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What is Euler?

Euler is a non-custodial, permissionless lending protocol built on Ethereum that allows users to lend, borrow, and earn yield on a wide range of ERC-20 tokens. The protocol was created by Euler Labs, a research-driven team led by Michael Bentley and Doug Hoyte, with the original v1 launching on Ethereum mainnet in December 2021. It was designed to address key limitations of earlier money markets like Aave and Compound — most notably the inability to list long-tail assets — by introducing tiered asset classification, isolated borrow markets, and reactive interest rate models that respond automatically to changes in utilization.

Euler quickly became one of the most innovative DeFi credit protocols, attracting backing from prominent investors including Paradigm, Variant, Jane Street, Jump Crypto, and Uniswap Labs across multiple funding rounds. At its peak in early 2023, Euler v1 held more than $300 million in total value locked and was widely regarded as a benchmark for risk-aware on-chain lending.

In March 2023, Euler suffered one of the largest DeFi exploits in history when an attacker drained roughly $197 million through a vulnerability in the protocol's donateToReserves function combined with flawed liquidation logic. In an unprecedented turn, the attacker returned virtually all of the stolen funds within weeks following extensive on-chain negotiations, white-hat outreach, and law enforcement coordination, allowing Euler Labs to make affected users whole.

Following the exploit, the team paused new deposits on v1 and began an extensive rebuild. The result was Euler v2, which launched on Ethereum mainnet in 2024 after an exhaustive security campaign that included more than 30 audits and one of the largest bug bounties in DeFi history. Euler v2 is structured around the Euler Vault Kit (EVK), a modular framework that lets anyone deploy customized lending vaults, and the Ethereum Vault Connector (EVC), a shared liquidity and risk layer that enables vaults to interoperate.

This architecture transforms Euler from a single monolithic market into a permissionless lending platform where curators, DAOs, and protocols can launch isolated, governance-minimized credit markets tailored to specific assets and risk profiles. The native EUL token governs the protocol through the Euler DAO, which controls treasury allocation, parameter changes, fee switches, and vault classifications via on-chain voting using a Compound-style governance system.

Since the v2 relaunch, Euler has expanded across multiple EVM networks, including deployments on Base, Arbitrum, Swell, BOB, and other chains, and has formed integrations with liquid staking and restaking protocols, RWA issuers, and yield aggregators. The platform has also been adopted by professional risk curators such as Re7, MEV Capital, and Gauntlet, who manage individual vaults much like asset managers run funds.

Euler today competes directly with Morpho Blue, Aave v3, and Spark, positioning itself as the most flexible base layer for building custom credit markets in DeFi while retaining the capital efficiency and innovative risk tooling that made the original protocol notable.

Key Features of Euler

• Modular Vault Architecture: The Euler Vault Kit (EVK) lets anyone permissionlessly deploy lending vaults with custom collateral, oracle, interest rate, and liquidation parameters. This turns Euler into a credit infrastructure layer rather than a single market, enabling tailored vaults for stablecoins, LSTs, RWAs, and exotic assets.
• Ethereum Vault Connector: The EVC is a shared standard that lets independent vaults reference each other for collateralization without sacrificing isolation. It enables cross-vault borrowing, batched transactions, and sub-accounts, giving users multi-position management and atomic operations within a single approval flow.
• Reactive Interest Rates: Euler pioneered reactive PID-controlled interest rate models that automatically adjust borrowing costs based on real-time utilization rather than fixed kink curves. This produces more stable utilization, fairer pricing for borrowers, and improved yields for lenders during volatile demand.
• Sub-Accounts and Batching: Each Ethereum address can control up to 256 sub-accounts on Euler, allowing isolated positions for different strategies under one wallet. Combined with transaction batching, users can open, hedge, and close complex leveraged positions in a single signed transaction with reduced gas costs.
• Curator-Driven Risk Management: Professional risk firms like Gauntlet, Re7, and MEV Capital operate publicly visible vaults with explicit risk parameters and performance histories. This curator model gives lenders transparent choice over which risk profiles they trust, similar to selecting a fund manager in traditional finance.

Euler Use Cases

• Yield on Idle Assets: Holders of ETH, stablecoins, LSTs, and many ERC-20s can deposit into curated Euler vaults to earn variable lending yield. Returns are driven by real borrower demand rather than token emissions, making Euler attractive for treasuries and long-term holders seeking sustainable on-chain income.
• Leveraged Staking Loops: Users deposit liquid staking tokens like wstETH or weETH as collateral, borrow ETH, and recycle the proceeds to multiply staking and restaking rewards. Euler's batching and sub-accounts make these loops efficient to construct and unwind in a single transaction.
• Stablecoin Borrowing: Borrowers can post crypto collateral such as ETH or BTC derivatives and draw USDC, USDT, or other stablecoins for spending, trading, or off-chain expenses without selling their holdings. This preserves long-term price exposure while unlocking working capital.
• Custom Market Creation: DAOs, token issuers, and protocols can launch dedicated vaults for their own assets with bespoke risk parameters and oracles. This gives projects a permissionless way to bootstrap money markets for governance tokens, LP positions, or RWAs without negotiating listings on incumbent protocols.
• Delta-Neutral Strategies: Sophisticated traders use Euler to construct cash-and-carry, basis, and funding-rate strategies by borrowing one asset against another inside isolated sub-accounts. The protocol's atomic batching is particularly useful for strategies that require multiple legs to execute simultaneously.

Euler Tokenomics

Total Supply

EUL has a maximum supply of 27,182,818 tokens, a nod to Euler's number e. The supply is capped, with allocations split among the team, investors, the DAO treasury, and user distribution programs as defined in the original Euler distribution proposal.

Circulating

Circulating supply changes as vesting schedules unlock and as the DAO releases treasury tokens for grants, incentives, and protocol initiatives.

Utility

EUL is the governance token of the Euler protocol, granting holders the right to propose and vote on upgrades, parameter changes, vault classifications, fee switch activation, and treasury spending. Future revenue capture mechanisms remain subject to DAO governance.

Emission

Token distribution follows the schedule approved by Euler governance, including team and investor vesting cliffs and ongoing DAO-controlled emissions for ecosystem incentives. Specific unlock dates and amounts are tracked on-chain and via community dashboards.

Frequently Asked Questions

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