Six months ago, we launched Euler v2 with a vision to expand what was possible in DeFi, giving users the freedom to lend, borrow, and build without limits. Since then, we’ve seen a wave of innovative markets emerge, alongside a growing number of builders using the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC) to create new financial primitives. As Euler continues to scale rapidly, we want to take a moment to reflect on the progress so far and share a glimpse of what’s ahead.

Euler’s growth in numbers

Euler’s core metrics have never looked stronger. TVL has surged over 575% in the past 3 months, climbing from $99M to $671M and active loans now total $231M, with utilization currently sitting at 43%. Euler v2 was built for capital efficiency, and while there’s room to push utilization higher, 42% is a strong starting point as we continue optimizing. Monthly active users have climbed to 10,800 outpacing the growth of competitors with larger TVLs, a sign that users keep returning to Euler’s UI, using powerful features like multiply. For a closer look at the metrics, visit Euler’s dashboards on Token Terminal and Dune.

Much of this growth was driven by Euler’s modular design, allowing it to adapt to evolving market demands. This flexibility has enabled the creation of diverse markets, such as Resolv (trading USR, a delta-neutral stablecoin backed by ETH), Usuals’ Usual Stability Loan (which enables fixed-rate borrowing against USD0++ collateral) Euler Yield (looping stablecoins with yield-bearing tokens) and Apostro BTC (leveraged BTC staking).

Expanding to new chains

Euler on every chain. That’s one of our goals for 2025. We want to meet users wherever they are and drive a multichain expansion in DeFi. As of today, Euler is not only live on Base, Swell, Sonic and BOB but is also growing quickly. Euler on Base has reached $70M, with $50M in the first month. Swell saw $18M in deposits within 24 hours, while Sonic hit $42M in the first 72 hours and BOB hit $25M within 4 days. Beyond these launches, Euler contracts have also been deployed on Berachain, Unichain, Avalanche and additional networks (for those who know where to look onchain) with official launches happening soon.

Optimizing risk, capital efficiency, and liquidity

To further optimize risk management, capital efficiency, and liquidity, Euler has onboarded Gauntlet as the risk manager for Euler Prime, both on Mainnet and Base — Euler’s flagship lending market focused on blue-chip DeFi assets and RWAs—and Euler Yield, which facilitates looping stablecoins with yield-bearing tokens. Gauntlet's oversight will extend to more Euler markets in the future, reinforcing secure and efficient lending structures.

A growing ecosystem

Euler is built for lenders and borrowers - but also for builders. Projects like Usual, Flower.Money, Twyne, Superlend, and Objective Labs are building on Euler. A standout example is The Usual Stability Loan (USL) by Usual, which was built using the Euler Vault Kit and it now has over $170M deposits in just 3 weeks. USL is the first project to utilize Euler's hooks to create permissioned markets, opening up new possibilities for onchain credit and institutional DeFi.

We believe this is just the beginning. We welcome and encourage builders to make use of the public goods we’ve built and contributed to, including the EVC, Fee Flow, Euler Oracles, and Reward Streams. The possibilities for new use cases are endless. While some believe DeFi innovation has stalled, we are confident that Euler v2 will continue to push boundaries and usher in a wave of new advancements. 

Euler’s expansion has also reignited the Euler community with thousands of new members joining Discord and over 4,500 members jumping into Euler quests since v2’s launch.

Institutional grade security 

Security has and always will be the foundation of Euler v2.

With a $4M security budget, unprecedented for an app-layer DeFi protocol, Euler underwent one of the most extensive security processes in the industry. This included 45 audits by 13 leading security firms, early-stage engagements with top researchers, and dedicated fuzz testing and formal verification.

Additionally, Euler hosted a $1.25M code audit competition with Cantina, with no high or medium-severity issues found, and a $3.5M Capture The Flag challenge with Hats Finance, where whitehats unsuccessfully attempted to breach Euler’s live contracts. You can learn more about our security strategy here.

But security is an ongoing process. Since v2’s launch, we've conducted new audits (found here) and recently raised our bug bounty from $1M to $5M, making it now the second-largest lending protocol bounty.

What’s Next 

For all its innovation, inefficiencies in yield and liquidity still persist in DeFi. Yield generation is often complex and inaccessible, requiring active management and deep technical knowledge. Meanwhile, liquidity remains fragmented: idle capital sits in lending markets, while swaps rely on rigid pools that can’t adapt to real market demand.

What if there was a way to bridge these gaps? A way to make yield smarter and liquidity work on demand? The solutions are closer than you think. Built for efficiency. Built for flexibility. Built without limits.