Euler
company_description_short
- Company typePrivate
- Founded2021
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Euler does
Euler Labs is a London-based, venture-backed developer of permissionless DeFi lending protocols, operating as a private limited company in the United Kingdom with a fully remote team of 11-50 employees. The company is a major contributor to the Ethereum Vault Connector (EVC), an open infrastructure layer that enables standardized vault interfaces and cross-protocol integration across the DeFi ecosystem. Its core product, Euler V2, is a modular lending platform built on the Euler Vault Kit (EVK) and EVC systems, designed to separate execution infrastructure from risk management layers and enable independent vault creation with cross-collateral flexibility.
The protocol generates revenue through lending interest fees and protocol swap fees, with algorithmic on-chain interest rates and a permissionless, self-serve go-to-market model accessed via crypto wallets. Euler is distinguished by its institutional RWA integrations: BlackRock's BUIDL, VanEck's VBILL, Ondo Finance's tokenized equities, and FTSE Russell indices are all deployed as collateral on the protocol. Customer segments include DeFi-native users, institutional asset managers seeking compliant on-chain deployment of tokenized products, and other DeFi protocols (Morpho, Fluid, Compound) integrating via the EVC standard.
Euler has raised $40.8 million across three disclosed rounds (a $0.8M seed in 2020, an $8M Series A led by Paradigm in 2021, and a $32M round led by Haun Ventures in 2022). The company survived a March 2023 exploit that drained approximately $197M from V1, with full recovery ($240M including price appreciation). The protocol currently supports approximately $7.4 billion in on-chain vault AUM, which it describes as early-stage growth analogous to the pre-institutional phase of traditional hedge funds. Planned product expansion includes a synthetic dollar that would complete its lending/swap/USD-synthetic stack.
Euler firmographics
Firmographics- Name
- Euler
- Legal name
- Euler Labs Limited
- Website
- https://euler.xyz
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- company_description_short
- Ownership category
- akta.pro rank
Euler industry classification
Industry- Product category
- DeFi Lending Protocol
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro industry
- Decentralized Lending & Borrowing ProtocolsDecentralized Lending Protocols (DeFi Money Markets)Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending)Financial & Insurance/Financial Technology (Fintech)/Blockchain & Web3 Financial Infrastructure (Tokenization, Custody Tech)Liquidity Management & Market-Making Protocols
Keywords
Where Euler is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Euler business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Lending Interest Fees: Protocol generates revenue through interest collected on loans made through the platform. Interest rates are determined algorithmically based on supply and demand dynamics.
- Protocol Swap Fees: Revenue from swap operations within the protocol, integrated with the synthetic dollar product and credit market.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels1 record
Euler product offering
Product offeringCore offering
Euler operates a permissionless, decentralized finance (DeFi) lending protocol on Ethereum that enables users to lend, borrow, and manage crypto asset collateral without intermediaries. The protocol uses a modular vault architecture that separates execution infrastructure from risk management layers through the Ethereum Vault Connector (EVC) and Euler Vault Kit (EVK) systems. It supports tokenized real-world assets including U.S. Treasuries, tokenized equities, and tokenized commodities as collateral, with interest rates determined algorithmically based on supply and demand.
Product overview
Euler Labs is building an integrated suite of modular and permissionless DeFi protocols centered on the Euler lending protocol and Ethereum Vault Connector (EVC). The ecosystem comprises Euler V2 as the core modular lending platform, Euler Vault Kit (EVK) for independent vault creation, and EVC for cross-collateral flexibility and liquidity sharing. The platform enables DeFi lending, swapping, and synthetic USD-denominated assets, with integrations for tokenized real-world assets (RWAs) including tokenized Treasuries, tokenized equities, and tokenized commodities as collateral.
Differentiator
Problem solved
Functional benefit
Products and services
- Euler Lending Protocol A decentralized finance (DeFi) lending protocol on Ethereum enabling permissionless borrowing and lending of crypto assets with algorithmic interest rates and modular vault architecture for risk isolation. Used by individual crypto users, institutional asset managers, and DeFi protocols.
- Ethereum Vault Connector (EVC) An open infrastructure layer enabling interoperability between vault implementations, allowing cross-collateral flexibility and shared liquidity across the DeFi ecosystem. Acts as the standardized integration layer for DeFi protocols and institutional tokenized assets.
- Euler V2 The next-generation modular lending platform featuring independent vault creation with customizable risk parameters for different asset types and use cases, with cross-collateral flexibility through the Euler Vault Connector (EVC) system.
Quantifiable outcome
- Supports $7.4B+ in on-chain vault AUM across the DeFi lending ecosystem
Companies that use Euler
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
Euler technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature3 records
Euler partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- VanEckcoreVanEck's VBILL Treasury fund, issued by tokenization specialist Securitize, launched on Euler's decentralized lending platform, enabling tokenized U.S. Treasuries as collateral for onchain borrowing.
- BlackRockcoreBlackRock's BUIDL tokenized money market fund integrated with Euler to enable on-chain trading and use as collateral, supporting institutional capital deployment in DeFi.
- FTSE Russell (London Stock Exchange Group)coreMarket participants including FTSE Russell and Schroders are moving from conceptual pilots to production-grade implementations with Euler, including Chainlink publishing FTSE Russell's global indices onchain.
- Ondo FinancecoreOndo Finance integrated Chainlink price feeds enabling tokenized US stocks (SPYon, QQQon, TSLAon) to be used as collateral for borrowing stablecoins on Euler, first major US equities functioning as DeFi collateral.
- ChainlinkcoreChainlink provides official oracle infrastructure with live price feeds for tokenized versions of SPY, QQQ, and Tesla stock on Ethereum, including real-time pricing and dividend adjustments.
- SecuritizecoreSecuritize is the tokenization specialist that issues VanEck's VBILL Treasury fund, enabling tokenized U.S. Treasuries to be deployed on Euler's DeFi platform.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Euler competitors and assessment
Company assessmentDirect peers
- Morpho: Optimized lending layer that pairs peer-to-peer matching with Morpho Blue isolated markets — competes for the same DeFi lending flow and is an integration partner via Euler's EVC.
- Compound: Pioneer Ethereum-based DeFi money market with algorithmic interest rates and permissionless lending markets — directly comparable to Euler's core lending primitive.
- Aave: Largest Ethereum-based decentralized lending protocol, offering permissionless borrowing and lending across a broad set of crypto assets — directly competing with Euler for the same DeFi lending liquidity and users.
- Spark Protocol: DeFi lending protocol spun out of the Sky/MakerDAO ecosystem, focused on DAI-based borrowing and RWA-backed collateral — directly competitive with Euler in RWA-collateralized lending.
- Silo Finance: Isolated lending markets with bridge- and oracle-agnostic design — competes with Euler's modular, risk-isolated vault architecture on the same risk-isolation thesis.
- Radiant Capital: Omnichain money market enabling cross-chain deposits and borrowing — competes with Euler for cross-chain DeFi lending flow.
- Fluid: DeFi lending and liquidity protocol that integrates with Euler's Ethereum Vault Connector — competes in similar modular lending segments.
- MakerDAO / Sky: Decentralized credit protocol issuing DAI/USDS against crypto and RWA collateral — directly competes with Euler in collateralized borrowing and is the parent of Spark.
Broad incumbents
- Curve Finance: Major DEX with deep stablecoin liquidity and lending-adjacent primitives (e.g., crvUSD) — competes more broadly for DeFi transaction flow that Euler's swap and synthetic-dollar products target.
Emerging players
- Pendle Finance: Yield-tokenization protocol trading fixed-yield and principal tokens — adjacent to Euler's RWA and lending positioning, and increasingly integrated with the same institutional RWA issuers.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Euler social profiles
Digital presenceEuler financial estimates
Financial estimateRevenue estimate
Valuation estimate
Euler leadership team
Management profileNumber of profiles
Profiles3 records
Euler funding detail
Funding detailFunding overview
Funding rounds3 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Euler M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Euler
What does Euler do?
Euler operates a permissionless, decentralized finance (DeFi) lending protocol on Ethereum that enables users to lend, borrow, and manage crypto asset collateral without intermediaries. The protocol uses a modular vault architecture that separates execution infrastructure from risk management layers through the Ethereum Vault Connector (EVC) and Euler Vault Kit (EVK) systems. It supports tokenized real-world assets including U.S. Treasuries, tokenized equities, and tokenized commodities as collateral, with interest rates determined algorithmically based on supply and demand.
Is Euler a public or private company?
Euler is a private company. It is classified as venture growth investor backed and is currently operating.
When was Euler founded?
Euler was founded in 2021. It employs 11 to 50 people.
Where is Euler based?
Euler is headquartered in London, United Kingdom, in the Europe region.
How does Euler make money?
Two revenue lines are on record. Lending Interest Fees are the primary driver. The others are protocol Swap Fees.
Who are Euler's main competitors?
Direct peers on record are Morpho, Compound, Aave, Spark Protocol, Silo Finance, Radiant Capital, Fluid and MakerDAO / Sky. Curve Finance is listed as a broad incumbent. Pendle Finance is listed as an emerging player.
Does Euler have an API?
No public API is recorded for Euler.
What industry is Euler in?
Euler's product category is DeFi Lending Protocol. Its primary akta.pro industry code is FSADAMAA, Decentralized Lending & Borrowing Protocols, with a secondary code of FSADAFAB, Decentralized Lending Protocols (DeFi Money Markets). Its NAICS code is 5231 and its SIC code is 6200.