Euler is a decentralized, non-custodial, open-source protocol built on Ethereum that allows users to lend and borrow ERC20 crypto assets.
The EUL token is the protocol’s governance token, with a utility to vote on proposals and gauge distribution.
Euler was formed by Michael Bentley, Doug Hoyte and Jack Prior. Bentley previously worked as an evolutionary biologist at the University of Oxford; Hoyte a programmer, author, and teacher specialising in network security and financial applications; and Prior as a web developer for several firms including Havas.
In 2020, Euler closed a $800k seed round led by investment firm Lemniscap after winning a hackathon from Encode Club. A year later, the company raised an $8 million Series A round led by investment firm Paradigm.
The Euler decentralized application was launched in December 2021. Euler closed a new $32 million treasury diversification round led by investment firm Haun Ventures in June 2022. Euler has attracted several professionals from traditional finance, including from Goldman Sachs and the Federal Reserve Bank of NY.
The Euler team has published widely cited research on a range of DeFi topics, including oracle price manipulation.
Euler is a decentralized finance protocol to borrow and lend cryptocurrencies and tokens on the Ethereum mainnet. The protocol comprises a set of smart contracts deployed on the Ethereum blockchain that can be openly accessed by anyone.
Users can permissionlessly list ERC20-based cryptocurrencies, which will be given a set of borrow factors and an oracle rating depending on the liquidity in the asset's Uniswap V3 WETH-paired pool.
Euler is managed by holders of a protocol native governance token called Euler Governance Token (EUL), which is distributed to borrowers on the protocol. Users can create flash loans, leveraged positions, and self collateralisation.