Euler

Euler is a decentralized lending and borrowing protocol designed to serve a wider range of crypto assets than earlier DeFi lending platforms. Where protocols like Compound and Aave restrict themselves to a curated list of highly liquid tokens, Euler aims to accommodate the long tail of ERC-20 assets that lack access to on-chain credit markets. The EUL token is the native asset of this protocol, which runs across several blockchains including Ethereum, Arbitrum, Avalanche, Base, BNB Chain, and Berachain.

Euler is an application-layer protocol, not a standalone blockchain, so it has no consensus algorithm of its own and settles through whichever underlying chain it is deployed on. The current iteration, Euler V2, governs lending pools where users deposit assets to earn yield from borrowers, and borrowers pay interest to access those assets. The EUL token functions as the protocol's governance token, giving holders a role in decisions about the system's parameters and development.

Fees are generated by borrowers who pay interest on loans; those fees flow primarily to depositors as supply-side revenue, which totaled 1,430,070 USD over the trailing 30 days. The protocol retains a share described by a take rate of approximately 3.19 percent over that same trailing 30-day period, translating into protocol revenue of 47,132 USD in the trailing 30 days and 3,273,923 USD over the trailing 12 months. Total fees collected reached 1,477,202 USD in the trailing 30 days and 55,112,288 USD over the trailing 12 months, with the annualized fee run-rate derived from the trailing 30 days standing at 17,972,624 USD. Holders of EUL received only 1.19 USD in revenue over the trailing 30 days, meaning the token captures very little of the fee stream directly.