Euler Finance
EUL
Modular non-custodial lending protocol
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| 0.20% | 4.50% | 12.84% | 0.47% | 42.70% | 43.03% |
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This content is generated by RD AI and is for reference only
Euler Finance is a non-custodial lending protocol on Ethereum with a modular architecture. It allows users to deposit assets as collateral, borrow other assets, and supports the creation of isolated lending markets. Through the Euler Vault Kit (EVK), developers can deploy custom ERC-4626 vaults, and use the Euler Vault Connector (EVC) to connect different vaults for cross-vault collateralization. The protocol supports multiple price oracles, interest rate models, and hook mechanisms for flexible risk management.
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About Euler Finance
Euler Finance is a decentralized lending protocol that allows users to supply assets and earn interest or borrow assets against collateral. Its V2 architecture is modular and permissionless: anyone can create an isolated lending vault for any ERC20 token via the Euler Vault Kit (EVK). Each vault has independent risk parameters — collateral factors, oracles, interest-rate models, and liquidation settings — which prevents contagion across markets. The protocol is built on the Ethereum Vault Connector (EVC), enabling cross-vault actions, batching, and sub-accounts.
Core strengths include risk isolation, capital efficiency, and composability. Unlike pooled lending platforms, Euler's isolated vaults let users tailor risk per market. It also integrates with CoW Protocol for intent-based swaps, improving execution and reducing MEV exposure.
Market pain points addressed: traditional lending protocols often have rigid, shared risk models where one bad market can affect all users. Euler solves this by allowing granular, market-specific risk controls. It also reduces friction for new assets to enter DeFi lending without needing governance approval.
In the past six months (March–September 2026), Euler expanded its footprint: it took over maintenance and operation of the Euler contract stack on Hyperliquid EVM (formerly HypurrFi's 'Mewler' stack) in May 2026, with existing markets remaining solvent and a planned migration to Euler Prime and Yield markets by July 2026. Total deposits on the protocol surpassed $4 billion in 2025, indicating continued growth. A notable negative event: in 2023, Euler suffered a $200 million exploit due to a flash loan attack; the protocol was subsequently relaunched as V2 with enhanced security measures.
Euler Finance launched its V1 lending protocol on Ethereum mainnet in late 2021, establishing a permissionless, non-custodial lending market. In March 2023, the platform suffered a flash loan attack resulting in a $197 million loss, which was fully recovered shortly after. This incident drove a fundamental security redesign. In September 2024, Euler V2 was launched as a modular DeFi lending protocol, introducing EVK (Euler Vault Kit) and EVC (Euler Vault Connector) to enable customizable vault deployment. In 2025, Euler expanded its ecosystem: launching the Maxi hybrid stablecoin (composed of USDY, USDe, and USDC), announcing Euler Swap (a DEX built on Uniswap V4 architecture), and securing listings on Upbit (KRW market) and Binance Alpha. The DAO-managed market was confirmed to have no exposure to the Stream protocol, operating normally. These milestones mark Euler's evolution from a simple lending protocol to a modular DeFi infrastructure layer.
Jonathan Han (CEO of Euler Labs). Prior experience: Partner at Republic (Crypto), SVP of Business Development and Partnerships at The Tie, Investor at Digital Currency Group, Investment at Bridgewater Associates, Associate and Senior Analyst at PriceSpective. LinkedIn: https://www.linkedin.com/in/jonathan-han-92570279/