’s necessary to observe whether the annualized return performance is truly worth it.
Based on the current participation level of nearly 30%, market interest doesn’t seem especially hot (the cap is 1m USDe).
The author thinks the main deciding point is probably whether people want to farm Meridian points through this.
-
● The above does not constitute investment advice (NFA). Please act according to your own risk tolerance, and do your own research (DYOR) and participate cautiously.
● The attached images are sourced from Meridian
#Meridian #Airdrops #ethena #robinhoodchain $HOOD
Meridian launches the MLP Vault as scheduled. This is the second step after Ethereal was rebranded as Meridian and shifted its primary usage to the Robinhood Chain.
Understanding the MLP Vault isn’t difficult. The main reason it feels complex is that it involves multiple entities:
➤ Core concept
Users deposit $USDE into the MLP Vault = providing liquidity to the Meridian Perps Market.
However, the execution is handled through a centrally managed vault model, so costs will be incurred.
➤ Costs
Performance fee: 30% of profit (does not affect principal) & 1% annualized management fee (unrelated to performance)
➤ Entities involved
Kappa Labs, Neutral Trade, Meridian, Accountable
Accountable YieldApp = user operation interface for the MLP vault ( + verification system)
Meridian = trading venue
Kappa Labs = market maker; operates the MLP Vault funds for market making and hedging
Neutral Trade = trading infrastructure; the execution venue for hedging strategies
➤ User returns
1. Returns from market making and hedging strategies
2. 30x Ethena ENA airdrop points
3. Meridian airdrop points (allocated to mPerps at 20%)
*Note: During the pre-staking phase, depositing into the MLP Vault earns USDe rewards—could it be targeting the same APY as sUSDe?
-
Summary
From the perspective of Ethena airdrop points, 30x Ethena Points is currently the highest multiplier for single-asset staking with USDe—equivalent to targeting LP double-asset liquidity.
But to some extent, providing liquidity on a DEX is essentially taking the other side of traders. When traders make big profits, liquidity providers may end up losing money. The MLP Vault uses hedging strategies to mitigate risk, but you still need to watch how effective it actually is.
In addition, its costs are not cheap. After the strategy is running in real life, it’s necessary to observe whether the annualized return performance is truly worth it.
Based on the current participation level of nearly 30%, market interest doesn’t seem especially hot (the cap is 1m USDe).
The author thinks the main deciding point is probably whether people want to farm Meridian points through this.
-
● The above does not constitute investment advice (NFA). Please act according to your own risk tolerance, and do your own research (DYOR) and participate cautiously.
● The attached images are sourced from Meridian
#Meridian #Airdrops #ethena #robinhoodchain $HOOD
Partly True
Meridian (formerly Ethereal) urges users to withdraw or transfer assets from the Ethereal dApp as soon as possible. Is the “Ethena ecosystem project” ultimately just a dream?
Earlier, Meridian said it will shut down Ethereal and advised users to move their assets to the official newly built Meridian dApp in advance. In the future, Robinhood Chain will be the primary network used.
This move seems to indirectly confirm the alleged report released before Terminal was shut down: “Ethena has already stopped preparing its own Converge-specific chain and the development of ecosystem projects.”
Back in 2024, Meridian’s predecessor, Ethereal, was the so-called ecosystem project at Ethena’s launch. At the time, many users generally believed Ethereal was nearly identical to Ethena’s own native project.
Now that even it has decided to officially migrate to the Robinhood mainnet, it also symbolizes the end of the Ethena ecosystem.
-
Ethereal → Meridian: key timeline points:
➤ Meridian has opened prediction market trading
➤ On 2026/7/28, Ethereal Perps will enter “close-only mode,” meaning you can’t open new positions
➤ Next week, the MLP (Meridian Liquidity Provider) Vault will open for pre-staking, and you can earn rewards including: USDe, Ethena, Meridian
➤ Next week will be the last time Ethereal Points are distributed; going forward, points data will be displayed on Meridian
➤ In the coming weeks, Meridian Perps will officially launch on Robinhood Chain
Put simply: the original functionality of Ethereal will be fully re-listed on Meridian. The difference is that assets will move from the Ethereal Chain to Robinhood Chain.
-
For now, you can already deposit USDe directly into Meridian. It will automatically bridge the USDe to Robinhood Chain, which suggests that with the closure of the Ethereal DEX, the Ethereal Chain will most likely be shut down sooner or later.
I’ve already bridged the USDe stuck on the Ethereal Chain to BSC via Stargate (with the lowest fees). After that, you can seamlessly store it into Binance.
Everyone is also advised to handle your assets on the Ethereal Chain as soon as possible!
-
● The above content does not constitute investment advice (NFA). Users should act according to their own risk tolerance. DYOR and participate in the market cautiously.
● The attached images are sourced from Meridian
#Meridian #robinhoodchain #USDe #Ethena $ENA
Earlier, Meridian said it will shut down Ethereal and advised users to move their assets to the official newly built Meridian dApp in advance. In the future, Robinhood Chain will be the primary network used.
This move seems to indirectly confirm the alleged report released before Terminal was shut down: “Ethena has already stopped preparing its own Converge-specific chain and the development of ecosystem projects.”
Back in 2024, Meridian’s predecessor, Ethereal, was the so-called ecosystem project at Ethena’s launch. At the time, many users generally believed Ethereal was nearly identical to Ethena’s own native project.
Now that even it has decided to officially migrate to the Robinhood mainnet, it also symbolizes the end of the Ethena ecosystem.
-
Ethereal → Meridian: key timeline points:
➤ Meridian has opened prediction market trading
➤ On 2026/7/28, Ethereal Perps will enter “close-only mode,” meaning you can’t open new positions
➤ Next week, the MLP (Meridian Liquidity Provider) Vault will open for pre-staking, and you can earn rewards including: USDe, Ethena, Meridian
➤ Next week will be the last time Ethereal Points are distributed; going forward, points data will be displayed on Meridian
➤ In the coming weeks, Meridian Perps will officially launch on Robinhood Chain
Put simply: the original functionality of Ethereal will be fully re-listed on Meridian. The difference is that assets will move from the Ethereal Chain to Robinhood Chain.
-
For now, you can already deposit USDe directly into Meridian. It will automatically bridge the USDe to Robinhood Chain, which suggests that with the closure of the Ethereal DEX, the Ethereal Chain will most likely be shut down sooner or later.
I’ve already bridged the USDe stuck on the Ethereal Chain to BSC via Stargate (with the lowest fees). After that, you can seamlessly store it into Binance.
Everyone is also advised to handle your assets on the Ethereal Chain as soon as possible!
-
● The above content does not constitute investment advice (NFA). Users should act according to their own risk tolerance. DYOR and participate in the market cautiously.
● The attached images are sourced from Meridian
#Meridian #robinhoodchain #USDe #Ethena $ENA
[Brand Rebranding | Ethereal → Meridian, ready to step out of the Ethena comfort zone?]
Since I cleared out $ENA ($sENA), I haven't been keeping an eye on the Ethena @Ethena Labs ecosystem project for a while.
Just checked the data, and the locked supply of two upcoming token projects has significantly tanked:
➤ Meridian (Ethereal) TVL
74.88m(2026/1/23) → 24m(2026/6/25)
➤ Strata TVL
276.94m(2026/3/21) → 81.3m(2026/6/25)
Unlike Strata, which pivoted early towards aggregating a broader range of DeFi protocols, Meridian (Ethereal) is still using $USDE as its default platform currency.
This is related to the platform's nature; for example, Strata is a structured product designed to easily aggregate various features. Meridian (Ethereal), as a DEX, aside from trading assets, can only break free from the shadow of $USDe with new feature updates.
-
● Major Update for Meridian (Ethereal) 2026: Prediction Markets
To be honest, this year it seems like apart from systematic UI and UX updates, the only new feature is the launch of prediction market trading.
They recently opened up testing for the prediction market through a whitelist mechanism, and now it's fully available for use.
Its underlying infrastructure should be linked to Polymarket @Polymarket , but according to official sources, Meridian (Ethereal) offers greater flexibility in combination predictions, allowing bets on different categories of event predictions.
In other words, similar to lottery combination betting, by bundling multiple bets together, you can further increase your final profits.
Of course, from a probability perspective, unless you tie together highly correlated events, like the US-Iran conflict, the Strait of Hormuz, inflation, etc., the success rate of combination betting is more challenging.
According to the current status of Meridian (Ethereal), the minimum deposit amount is 10 USDe, and for withdrawals, it supports Ethereum, Arbitrum, and Ethereal chains. For the other two chains, the withdrawal fee is 2 USDe, aside from the Ethereal Chain.
The usual bridge functionality can go through Stargate; for friends interested in combination betting in the prediction market, you might want to give it a shot. They also seem to have launched new incentives for the prediction market recently.
-
● The above content does not constitute investment advice (NFA), users should operate according to their own risk tolerance, and DYOR before participating in the investment market.
● Attached image from Meridian (Ethereal)
#ethena #Meridian #Ethereal
Since I cleared out $ENA ($sENA), I haven't been keeping an eye on the Ethena @Ethena Labs ecosystem project for a while.
Just checked the data, and the locked supply of two upcoming token projects has significantly tanked:
➤ Meridian (Ethereal) TVL
74.88m(2026/1/23) → 24m(2026/6/25)
➤ Strata TVL
276.94m(2026/3/21) → 81.3m(2026/6/25)
Unlike Strata, which pivoted early towards aggregating a broader range of DeFi protocols, Meridian (Ethereal) is still using $USDE as its default platform currency.
This is related to the platform's nature; for example, Strata is a structured product designed to easily aggregate various features. Meridian (Ethereal), as a DEX, aside from trading assets, can only break free from the shadow of $USDe with new feature updates.
-
● Major Update for Meridian (Ethereal) 2026: Prediction Markets
To be honest, this year it seems like apart from systematic UI and UX updates, the only new feature is the launch of prediction market trading.
They recently opened up testing for the prediction market through a whitelist mechanism, and now it's fully available for use.
Its underlying infrastructure should be linked to Polymarket @Polymarket , but according to official sources, Meridian (Ethereal) offers greater flexibility in combination predictions, allowing bets on different categories of event predictions.
In other words, similar to lottery combination betting, by bundling multiple bets together, you can further increase your final profits.
Of course, from a probability perspective, unless you tie together highly correlated events, like the US-Iran conflict, the Strait of Hormuz, inflation, etc., the success rate of combination betting is more challenging.
According to the current status of Meridian (Ethereal), the minimum deposit amount is 10 USDe, and for withdrawals, it supports Ethereum, Arbitrum, and Ethereal chains. For the other two chains, the withdrawal fee is 2 USDe, aside from the Ethereal Chain.
The usual bridge functionality can go through Stargate; for friends interested in combination betting in the prediction market, you might want to give it a shot. They also seem to have launched new incentives for the prediction market recently.
-
● The above content does not constitute investment advice (NFA), users should operate according to their own risk tolerance, and DYOR before participating in the investment market.
● Attached image from Meridian (Ethereal)
#ethena #Meridian #Ethereal
#Ethereal #ENA #Airdrop #ethena #Meridian
AirDrop Ethereal Season One - for now I’m at rank 1810.
Total points: 1429826
Starting June 28, Ethereal positions can no longer be opened; now there’s a transition to Robinhood and points are being transferred to Meridian.
Next week we expect new Meridian points already; there’s a possibility that Ethereal points will depreciate.
AirDrop Ethereal Season One - for now I’m at rank 1810.
Total points: 1429826
Starting June 28, Ethereal positions can no longer be opened; now there’s a transition to Robinhood and points are being transferred to Meridian.
Next week we expect new Meridian points already; there’s a possibility that Ethereal points will depreciate.
Partly True
#Ethereal #ENA #Meridian #Robinhood #ethena
Important news from Meridian (Ethereal):
In the coming weeks, Meridian Perps will be available on the Robinhood network, initially focused on RWA pairs.
As part of preparation for next week’s launch, preliminary deposits will be opened on the Robinhood network to the Meridian Liquidity Provider (MLP) vault.
USDe rewards, Ethena, and 20% of all Meridian points accrued to perps users will be credited to deposits in the MLP.
Ethereum Perps positions will also be closed on July 28. After that, opening new positions will be impossible. Users with existing positions should close them and connect to Meridian on the Robinhood network to prepare for the RWA Perps launch.
The distribution of Ethereal points next week will be the final distribution of points accrued for activity on the current Ethereal network, which will include a one-time bonus payout to all Ethereal Predict users.
After that, next week on the points page in the Meridian app, old Ethereal points will be shown, along with upcoming Meridian points distributions.
Important news from Meridian (Ethereal):
In the coming weeks, Meridian Perps will be available on the Robinhood network, initially focused on RWA pairs.
As part of preparation for next week’s launch, preliminary deposits will be opened on the Robinhood network to the Meridian Liquidity Provider (MLP) vault.
USDe rewards, Ethena, and 20% of all Meridian points accrued to perps users will be credited to deposits in the MLP.
Ethereum Perps positions will also be closed on July 28. After that, opening new positions will be impossible. Users with existing positions should close them and connect to Meridian on the Robinhood network to prepare for the RWA Perps launch.
The distribution of Ethereal points next week will be the final distribution of points accrued for activity on the current Ethereal network, which will include a one-time bonus payout to all Ethereal Predict users.
After that, next week on the points page in the Meridian app, old Ethereal points will be shown, along with upcoming Meridian points distributions.
TOP 10 #TVL ON #ROBINHOOD
$MORPHO $UNI #Noxafun #Arcus #Meridian $CAKE #Sheriff #DexFi #Sentry #RobinSwap
$MORPHO $UNI #Noxafun #Arcus #Meridian $CAKE #Sheriff #DexFi #Sentry #RobinSwap
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