Euler

Euler is a decentralised lending and borrowing protocol built on Ethereum and deployed across several other blockchain networks including Arbitrum, Base, Avalanche, BNB Chain, and Berachain. It aims to extend the permissionless lending and borrowing of crypto assets beyond the small set of highly liquid tokens supported by earlier protocols, allowing a much broader range of ERC-20 tokens to be used as collateral or borrowed. The project targets users who want to earn yield on token deposits or access leverage on assets that older lending protocols have not listed.

Euler operates as a smart-contract application, currently running under its Euler V2 architecture, with no native consensus algorithm of its own — it inherits security from the underlying blockchains it is deployed on. Borrowers lock collateral in the protocol and pay interest to lenders, with the protocol sitting between the two sides to enforce the terms automatically. The EUL token is the protocol's native asset and currently directs a negligible share of revenue to holders — the data records holder revenue of 0.03 USD over the trailing 30 days — with governance and other protocol functions forming the primary stated uses of the token.

Over the trailing 30 days the protocol generated 1,419,647 USD in total fees, almost all of which — 1,362,060 USD — went to the supply side, meaning the lenders who deposit assets into the protocol. Protocol revenue, the portion the system itself retained, was 57,587 USD over that same 30-day window, reflecting a take rate of approximately 4.06 percent of fees. Over the trailing 12 months, total fees reached 48,171,779 USD and protocol revenue reached 2,795,936 USD. In the most recent 24-hour period, fees were 57,286 USD while protocol revenue was 2,500 USD.