Euler
Euler is a DeFi lending protocol offering modular on-chain credit infrastructure via the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), enabling curators, builders, and institutions to deploy configurable ERC-4626 lending markets across multiple chains.
- Company typePrivate
- Founded2024
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Euler does
Euler is a decentralized finance (DeFi) lending protocol that provides modular on-chain credit infrastructure built around two core primitives: the Euler Vault Kit (EVK), a framework for deploying configurable ERC-4626 lending vaults with per-vault collateral rules, oracle configuration, interest rate models, and liquidation settings, and the Ethereum Vault Connector (EVC), which coordinates collateral relationships, sub-accounts, operator permissions, and batched execution across selected vaults. This architecture is designed so that curators, builders, and institutions can create lending markets ranging from isolated pairs to cross-collateralized clusters and permissioned RWA markets, without re-architecting the underlying lending infrastructure. The protocol operates across Ethereum, Avalanche, Sonic, and HyperEVM, with EulerSwap (AMM inside vault positions) and EulerEarn (curated yield aggregation) as additional product surfaces. The corporate entity, The Euler Foundation, is registered in the Cayman Islands; Euler Labs is the development company based in London with 11-50 employees. The protocol is governed by Euler Governance Token (EUL) holders.
Euler's business model is structurally pre-revenue at the protocol level: Labs has recommended the DAO reduce protocol fees to zero for the foreseeable future to compete with Morpho for curator adoption, and the Fee Flow auction mechanism is being paused. Revenue mechanics consist of optional curator-set performance fees on EulerEarn vaults (up to 50% of net yield) that accrue to curators, and historical liquidity mining/incentive programs. The go-to-market is hybrid: product-led growth via a self-serve app (app.euler.finance), Telegram Mini Apps, and developer SDKs/APIs for builders, layered with an institutional field-sales motion through partnerships with Securitize (permissioned asset vault), Unlink (privacy), and Clearstar Labs (HyperEVM curator). Customer segments include DeFi users (retail and sophisticated), curators and risk managers (Sentora, Clearstar, KPK, Steakhouse), builders and developers, and institutions handling tokenized securities and RWA collateral.
The company is mid-turnaround: both co-founders departed in January 2026 alongside an organizational restructuring and new executive hires, while the protocol continues to sign institutional partnerships and expand primitives. The 2023 exploit legacy and the Stream Finance crisis (which impacted Euler's Plasma deployment) remain reputational overhangs, though vault isolation architecture has been validated as containing blast radius.
Euler firmographics
Firmographics- Name
- Euler
- Legal name
- The Euler Foundation
- Website
- https://euler.finance
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Euler is a DeFi lending protocol offering modular on-chain credit infrastructure via the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), enabling curators, builders, and institutions to deploy configurable ERC-4626 lending markets across multiple chains.
- Ownership category
- akta.pro rank
Euler industry classification
Industry- Product category
- DeFi Lending Infrastructure
- NAICS
- Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Decentralized Lending & Borrowing Protocols (FSADAMAA)
- akta.pro secondary industries
- Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending) (FSAGAMAG), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), Liquidity Provision & Market Making Protocols (AMMs, concentrated liquidity, LP tooling) (FSAPAEAF)
Keywords
Where Euler is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices2 records
Markets served
Euler business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Protocol Fees (Lending/Borrowing): Euler charges protocol-level fees on lending and borrowing activity. Labs is recommending the DAO reduce protocol fees to zero for the foreseeable future to compete for curator adoption, as the main competitor has no fee switch enabled. Fee Flow (MEV-resistant fee auction mechanism) is being paused. Labs is pursuing an upgrade to give the DAO ability to reintroduce fees when scale justifies it.
- EulerEarn Performance Fees: Curators can set a performance fee of up to 50% of net positive yield on EulerEarn vaults, minted as additional vault shares to the fee recipient. No protocol-level fee is charged at the vault layer for EulerEarn.
- Liquidity Mining / Incentive Programs: Historical growth was driven by incentive programs including plasma chain launches. Capital was attracted by incentive-driven deposits, though this model is being reconsidered in favor of quality growth over TVL volume.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Zero Protocol Fees |
| Outcome Based/ Performance | Pay-as-you-go | EulerEarn Performance Fee |
| Other | Pay-as-you-go | Bug Bounty Program |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels6 records
Euler product offering
Product offeringCore offering
Euler provides modular DeFi lending infrastructure built on two core primitives: the Euler Vault Kit (EVK) for creating configurable ERC-4626 lending vaults, and the Ethereum Vault Connector (EVC) for coordinating collateral relationships, sub-accounts, operators, batching, and account checks across selected vaults. On top of this infrastructure, Euler offers EulerSwap (an AMM with liquidity inside vault positions) and EulerEarn (curated yield aggregation vaults). The protocol is accessible via a self-serve application for DeFi users and via SDKs/APIs for builders, curators, and institutions deploying tokenized asset lending markets.
Product overview
Euler is modular lending infrastructure for programmable finance. The core offering consists of Euler V2, which provides the foundational lending platform, built from two core primitives: the Euler Vault Kit (EVK) for creating configurable ERC-4626 lending vaults, and the Ethereum Vault Connector (EVC) for coordinating collateral relationships, account checks, sub-accounts, and batched execution across selected vaults. On top of this infrastructure, Euler offers EulerSwap (AMM liquidity inside vault positions), EulerEarn (curated yield aggregation vaults), permissioned asset vaults for regulated RWA assets, and oracle infrastructure supporting Chainlink, Pyth, RedStone, and Chronicle. The protocol is accessible via a web application, Telegram Mini Apps, and documented APIs/SDKs for integrators and builders.
Differentiator
Problem solved
Functional benefit
Brands
- Euler Vault Kit (EVK): Framework for creating configurable ERC-4626 lending vaults with market-specific rules for collateral, pricing, caps, interest rates, liquidations, governance, and roles.
- Ethereum Vault Connector (EVC)
- EulerEarn
- EulerSwap
Products and services
- Euler V2 Modular lending infrastructure for onchain credit, rebuilt after the 2023 exploit. Composed of the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC) as core primitives. Lets markets, vaults, and credit products be created around specific assets, collateral rules, pricing models, liquidation settings, governance paths, and account relationships. Launched September 2024.
- Euler Vault Kit (EVK) Framework for creating Euler lending vaults. Lets builders deploy configurable ERC-4626 vaults with their own collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation settings, governor, curator, and operating parameters. Lets lending markets be deployed without rebuilding infrastructure from scratch.
- Ethereum Vault Connector (EVC) Account infrastructure for ERC-4626 vaults. Lets selected vaults recognize one another as collateral, coordinate account checks, delegate scoped permissions, and batch multiple actions into one execution path. Supports sub-accounts and operators. Provides composability without requiring one shared risk pool.
- EulerSwap Decentralized exchange built on Euler V2 combining an automated market maker with Euler's lending infrastructure. Liquidity sits inside Euler vault positions rather than standalone AMM pools, enabling the same capital to facilitate swaps, earn lending interest, and serve as collateral for borrowing. Compatible with Uniswap v4 hook architecture. Supports just-in-time liquidity via Euler borrowing.
- EulerEarn Yield aggregation feature letting curators create ERC-4626 vaults that allocate a single deposited asset across selected Euler markets or compatible ERC-4626 vaults. Users interact with one vault position while curators define eligible markets, allocation caps (up to 30 targets), supply/withdraw queues, timelock controls, and rebalancing logic. Curators can set performance fee up to 50% of net positive yield.
- Euler App (UI) User interface for interacting with the Euler Protocol, supporting supply, borrow, swap, and Earn vault interactions. The current application is being replaced with a lighter, more reliable alternative with full feature parity.
- Permissioned Asset Vault ERC-4626 vault designed for regulated real-world assets that need to preserve distinct transfer, ownership, and eligibility requirements while participating in DeFi lending markets. Developed with Securitize for tokenized securities such as VBILL (VanEck's tokenized Treasury fund) and STAC (tokenized AAA CLO fund). Vault enforces eligibility and transfer checks at the contract level.
- Unlink Privacy Integration Integration with Unlink that routes capital into Euler vaults through a privacy layer, enabling institutions to supply, borrow, and manage positions while reducing the public link between wallet and vault activity. No new chain or bridge required.
- HyperEVM Market Coverage Direct support for Hyperliquid-based Euler lending markets, bringing HyperEVM market coverage in-house from HypurrFi's Mewler deployment. Supported HyperEVM markets move toward Euler-owned surfaces with Hyperliquid support in the Euler UI.
Quantifiable outcome
- Euler grew to over $4 billion in deposits within a year of V2's September 2024 launch
- +3 more outcomes
Companies that use Euler
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
Euler technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
Feature8 records
Euler partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- UnlinkcoreUnlink integrates with Euler to bring transaction privacy to institutional lending. The integration routes capital into Euler vaults through Unlink's privacy layer — a smart contract deployed to existing chains supported by Euler. Institutions can supply, borrow, and manage positions without making vault selection, position sizes, or rebalancing activity public. No new chain or bridge required. Builders can offer private access to Euler vaults through the Unlink SDK in non-custodial or custodial form.
- SecuritizecoreDeveloped in close collaboration with Securitize to create the first ERC-4626 vault compatible with permissioned/transfer-restricted tokenized securities in DeFi. Assets like VBILL (VanEck's tokenized Treasury fund) and STAC (tokenized AAA CLO fund) can serve as productive collateral in Euler lending markets without abandoning permissioned transfer frameworks. The vault enforces eligibility and transfer checks at the contract level. KPK Securitize markets are live on Euler. Audited by Pashov Group and yAudit.
- Clearstar LabscoreClearstar Labs continues as curator for Prime, Yield, and future Euler markets on HyperEVM as Euler brings HyperEVM market coverage in-house from HypurrFi's Mewler deployment. This operational transition means Hyperliquid users and curators get closer to the core Euler experience. Clearstar operates dedicated frontend surfaces for its Euler vault products.
- SentoracoreSentora is currently the largest curator on Euler, managing significant capital in Euler vaults. Has written publicly about the evolution of vault management from static human curation toward intelligent, automated systems operating at block speed, with lending protocol as foundational infrastructure. Represents the institutional curator model Euler is built around.
- Steakhouse FinancialminorOperates its own dedicated app for its Euler vaults and has B2B integrations with major exchanges. Represents the curator model where serious operators build dedicated frontends and distribution channels on top of Euler lending infrastructure.
- KelpDAOminorEuler was among nine DeFi protocols affected by the Kelp liquid restaking protocol exploit in April 2026 (approximately $293M in losses). Euler moved to freeze rsETH markets and mitigate fallout. Demonstrated both the cross-protocol contagion risk of non-isolated lending architectures and the protective value of Euler's vault isolation design.
- BlackRockminorBlackRock's BUIDL tokenized money market fund expanded to integrate with Euler and Uniswap Labs for DeFi trading and use as collateral. BlackRock is not a direct Euler partner but a significant ecosystem participant — its $2.4B BUIDL fund is integrated with Euler, increasing the quality of collateral available on the protocol.
- ChainlinkcoreChainlink provides price feeds for Ondo Finance's tokenized US stocks used as collateral on Euler. Euler's oracle infrastructure is modular and oracle-agnostic, supporting Chainlink alongside Pyth, RedStone, Chronicle, and custom adapters.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Euler competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key highlights7 records
Customer concentration
Euler social profiles
Digital presenceEuler compliance and trust
Trust signalCompliance7 records
Euler 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
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Euler M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Euler
What does Euler do?
Euler provides modular DeFi lending infrastructure built on two core primitives: the Euler Vault Kit (EVK) for creating configurable ERC-4626 lending vaults, and the Ethereum Vault Connector (EVC) for coordinating collateral relationships, sub-accounts, operators, batching, and account checks across selected vaults. On top of this infrastructure, Euler offers EulerSwap (an AMM with liquidity inside vault positions) and EulerEarn (curated yield aggregation vaults). The protocol is accessible via a self-serve application for DeFi users and via SDKs/APIs for builders, curators, and institutions deploying tokenized asset lending markets.
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 2024. 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?
Three revenue lines are on record. Protocol Fees (Lending/Borrowing) is the primary driver. The others are eulerEarn Performance Fees and liquidity Mining / Incentive Programs.
Does Euler have an API?
Yes. Euler provides SDKs, APIs, structured data interfaces, llms.txt, operators, sub-accounts, and batching for developers to build credit products, read market state, prepare scoped lending actions, and integrate Euler primitives into their own user flows. The documentation and developer resources are available at docs.euler.finance. The company is launching reliable, documented APIs designed for curators, integrators, and institutions, being built by a former CTO with fifteen years of experience building backend infrastructure. Developer documentation is at docs.euler.finance.
What industry is Euler in?
Euler's product category is DeFi Lending Infrastructure. Its primary akta.pro industry code is FSADAMAA, Decentralized Lending & Borrowing Protocols, with a secondary code of FSAGAMAG, Institutional DeFi & On-Chain Liquidity Infrastructure (Permissioned DeFi, Lending). Its NAICS code is 523210 and its SIC code is 6200.