what's euler finance?
Euler Finance is a decentralized, non-custodial lending protocol built on Ethereum, designed to enable permissionless lending and borrowing of crypto assets while providing users with tools to earn interest or hedge against market volatility. Its core purpose is to offer a modular and flexible platform that supports innovative features like reactive interest rates, MEV-resistant liquidations, protected collateral, and multi-collateral stability pools, allowing for efficient capital utilization without intermediaries. The protocol has expanded with Euler v2, introducing primitives such as the Ethereum Vault Connector for building credit-based products and EulerSwap for enhanced liquidity and yield. Recent developments include EulerEarn, a yield simplification tool that has attracted over $750 million in deposits, and integrations across chains like Base, Avalanche, and Sonic Labs to broaden accessibility. Euler also supports advanced products like credit cards powered by its lending infrastructure and privacy-focused vaults for institutional users.
Euler deployed EVC for cross-vault collateral, reaching $809M borrowed, 6th in DeFi lending.
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ethereum
unichain
avalanche
arbitrum-one
plasma
binance-smart-chain
sonic
bob-network
berachain
swellchain
tac
base
Deployed the Ethereum Vault Connector (EVC) as an immutable, open-source contract that enables any ERC-4626 vault to recognize deposits in other vaults as collateral, with no governance, fees, or upgrade keys.
Reached $809,140,000 in borrowed amounts across chains in the last 30 days, ranking 6th among DeFi lending protocols.
Partnered with Concrete to act as curator for Euler's vaults, bringing institutional risk standards to modular lending.
Supports borrowing against a tokenized S&P index fund from Ondo Finance via integration with Morpho vaults operated by Steakhouse.
Experienced systemic bad debt in March 2026 from Resolv Labs USR depeg, triggered by an 80 million USR infinite mint attack causing an 80% crash in USR value, affecting Morpho and Fluid.
Integrated deSPXA, a tokenized S&P 500 index built through Centrifuge's deRWA framework, as collateral on Base deployment.
Supports looping USDai at 300% leverage on Plasma.
Has an interest margin of 0.696%, which is higher than Aave's margin but lower than other lenders including Figure, Klarna, Affirm, and Lending Circle.
Co-hosted Scaling DeFi Cannes conference on March 31st, 2026, alongside karpatkey, Gearbox Protocol, and Anchorage.
CEO will be speaking at Penn Blockchain event.
$450M in deposits migrated from Euler Finance to Fira's fixed-rate lending protocol on Ethereum.
Serves as lending layer for Agora's AUSD/USDC/USDT pool on Monad, integrating Balancer LP token collateral and auto-deployed via Upshift.
Partnered with @0xJHan and associated team members.
Partnered with Nasdaq and Kraken to launch tokenized stock lending.
Experienced a decline of $2.6B in deposits since October 2025, contributing to a broader market contraction in crypto lending protocols.
Hired a new marketing lead who joined the team in February 2026.
Integrated with Ondo Finance and Enso Build to enable lending, borrowing, and looping of Ondo Finance tokenized equities paired with PYUSD, via Enso Build's authorized minting and deterministic routing.
Allocated $25m from syrupUSDC vault to Kraken Earn's Advanced Strategies on March 10th, 2026.
Integrated with OdysseyFi for leveraged lending strategies, supporting both non-looped direct supply/borrow and flash loan-based leveraged positions on Euler V2.
coreUSDC automated yield vault rebalances deposited USDC across Euler Finance and Morpho lending protocols along with other vault strategies.
Partners with Ample, a prize-linked savings protocol, alongside Morpho and Gauntlet to power onchain vault infrastructure for the Ample v1 launch.
Completed 484 auctions across 11 chains in 2025, generating $2.42M in protocol fees and collecting 321K EUL tokens from bidders.
Operates a fee auction mechanism where bidders exchange EUL for protocol-generated assets, with collected EUL accumulating in the DAO treasury for buybacks, burning, staker distribution, or ecosystem allocation.
Integrated with Composer, a cross-chain coordination layer that enables atomic multi-chain transactions across 18 protocols including Aave, Ethena, Morpho, and Chainlink.
Integrated with Infinit Labs' AI agent swarm, enabling strategy execution across 8 chains and leveraged positions via natural language prompts.
Integrated as an adapter in Wayfinder AI's SDK alongside Lido and Ethena, enabling users to access Euler Finance data through Wayfinder's Delta Lab and backtesting framework.
CEO speaks at Cointelegraph Connect conference in Cannes with xStocks April 2, 2026.
Integrated with Fraction AI's Stable Up platform as a supported vault for AI-driven stablecoin yield optimization on Base.
Markets are now live on Turtle (turtledotxyz platform).
Integrated with Turtle as a curator, enabling savUSD and USDC vaults on Avalanche.
Generated $4.8M in fees over the past 30 days, representing a 24.0% decrease from the prior period.
Integrated Securitize DS Protocol for RWA lending with tokenized real-world assets from VanEck and Apollo as collateral in isolated markets. kpk serves as curator, configuring risk parameters for whitelisted investors.
Powers Internet Capital Markets through its protocol infrastructure.
Yields 6 to 7% APY for PYUSD deposits.
Increased bug bounty program from $1M to $7.5M.
Integrated with Sentora, enabling lending for tokenized equities QQQon, TSLAon, SPYon, and ETFs from Ondo Finance and xStocksFi as collateral for stablecoin and PYUSD loans, with Chainlink oracles.
Integrated YieldNest's ynRWAx, an ERC-4626 compliant token, with vault-level risk isolation and one-click looping via Multiply functionality. Launched borrowing incentives offering 20% APR extra rewards for borrowing USDC with ynRWAx collateral, supercharged by Merkl.
Offers up to 12% APY on USDC supply through Merkl incentives, with YieldNest Max Vault yielding 11.96% APY.
Joined the SEAL Whitehat Safe Harbor program, a legal framework for ethical hackers during active exploits, with Cantina providing KYC and verification support for whitehats.
Processed $1.14M in liquidations during recent market volatility, with $1.12M in debt repaid and less than $20.7K paid out as liquidator rewards, resulting in an average bonus rate below 1.81% that allowed borrowers to retain over 98% of their liquidated collateral value.
CEO participated in masterclasses and fireside chats at the R[3]sidency event during the week ending January 30, 2026.
Integrated with Kraken's DeFi Earn product, comprising over 40% of Kraken's advanced strategy instance composition via Sentora vaults that allocate to Euler.
Integrated with Superform's SuperVaults as one of the yield strategies, enabling automated reward swapping and reinvestment through Merkl hooks.
Hosts a Frontier yoBTC lending market offering 5% APY on cbBTC deposits with 3x YO Points rewards.
Integrated with Jumper Exchange to power yield on Jumper Earn.
Michael Bentley stepped down as day-to-day CEO of Euler Labs after nearly six years, transitioning into an advisory and product-focused role.
Refactored frontend architecture by replacing hook-heavy React Query patterns with a fetch-mapper-hook approach to improve performance and reduce re-renders when handling large-scale onchain data.
Ranked 6th in Santiment's DeFi development activity for April 2026, moving up from the previous month.
Integrated with Merkl for incentive distribution campaigns throughout 2025 and with YieldNest's Yield Season incentive program.
Plans to integrate Native Bitcoin Vaults Stack in 2026, enabling users to use Bitcoin locked on Bitcoin as DeFi collateral.
Integrated with Avant Protocol to support avUSD yield-earning strategies, where users can supply avUSD or YT tokens on Euler Finance.
deployed to Hyperliquid including vaults
Collaborated with HypurrFi on a joint initiative called Mewler.
Euler Finance completes new integration with Theo Network's thBILL product, which holds approximately $200m in TVL.
Protocol TVL surges 940% year-to-date to $2.13B and active loans grow 1,180% to $1.13B, maintaining one of DeFi's highest utilization ratios at 53%.
Exploited for $197 million on March 13, 2023, via Resolv Labs USR depeg incident (80M unbacked USR minted via compromised private key), pausing RLP and wstUSR collateral, halting vault allocations across 15+ vaults and Euler Yield market on Arbitrum, impacting $500k USDC loans collateralized by RLP. Bids due December 31st for claims purchase.
Euler lending protocol uses Brevis's ZK computation network for historical behavior analysis and dynamic incentive calculations.
Partnership or collaboration established with Arbitrum.
Listed as creditor in Stream Trading Corp bankruptcy proceedings, with 80% recovery for Frontier Elixir USDT vault users.
USDai loops on Plasma offer near 30% APR for loopers.
Platform currently offers loopable yield farming for PT-jrUSDe at 12.3% APY (expiring January 15) and PT-sUSDai at 16.08% APY (expiring March 19).
A buyer actively purchases Euler Finance claims and offers liquidity to sellers before December 31, 2025.
rEUL tokens distributed to users on Monad blockchain, but users report inability to bridge to Ethereum or swap tokens.
Coin Metrics adds EUL to its coverage as a standout asset in December 2025, meeting their Market Selection and Trusted Volume Framework standards.
Platform supports zk proofs for private KYB/KYC and programmable hooks for institutional onboarding, enabling access rules, activity states, and safeguards for compliance-focused market design, discussed in podcast with Twyne team.
Euler Finance tokens are now accepted for nonprofit donations as part of a CryptoGivingTuesday initiative.
Theo Network integration enables easier looping on Euler Finance using hardware wallets with hardware buttons.
EUL token goes live on Bitvavo, one of Europe's largest crypto exchanges.
Integrated Pendle, Morpho, and Euler, enabling PT-sUSDai looping on Arbitrum (16.82% APY, 19-FEB maturity), PT-thBILL on Arbitrum (9.83% APY, 19-FEB maturity), PT-mHYPER on Plasma (18.26% APY, 29-JAN maturity), and PT-srUSDe on Ethereum (02-APR maturity).
SeaFi vaults announces a secondary marketplace for Euler vault shares on Avalanche.
Euler Finance and Morpho act as money markets for Almanak's alUSD, with Euler V2 receiving strategic liquidity allocation from the alUSD vault.
Integrated Theo Network's thBILL product on Arbitrum, launched PT-thBILL market enabling collateralization to borrow USDC, USD₮0, or thBILL, with liquidity exceeding $1M per main pool and ROE reaching 36.03% for PT-thBILL/thBILL pairs and 26.43% for PT-thBILL/USDC pairs.
New lending markets for THBILL go live on Euler Finance, expanding the platform's offerings to include tokenized treasury bill yield opportunities.
Offers 16.9% APY on AUSD deposits on Monad as part of the MON token incentive program, and 8% APY on AUSD lending.
Incentives for MON token deposits go live on EulerEarn, rewarding depositors with rEUL tokens.
Euler goes live on Monad blockchain with 690,000 MON incentive program across USDC, USDT, and AUSD pools.
Uniswap Foundation selects Euler as one of four lending protocols (alongside Compound, Morpho, Venus) for its experimental Coordinated Funding Mechanism in July 2025, using prediction markets to forecast TVL for $100k funding allocation.
Euler v2 serves as an underlying protocol for Almanak's alUSD vault ($124M TVL), which rotates through multiple DeFi protocols for yield generation at 13.5% APY.
Euler supports looping for Pendle's PT-sUSDai offering 15.66% APY expiring March 19th.
EUL token goes live on Monad blockchain, powered by LayerZero with transfers supported through Stargate Finance.
Euler Finance works on extending the ERC4626 standard with a hook system to enable integration of circuit breakers and enhanced security features for vaults.
Brevis ZK reveals Euler Finance as one of the major protocols using its zero-knowledge proof infrastructure, which has generated 250M+ proofs across multiple platforms including PancakeSwap, Uniswap, Linea, and MetaMask.
Fraction AI launches Stable-Up product that integrates with Euler among six DeFi protocols for AI agent-driven yield optimization offering 7-8% APY on stablecoin deposits.
Euler expands onto Monad blockchain using RedStone Bolt and classic Push oracles as key data sources across major markets.
Lost $197M in a 2023 exploit, sparking community debate on depositor bailout and liability for failed credit products.
Stream Finance collapses in November 2025 with approximately $285M in cascading losses, affecting multiple Euler curators who had concentrated investments in one counterparty with 7.6x leverage backed by only $1.9M in actual collateral, despite warnings from experts six months prior.
Dynamic PT Oracle launches on Euler in collaboration with Objective DeFi, a new pricing infrastructure for Principal Tokens that monitors real-time PT values relative to base assets and combines with Pendle's native valuation method.
Daily trading volume reaches low eight figures ($10-30M range) and market share KPIs show improvement.
Objective DeFi manages risk for Euler DAO's Prime and Yield products and emerged from recent market stress without bad debt.
$BOB, a Bitcoin DeFi gateway, launches today on Binance Alpha, Kraken, Gate, and KuCoin with Euler as an ecosystem partner alongside Uniswap, Chainlink, Fireblocks, and Solv.
The Euler explorer is broken and users experience withdrawal locks when vault liquidity hits zero, prompting the distribution of a rescue script to help affected users navigate the situation.
PT-sUSDai offers 19.21% yield for March 19 maturity with looping functionality available on the platform.
Integration with Theo Network, an RWA-focused protocol offering tokenized US Treasuries and gold products, is live alongside Morpho and Pendle integrations.
An institutional credit product built using the Euler Vault Kit launches in Q1 2026, offering structured credit options with transparent, enforceable parameters.
A wallet linked to Yala borrowed nearly all available USDC on Euler Finance using $YU collateral, pushing pool utilization to 100% and borrow rates to 80% APY, contributing to a depeg event that crashed $YU from $1 to $0.26.
Brevis ProverNet, a decentralized zero-knowledge proof marketplace, integrates with Euler Finance alongside PancakeSwap, Uniswap, Linea, and MetaMask to improve ZK system performance and efficiency, with launch set for soon.
Euler Finance offers 12% yield on USDT deposits, listed among high-performing stablecoin yield opportunities across DeFi protocols.
EUL token is categorized as fully unlocked with no unlock overhang, having spanned multiple cycles and positioned for true price discovery.
Euler Finance is impacted by Stream Finance/XUSD fallout requiring users to document balances and transactions for claim and recovery processes alongside multiple other DeFi protocols including Telos Consilium, Elixir/DEUSD, MEV Capital, Morph, and Silo.
INFINIT Labs' Prompt-to-DeFi capability launching early December includes Euler Finance as a supported protocol for creating automated yield and strategy workflows via AI-powered natural language prompts.