Meridian is the rebranded version of Ethereal, the perpetual futures exchange that Ethena incubated before moving it to Robinhood Chain as a launch partner in late June 2026. The project now runs two products under one roof: perpetual futures on real-world assets and prediction markets covering sports, macro data, and geopolitical events. Every trade settles in Ethena’s USDe stablecoin, so you’ll need USDe in your wallet before you can do anything on the platform.
Status: No token generation event has been confirmed. Points program is currently active
Chain: Robinhood Chain
Settlement Asset: USDe (Ethena)
Points Program: Ethereal Points (carried over) + new Meridian Points, earned via trading and liquidity provision
Active Incentive: Combo Competition #2, 5,000 USDe + 150,000 PONS to top combo multipliers (2+ leg combos only)
MLP Vault: USDe yield + 30x Ethena rewards + share of Meridian Points, capped at roughly $1 million in deposits
Claim Deadline: No claim window has been announced
There’s no confirmed Meridian token yet. What exists today is a points system, split between Ethereal Points carried over from before the rebrand and new Meridian Points earned through current trading and liquidity activity.
Am I Eligible for the Meridian Airdrop?
Eligibility right now comes down to activity, not a snapshot date. If you traded or deposited on Ethereal before the rebrand, your points history carries over automatically once you migrate your balance, and it should appear in the Meridian dashboard after the migration syncs.
If you’re new to the ecosystem, you qualify simply by depositing USDe and using the platform going forward. There’s no minimum deposit disclosed for basic points accrual, though the MLP vault and the Combo Competition each have their own thresholds, covered below.
How to Migrate and Start Earning Meridian Points
- Visit the Ethereal app. Go to the old Ethereal app, close any open perpetual positions, then click “Migrate to Meridian” to transfer your Ethereal balance.
- Connect your wallet to Meridian. Open the Meridian app and connect your wallet. Your migrated points will appear on your dashboard once the sync is complete.
- Fund your wallet with USDe. Buy USDe on an exchange like Bybit and withdraw it, or bridge from another chain and swap into USDe using Meridian’s widget.
- Trade on Meridian Predict. Deposit USDe and open positions on live prediction markets. Combos of two or more legs count toward the competition leaderboard.
- Enter the Combo Competition. Check the current competition page for the prize pool and rules. Right now, Competition #2 is splitting 5,000 USDe and 150,000 PONS among the traders with the highest combo multipliers.
- Deposit into the MLP vault. Earn USDe yield, a 30x Ethena reward multiplier, and a share of Meridian Points. The vault has a deposit cap, so check the remaining capacity first.
What Could Go Wrong With Meridian Points
Meridian is still a young product built on a newly launched chain, and several things are worth weighing before you commit capital.
1. No Confirmed Token or Claim Mechanism
Any points you accumulate carry no guaranteed value until Meridian confirms a token generation event and claim process.
2. MLP Vault Deposit Cap
The vault has a hard cap of roughly $1 million. Once it fills, new deposits won’t go through until capacity opens up.
3. Migration Timing
Migrating from Ethereal requires closing all open positions first, so timing your migration around market volatility matters if you’re mid-trade.
4. USDe and Prediction Market Settlement Risk
Everything settles in USDe, so your exposure is tied to Ethena’s stablecoin holding its peg. Prediction markets on geopolitical or macro outcomes also carry their own settlement and resolution risk, separate from typical crypto trading.
Still Learning How Crypto Airdrops Work?
If this is one of your first airdrop campaigns, start with our crypto airdrops guide page to get a solid foundation on how airdrops work and what to look for. It is also worth checking the most common airdrop farming mistakes before you dive in, since several of them apply directly to campaigns like this one.
Frequently Asked Questions
Still working out the details? These are the questions that come up most with new Meridian users.
Do I need to have used Ethereal before to qualify for Meridian Points?
No. New users can start earning Meridian Points by depositing USDe and trading directly on the platform. Prior Ethereal activity simply means your existing points carry over instead of starting from zero.
What happens to my Ethereal Points if I don’t migrate?
Points remain tied to your wallet, but they won’t display in the Meridian dashboard until you complete the migration step.
What’s the difference between Ethereal Points and Meridian Points?
Ethereal Points are the balance you earned before the rebrand, carried over automatically once you migrate. Meridian Points are new points earned through current trading and liquidity provision on the rebranded platform.
Do I need to close my Ethereal positions before migrating?
Yes. Close any open perpetual positions on the old Ethereal app first, then use the “Migrate to Meridian” button to move your balance over.
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