1. Project Overview

Euler is a DeFi App that unites lending, borrowing, swapping, and earning — all within one modular ecosystem. Built as a permissionless, composable lending protocol, Euler enables users and developers to create isolated, customizable markets (vaults) for nearly any ERC-20 token across 12 chains.

Through Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), users can connect vaults to support cross-collateralization and advanced strategies.
Euler also introduces EulerSwap for just-in-time liquidity and EulerEarn for passive yield aggregation.

2. Token Information

  • Token Name: Euler

  • Token Symbol: $EUL

  • Token Type: ERC-20

  • Initial Circulating Supply: 19,809,653 (1.98%)

  • Current Circulating Supply: 25,876,366 (95.19%)

  • HODLer Airdrop Allocation: 543,657 (2%

3. Project Highlights

1. Permissionless & Modular Lending

  • Anyone can deploy vaults for any ERC-20 token (with a WETH pair) without governance approval.

  • Each vault has isolated risk, customizable parameters (interest model, oracle, collateral settings).

2. Cross-Vault Interoperability

  • The Ethereum Vault Connector (EVC) allows users to use assets in one vault as collateral in another, enabling looping and credit strategy composability.

3. Capital Efficiency via EulerSwap

  • EulerSwap integrates DEX liquidity with lending markets, enabling deposited assets to act as liquidity providers (LPs) while still generating yield.

4. Passive Yield Optimization (EulerEarn)

  • EulerEarn aggregates yields via managed meta-vaults, automatically compounding returns across Euler strategies with full transparency.

5. Dutch-Style Liquidations

  • A fair liquidation model using Dutch auctions, preventing large slippage and enabling gradual, market-driven liquidation pricing.

6. Strong Oracle & Aggregation Integrations

  • Oracles: Chainlink, Pyth, Redstone, Chronicle, eOracle

  • Aggregators: Kyberswap, 1inch, Odos, Uniswap, OKX, ParaSwap, Enso, Pendle

  • Data providers: Stablewatch, DefiLlama

4. Token Utility

  • Governance: EUL holders govern protocol upgrades, DAO treasury allocation, and risk parameters.

  • Fee Flow Auctions: Protocol fees (in multiple assets) are auctioned using EUL as the bidding currency — converting revenue into EUL for DAO use.

  • Rewards / Incentives: Lending, borrowing, and liquidity participation earn EUL or time-locked rEUL, incentivizing protocol activity.

5. Ecosystem & Partnerships

  • Vault Curators: K3 Capital, Re7 Labs, MEV Capital, TelosC, Apostro, Sentora, Hyperithm, Clearstar, Zerolend, VII Finance, Keyring

  • Market Makers: Wintermute, Keyrock

  • Integrations: Coinbase One, OKX, Bitget, Superlend, Contango, DeFi Saver, Vaults.fyi, Summer.fi

  • Institutional Integration: First DeFi app integrated with BlackRock-backed sBUIDL (Securitize)

  • ZK-Verified Vaults: via Keyring

6. Summary

Euler represents the next generation of DeFi Super Apps, merging the functions of Aave, Uniswap, and Yearn into a unified, modular platform.
Its isolated vault architecture, composability through EVC, and deep integrations across oracles and DEX aggregators make it one of the most flexible and scalable lending ecosystems in DeFi.

With over $3B in deposits, expanding multichain deployments, and a fast-growing user base, Euler positions itself as a leading contender in the decentralized finance landscape.

Disclaimer
This content is for project research purposes only and does not constitute any investment advice.