EulerPrice

(EUL)

The EUL token serves multiple core functions. Primarily, it's used for governance, allowing holders to propose and vote on protocol upgrades, risk parameters, and treasury management decisions through the Euler DAO. EUL is also integral to Fee Flow Auctions, where protocol fees are auctioned off, and users bid using EUL. This EUL is often burned or sent to the treasury, contributing to a deflationary mechanism. Additionally, EUL is distributed as incentives, typically as rEUL, to lenders and borrowers to encourage liquidity provision within the protocol's reward-eligible vaults.

The total supply of EUL is fixed at 27,182,818 tokens, a specific number chosen as a tribute to Euler’s number, e. As of late 2025/early 2026, a significant portion, roughly 70% or more, is actively in circulation. The remaining tokens are either held within the DAO treasury, earmarked for future protocol growth initiatives, or are part of the vesting schedules for core contributors and early investors, with most of the original vesting "cliffs" already having passed.

In March 2023, Euler v1 experienced a significant flash loan attack, resulting in a $197 million loss. The vulnerability was traced to a bug within its "donateToReserve" function. In a highly unusual turn of events for a DeFi incident of this scale, nearly all recoverable funds were successfully returned by the hacker. This recovery followed negotiations and the offer of a $1 million bounty, ultimately enabling the protocol to reimburse affected users entirely and make them whole.

Euler v2 fundamentally differs by employing a modular architecture, moving away from the "pooled" models used by many traditional protocols where all assets share a single risk bucket. Euler's design allows for the creation of "isolated vaults" using the Euler Vault Kit (EVK). This means high-risk or "long-tail" assets can have their own independent lending markets with custom risk parameters, interest models, and oracles, without jeopardizing the stability of mainstream pools like those for stablecoins or major cryptocurrencies. The Ethereum Vault Connector (EVC) further enhances this by enabling interoperability between vaults.

Euler v2 was entirely rebuilt with security as a paramount concern following the 2023 hack. It features a modular architecture designed specifically to prevent contagion, meaning that a potential issue in one isolated market will not compromise the entire protocol. The new version has undergone extensive scrutiny, including over 45 comprehensive audits, significantly enhancing its robustness. The core innovation of "isolated vaults" ensures that even if one market faces an exploit or failure, it remains self-contained, protecting other unrelated lending and borrowing markets within the ecosystem.

EUL tokens are available for trading on a variety of leading centralized and decentralized exchanges. Users can find EUL listed on several reputable platforms. Regarding recent community events, Euler was notably included as a project in a recent HODLer Airdrop program (e.g., in Oct 2025). Participants who held specific assets on participating exchanges were eligible. Details about such events, including snapshot dates and eligibility criteria, are typically communicated by the respective platforms and the Euler DAO.