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Euler

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Discover Euler's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Euler?

Euler (EUL) is a governance token for the Euler Finance platform, a decentralized lending protocol built on Ethereum. It allows users to lend and borrow various crypto assets, utilizing risk-based asset tiers to manage risk. The token is ERC-20 compliant and plays a key role in governance and decision-making within the Euler Finance ecosystem.

How is Euler used?

Euler Finance (EUL) is a cryptocurrency that focuses on the digital lending business. It allows users to lend and borrow various crypto assets. Here's how it works:

  • Lending: Users can deposit assets into a pool on Euler Finance in exchange for ERC-20 "eTokens," which represent their participation in the pool. These tokens can be redeemed at any time, allowing lenders to recoup their investment plus interest earned.

  • Borrowing: Borrowers can withdraw liquidity from the pool, committing to repay it with interest. Euler Finance also offers the option to deposit "protected collateral," which is safeguarded and not used for lending.

  • Governance: The Euler Governance Token (EUL) is an ERC-20 token that gives holders a say in the future decisions and direction of Euler Finance. It is also distributed to borrowers in select markets on the platform.

  • Risk Management: Euler Finance uses a risk-based asset tiering system to mitigate risks associated with decentralized lending. This system includes isolation tiers, cross-tier assets, and collateral tiers, each with different levels of liquidity and collateralization.

  • Reactive Interest Rates: Euler Finance employs dynamic interest rates that adapt to market conditions, ensuring high capital efficiency.

  • Modular Platform: Euler Finance is built as a modular lending platform, comprising modules such as the Ethereum Vault Connector (EVC), Euler Core, and Euler Edge. These modules enable seamless lending and borrowing activities, as well as the creation of custom vaults.

Overall, Euler Finance (EUL) provides a decentralized lending platform where users can lend, borrow, and manage risk through its various features and modules.

How do I store Euler?

To store Euler (EUL) tokens securely, it is recommended to use cryptocurrency wallets. There are two categories of wallets: software wallets (also called hot wallets or digital wallets) and crypto hardware wallets (also called cold wallets). Software wallets are connected to the internet and are less secure, while hardware wallets store crypto keys offline and are more secure. Ledger is one of the most secure crypto hardware wallets for storing cryptocurrencies.

Every crypto hardware wallet comes with a seed phrase, which acts as a key to unlock the wallet and transfer its contents. It is recommended to store the seed phrase in a physical form, such as metal seed phrase storage solutions, to protect it from being lost or destroyed.

How to buy Euler?

To buy Euler (EUL) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable exchange that supports Euler (EUL) trading, such as KuCoin, MEXC, or Bitget. Each exchange has its unique features, fees, and security measures, so research and compare them before making a decision.

  2. Create an Account: Register on the chosen exchange by providing your email address, mobile phone number, and country of residence. Ensure you create a strong password and follow any additional security measures, such as setting up 2FA and anti-phishing codes.

  3. Verify Your Account: Complete the Know-Your-Customer (KYC) process by providing personal information and a valid Photo ID. This step is crucial to increase withdrawal limits and unlock additional features.

  1. Add a Payment Method: Link a credit/debit card, bank account, or other supported payment methods to your exchange account. This will allow you to fund your account and make purchases.

  2. Buy Euler (EUL): Use your funded account to buy Euler (EUL) tokens. You can do this by transferring stablecoins like USDT to the exchange and then exchanging them for EUL on the spot market. Alternatively, you can use other payment methods supported by the exchange.

  3. Store Your Euler (EUL): Once you have purchased EUL, store it securely in your exchange wallet or transfer it to a personal wallet for long-term storage. Be cautious of scams and ensure you are using the official wallet and exchange services.

  1. Monitor Your Investment: Keep track of your Euler (EUL) investment by regularly checking its price and market performance. This will help you make informed decisions about buying, selling, or holding your tokens.

Remember to always do your own research, evaluate your risk tolerance, and consider both fundamental and technical analysis before investing in Euler (EUL) or any other cryptocurrency.

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History of Euler

The Euler (EUL) cryptocurrency is part of the Euler Finance project, a non-custodial, permissionless lending protocol built on the Ethereum blockchain. The protocol allows users to lend and borrow a variety of crypto assets, making it a decentralized finance (DeFi) platform. Euler Finance was initially developed by Euler Labs, a company that continues to contribute to the project alongside the external developer community. The project is progressively decentralizing, with the EulerDAO (Decentralized Autonomous Organization) playing a key role in governance and decision-making.

EulerDAO is a decentralized autonomous organization that encapsulates all holders of the EUL governance token. These token holders have voting powers to propose and make changes to the underlying code of the Euler Protocol. The Euler Foundation, a non-profit organization, was established to represent EulerDAO in the real world, providing a legal structure for the DAO to engage in contracts and services.

The EUL token is an ERC-20 governance token that is distributed to borrowers on select markets within the platform. It allows holders to participate in the governance of Euler Finance and have a say in its future direction. The token can be purchased from various leading cryptocurrency exchanges.

Euler Finance is known for its risk-based asset tiers, which protect the protocol from risks associated with decentralized permissionless lending, especially with illiquid or volatile assets. The platform offers features such as reactive interest rates, multi-collateral stability pools, and risk-adjusted loans, making it a comprehensive DeFi lending protocol.

Overall, Euler Finance and its EUL token have established themselves as a significant player in the DeFi lending space, offering a robust and decentralized platform for users to lend and borrow crypto assets.

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How Euler works

Euler Finance is a decentralized lending protocol that allows users to lend and borrow various crypto assets. The platform is built on the Ethereum blockchain and utilizes a modular design, comprising three main modules: the Ethereum Vault Connector (EVC), Euler Core, and Euler Edge.

Ethereum Vault Connector (EVC)

The EVC serves as the foundational module, facilitating the interconnection of vaults within the ecosystem. This enables seamless communication and the utilization of each other as collateral, contributing to the expansion of every protocol within the ecosystem.

Euler Core

The Euler Core module allows users to lend and borrow popular digital assets with high capital efficiency. Core vaults are governed by the Euler DAO to manage risk and are further protected by advanced risk management features, including a best-in-class liquidation module. This module uses secure Chainlink price oracles to determine asset prices.

Euler Edge

The Euler Edge module empowers users to create and activate their own lending vaults in a permissionless manner. Edge vaults are immutable and ungoverned, allowing users to set their own risk/reward tolerances. This module helps create a free market for risk/reward tolerances among users.

Risk Management

Euler Finance employs a risk-based asset tiering system to mitigate risks associated with decentralized lending, particularly for illiquid or volatile assets. The system includes three tiers:

  1. Isolation Tier: Assets with low liquidity can only be borrowed in isolation and cannot be used as collateral.
  2. Cross-Tier: Assets with limited liquidity can be borrowed alongside other tokens but cannot be used as collateral.
  3. Collateral Tier: ERC-20 assets with deep and liquid markets can be used to collateralize loan balances and can be borrowed freely.
Governance and Token

The Euler Governance Token (EUL) is an ERC-20 token that acts as a governance token, allowing holders to propose changes to the Euler protocol. The total supply of EUL is fixed at 27,182,818, with the possibility of inflation by a maximum of 2.718% per year after the first four years. EUL token holders have voting powers to shape the future of the platform.

Security

Euler Finance has undergone security audits by firms like Halborn and offers a $1 million bug bounty program. Despite being the victim of a flash loan attack in 2023, the hacker returned the stolen assets, marking one of the largest recoveries in blockchain history.

Integrations and Availability

Euler Finance is integrated with various DeFi platforms and is available on exchanges such as Huobi, Gate.io, MEXC, and Uniswap. Users can also mint and burn tokens, creating leveraged positions of borrowers and deposits, and swap tokens using Uniswap v3 and 1inch DEX integrations.

Overall, Euler Finance provides a comprehensive and innovative lending platform that aims to mitigate risks and offer advanced features for users.

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Euler's strengths

The Euler (EUL) token has several strengths that make it an attractive investment opportunity:

  1. Governance Token: EUL is an ERC-20 governance token that allows holders to participate in the decision-making process of the Euler Finance protocol. This means that users have a say in the future direction of the platform and can influence key decisions.

  2. Risk-Based Asset Tiers: Euler Finance's risk-based asset tiering system helps mitigate risks associated with decentralized lending, particularly for illiquid or volatile assets. This system includes isolation tiers, cross-tiers, and collateral tiers, ensuring that the protocol and its users are better protected.

  3. Reactive Interest Rates: Euler Finance utilizes dynamic interest rates that adapt to market conditions, resulting in higher capital efficiency and more responsive borrowing costs.

  1. Multi-Collateral Stability Pools: The protocol offers multi-collateral stability pools, which enhance the overall stability of the lending platform.

  2. Security Measures: Euler Finance has undergone security audits by reputable firms like Halborn and has a $1 million bug bounty program, demonstrating a strong commitment to security.

  3. Decentralized Governance: Euler Finance is managed by EUL token holders, ensuring that the protocol remains decentralized and community-driven.

  1. Availability on Exchanges: EUL is listed on several prominent exchanges, including Huobi, Gate.io, MEXC, and Uniswap, making it easily accessible to investors.

These strengths contribute to Euler Finance's unique value proposition and its potential for long-term success in the decentralized lending space.

Euler's risks

Euler Finance (EUL) is a cryptocurrency focused on digital lending and borrowing. It has several features designed to mitigate financial risks, particularly in decentralized lending. Here are some key aspects of Euler's risk management:

  1. Risk-Based Asset Tiering System: Euler classifies assets into three tiers: isolation-tier, cross-tier, and collateral-tier. This system helps to isolate riskier assets and restrict their use as collateral, reducing the potential for "domino-effect" losses.

  2. Collateral and Borrow Factors: Euler uses both collateral and borrow factors to manage risks within the platform. This approach is unique compared to other DeFi lending protocols like Compound, which only associates a collateral factor.

  3. Dynamic Interest Rates and Multi-Collateralized Stability Funds: Euler introduces dynamic interest rates and multi-collateralized stability funds to further manage risks. These features help to adjust interest rates based on market conditions and ensure that the platform remains stable even in times of high volatility.

  1. Protected Collateral: Euler allows users to deposit "protected collateral" that is safeguarded and not used for lending. This feature provides an additional layer of security for lenders.

  2. MEV-Resistant Liquidations: Euler's liquidation mechanism is designed to prevent miner extractable value (MEV) by using a Dutch Auction method. This approach ensures that liquidators are incentivized to bid for liquidations at the best possible price, reducing the risk of priority gas auctions and MEV exploitation.

Despite these measures, Euler Finance has faced significant financial risks. In March 2023, the platform was the victim of a $197 million flash loan attack, which highlighted vulnerabilities in its code. However, the hacker eventually returned the stolen funds, marking one of the largest recoveries of stolen assets in blockchain history.

Overall, Euler Finance's risk management strategies aim to provide a more secure and stable lending environment. However, the platform is not immune to potential risks and vulnerabilities, and ongoing security audits and improvements are crucial to maintaining its integrity.

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Euler's ecosystem

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Euler’s team

  • Dr. Michael Bentley: Co-founder and CEO, with a background in evolutionary biology and experience as a Pricing Analyst for the Royal Bank of Scotland and a Postdoctoral Research Associate at Oxford.
  • Doug Hoyte: Co-founder and Blockchain Developer, specializing in network security and financial applications.
  • Jack Prior: Co-founder and Full-Stack Developer, with over 11 years of experience in web development and roles at companies like Salary Finance, Fintricity, and Qadre.

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