Overview
EtherealDAO is a DAO that aimed to build a Collateralized Debt Position (CDP) stablecoin protocol on Radix, inspired by MakerDAO and Liquity. The planned EtherealUSD stablecoin would allow users to mint stablecoins against collateral deposited in Radix-native vaults.
The $REAL governance token was distributed via an Initial Validator Offering (IVO) — a Radix-native distribution method where a validator node was operated from July 2023 through January 2024, with staking rewards distributed as $REAL tokens to delegators.
As of early 2026, the stablecoin product has not launched and no recent development activity has been observed.