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 deposits, monitor risk, and rebalance between opportunities. A curator may want to package that work into a transparent vault without taking custody of user assets or building a new vault system from scratch.
Euler Earn provides that framework.
It lets curators create vaults that route deposits across selected markets according to defined rules, while users access the vault through a standard ERC-4626 position.
Why Euler Earn
One Vault Position
Users deposit one asset and receive a single ERC-4626 vault token representing their position.
Curator-Defined Allocation
Curators choose the approved allocation targets, set caps, define queues, and manage reallocations within the vault’s rules.
Risk Controls and Timelocks
Risk-sensitive changes, such as cap increases or role changes, can be subject to timelocks and guardian review.
Permissionless Vault Creation
Curators can deploy Earn vaults through the Euler Earn Factory or Creator UI.
Composable by Design
Earn vaults are ERC-4626 compliant, so apps, wallets, aggregators, and other products can integrate them through a standard vault interface.
How Euler Earn Works
Each Earn vault has one underlying asset, such as ETH or USDC.
Deposits can be allocated across up to 30 approved ERC-4626 allocation targets. These are commonly Euler lending vaults, but compatible ERC-4626 vaults can also be used where the curator has approved them.
Two queues govern vault flows.
The supply queue defines where new deposits are allocated, subject to per-target caps. The withdraw queue defines where liquidity is pulled from when users redeem.
Curators can set maximum allocations for each target. Cap increases are timelocked. Cap decreases can be applied immediately.
Earn vaults can also hold idle liquidity through a reserve, such as an escrow vault or non-borrowable EVK vault, to support faster withdrawals where the curator chooses that design.
Loss Accounting
If an allocation target realizes a loss, such as bad debt or forced removal, Euler Earn tracks the shortfall through lostAssets.
This accounting is designed to avoid reducing the share price directly. Remaining depositors may still face withdrawal constraints unless the shortfall is covered. Users should review the vault’s allocations, liquidity, curator, fee settings, and risk parameters before depositing.
Fees
Curators can set a performance fee of up to 50% of net positive yield. The fee is minted as additional vault shares to the configured fee recipient.
No protocol-level fee is charged by Euler Earn at the vault layer.
Governance and Roles
Earn vaults use defined roles for operation.
The owner controls top-level vault administration. The curator manages approved allocation targets and caps. Allocators manage queues and reallocations within approved limits. A guardian can cancel certain pending timelocked actions before they execute.
Earn vaults can also support ERC20Votes, allowing vault shares to be used in governance designs where a curator or community chooses that structure.
Getting Started as a Curator
Curators can deploy an Earn vault through the Euler Earn Factory or Creator UI.
A curator defines the underlying asset, vault metadata, allocation targets, caps, queues, fees, roles, and timelock settings. From there, the vault can allocate deposits across approved markets while users interact with one ERC-4626 position.
Euler Earn turns selected Euler markets into a single curated vault: one deposit path for users, one integration surface for apps, and one operating framework for curators.
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