Euler

Euler is a decentralised lending and borrowing protocol that operates across several blockchains, including Ethereum, Arbitrum, Avalanche, Base, BNB Chain, and Berachain. It aims to extend lending and borrowing access beyond the small set of highly liquid tokens supported by earlier DeFi protocols, targeting users who want to deposit or borrow a wider range of crypto assets, including less liquid ones. The EUL token is the native governance token of the Euler protocol.

Euler V2 runs on-chain as a smart-contract application, meaning it has no dedicated consensus algorithm of its own and instead settles on the underlying blockchains it is deployed to. Borrowers post collateral and pay interest to lenders, with rates set algorithmically by the protocol. The EUL token gives holders influence over protocol governance decisions, and a very small portion of protocol revenue — recorded as 0.26 USD in holder revenue over the trailing 30 days — flows to token holders.

Fees are generated by interest that borrowers pay when they take out loans; lenders on the supply side receive the bulk of this. Over the trailing 30 days, the protocol collected 1,691,831 USD in total fees, of which 1,614,723 USD went to the supply side — the lenders — and 77,108 USD was retained as protocol revenue. The take rate, meaning the share the protocol keeps for itself, stood at roughly 4.56 percent over that same 30-day period. Annualised from the trailing 30 days, fees come to 20,583,943.83 USD and protocol revenue to 938,147.33 USD.