Euler is modular lending infrastructure for onchain credit. It lets markets, vaults, and credit products be created around specific assets, collateral rules, pricing models, liquidation settings, governance paths, and account relationships. The core idea is simple: vaults define market rules, and Euler’s account infrastructure defines how selected vaults and accounts can interact. That makes Euler a credit layer for programmable finance. What Euler Is Euler is infrastructure for creating a

The Euler Vault Kit, or EVK, is the framework for creating Euler lending vaults. EVK lets builders deploy configurable ERC-4626 vaults with their own collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation settings, governor, curator, and operating parameters. It is one of the core primitives behind Euler V2. EVK creates the vault. The Ethereum Vault Connector defines how selected vaults and accounts can interact. Why EVK Exists Lending markets need

The Ethereum Vault Connector, or EVC, is account infrastructure for ERC-4626 vaults. It lets selected vaults recognize one another as collateral, coordinate account checks, delegate scoped permissions, and batch multiple actions into one execution path. EVC is one of the core primitives behind Euler V2. The Euler Vault Kit creates configurable lending vaults. EVC defines how selected vaults and accounts can interact. Why EVC Exists Lending markets often need more than one isolated vault. A

Euler is bringing HyperEVM market coverage directly into the Euler ecosystem. HypurrFi has operated Mewler, a licensed Euler deployment on HyperEVM, giving users and curators access to Euler-based lending markets in the Hyperliquid ecosystem. As HypurrFi winds down its brand and hands off the Euler contract stack, Euler will support that market coverage directly. For users, this means borrowing and lending markets on Hyperliquid will move closer to the core Euler experience. Supported HyperEVM

Foreword  Other protocols are publishing polished Q1 updates. We're doing something different. 2025 changed Euler — billions in deposits, an industry crisis, a leadership transition in January, and hard lessons about what it takes to build something that lasts. Rather than packaging that into a highlight reel, we'd rather give you the full picture: what worked, what didn't, and what comes next. If DeFi is going to be better than the system it aims to replace, we can't hide problems behind polis

Euler Earn lets curators, wallets, and applications create ERC-4626 vaults that allocate a single deposited asset across selected Euler markets or compatible ERC-4626 vaults. Users interact with one vault position. Curators define the eligible markets, allocation caps, supply and withdraw queues, roles, and rebalancing logic behind it. The Problem Euler Earn Solves Lending yield is often spread across many markets. A user may need to compare market parameters, track liquidity, manage deposi

EulerSwap is a decentralized exchange built on Euler V2. It combines an automated market maker with Euler’s lending infrastructure, so liquidity can sit inside Euler vault positions instead of a standalone AMM pool. For LPs, token teams, DAOs, and market makers, this creates a different liquidity model: the same capital can support swaps, remain active in Euler lending vaults, and serve as collateral for borrowing, subject to vault parameters, available liquidity, and market conditions. A Uni

Euler V2 is modular lending infrastructure for creating, connecting, and operating onchain credit markets. Most lending systems start from one fixed market structure. Some prioritize broad collateral networks. Others prioritize isolated markets. Some rely on active governance or curator oversight. Others minimize change after launch. Each model has tradeoffs. Broad collateral networks can improve capital efficiency, but they also connect risk across many assets. Isolated markets can keep risk

  Euler V2 is live. Euler V2 is modular lending infrastructure for creating, connecting, and operating onchain credit markets. It gives builders and curators the primitives to deploy ERC-4626 vaults, define market parameters, connect collateral relationships, and support different lending market structures through one shared architecture. The Power of Modularity Euler V2 is designed around modular vaults. Each vault can define its own asset, collateral relationships, oracle configuration,