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 joined SEAL Whitehat program; processed $1.14M liquidations with low liquidator rewards.
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ethereum
unichain
avalanche
arbitrum-one
plasma
binance-smart-chain
sonic
bob-network
berachain
swellchain
tac
base
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 tokenized real-world assets via Securitize's DS Protocol for RWA lending, using tokenized funds from VanEck and Apollo as collateral in isolated lending markets. kpk serves as curator, configuring risk parameters including LTV ratios, collateral caps, liquidation thresholds, and oracle frameworks for whitelisted investors, within its Vault Kit infrastructure.
Powers Internet Capital Markets through its protocol infrastructure.
Offers incentives for users who supply PYUSD to the platform.
Increased bug bounty program from $1M to $7.5M.
Enabled lending for tokenized equities QQQon, TSLAon, SPYon, and ETFs from Ondo Finance and xStocksFi as yield-bearing collateral for stablecoin and PYUSD loans, with Sentora and Chainlink oracles.
Launched new borrowing incentives program offering approximately 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 10th among DeFi projects by development activity in Santiment's monthly assessment, moving up from the previous month's ranking.
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%.
Active buyer seeks to purchase Euler Finance claims with final bids deadline of December 31st, indicating liquidity options for claim holders before year-end.
Euler lending protocol uses Brevis's ZK computation network for historical behavior analysis and dynamic incentive calculations.
Partnership or collaboration established with Arbitrum.
Euler listed as a creditor in bankruptcy proceedings against Caleb McMeans and Stream Trading Corp receivership case. Spark expands to Avalanche with Phase 2 integration enabling Savings USDC as yield-bearing collateral across lending protocols including Euler.
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, enabling looping for PT-sUSDai 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.
PT-thBILL (Pendle Token for thBILL) market launches on Euler Finance, enabling users to collateralize the token 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.
Euler Finance offers 16.9% APY on AUSD deposits on Monad as part of the MON token incentive program.
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.
hgETH token from High Gain integrates with Euler Finance for reward boosting, offering up to 20% yields through blue-chip strategies.
Incentive program for USDC deposits goes live on Arbitrum network.
zkVerified markets integrate with Keyring Network's zk verification technology, enabling users to access Euler Finance from Binance, Revolut, and Kraken accounts without sharing personal data, with deposits exceeding $15M.
The DAO multisig migration is scheduled for execution today at 9 AM ET.
Euler Finance vaults become accessible through Superform v2 on Arbitrum, allowing users to deposit from any chain into Euler vaults alongside other DeFi protocols including Aave, Morpho, Fluid, Yearn, and Curve.
Partnership with Brevis ZK established, with Euler Labs serving as the first test case for Incentra reward management system on Arbitrum.
Euler vaults face upwards of 9 figures of bad debt from xUSD collateral lenders, with MEV losing money in their own farming strategy deposited in Morpho and Euler vaults exposed to xUSD and deUSD. K3 has Nexo-funded wallets locked in bad loans against deUSD and sdeUSD on Euler and is now suing Elixir.
Euler publicly confirms it has not received any response from Elixir, Stream, and StableLabs teams despite multiple attempts to contact them regarding insolvent assets, and issues public plea urging these teams to engage directly for recovery efforts.
The DAO multi-sig wallet moves to a new address as part of operational improvements recommended by Euler Labs to improve accounting and separation of concerns.
Euler Finance involved in distributing repayment of Stream's ~$75m Morpho loan related to deUSD crisis, while fxSAVE lending markets continue normal operations on the platform.
Trevee vault on Euler Finance exposes 6.9% of $splUSD to $xUSD, with ongoing delays in returning the remaining 93.1% of funds to holders.
Euler Finance announces imminent launch on Monad Mainnet.
Users deploy automated scripts to extract funds from Euler's K3 USDT Earn Vault on Avalanche during ongoing liquidity crisis, with successful fund recoveries reported through monitoring new deposits.
New yield product hgETH integrates with Euler Finance, Pendle, and Balancer, offering up to 20% rewards on ETH deposits with no lockups, powered by UltraYield and Upshift.
Withdrawals halted on both Morpho and Euler platforms following the xUSD crisis.
KeyringNetwork's zkVerified markets integrated with Euler have $15M in deposits, supporting BTC.b, wETH.e, sAVAX, wAVAX, and sdeUSD as collateral with access through Binance, Revolut, or Kraken accounts.
Stream faces $300-500M in liabilities (up from $60M) as xUSD positions hardcoded across Euler and Morpho require weeks to months to liquidate while accruing bad debt.
XUSD collapse creates $285M total bad debt across DeFi protocols, with Euler suffering $137M in losses ($29.9M TH + $107.2M Plasma) after Stream Finance disclosed a $93M loss from external fund manager and XUSD depegged from $1 to $0.28. Curators had significant exposure with TelosC at $123.6M, Elixir $68M, MEV Capital $25.4M, and other platforms including Silo ($28.4M) and Morpho ($68.6M) also affected.
Plasma incentives flow to Earn vaults rather than individual markets, driving retail users toward curator-allocated positions. Mithras scUSD totaling 13m (92%) is borrowed by xUSD collateral on Silo and Euler.
Representatives participate in a panel discussion about tokenization at Chainlink SmartCon NYC, alongside projects from Tron, Hedera, and Move Industries, moderated by Messari.
Markets experience 100% utilization rates as lenders withdraw liquidity following the Stream incident, with borrowing rates spiking to 30-40% and forcing the unwinding of leveraged looping positions across vaults.
Superform goes live on Unichain, offering cross-chain deposits into earning opportunities from Euler Finance and Morpho Labs.
A prominent crypto trader publicly calls for users to withdraw funds, arguing the curator model is fundamentally broken as it enabled Stream's 9x leverage loop scheme offering fake 18% USDC APY through hardcoded oracle prices that prevented liquidations, while curators profited from fees and users were left with bad debt.
Cross-protocol debt exposure from the Stream Finance incident totals $285M across Euler, Silo, and Morpho, with withdrawals frozen. The collapse exposed a recursive looping scheme where Stream's xUSD and Elixir's deUSD minted off each other to compound leverage and mask real collateral.
Law firm Perkins Coie investigates the Stream Finance incident that caused bad debt on the protocol.
Euler lenders face massive contagion from Stream protocol's $93M insolvency, with xUSD crashing 80% and the platform alongside its curators facing potential liability.
The identity of the attacker behind the $100M Euler v1 hack has been confirmed as British national Laurence Day (functi0nZer0), who is currently on the run from British authorities.