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Get answers to frequently asked questions about Euler. |
Euler is a non-custodial protocol on Ethereum that allows users to lend and borrow almost any crypto asset. Learn more about how Euler works by reading the white paper here.
Euler was initially created by a team of developers at a company called Euler Labs (see website here). Today it is progressively decentralising and receives contributions from the external developer community as well as ongoing contributions from Euler Labs.
EulerDAO is a decentralised autonomous organisation encapsulating all holders of a governance token called EUL. Holders of the token have voting powers to propose and make changes to the underlying code of the Euler Protocol.
Since DAOs not have a formal legal structure, the Euler Foundation was established as a non-profit Foundation Company designed to represent EulerDAO in the ‘real world’. The Euler Foundation has no shareholders and cannot pay out dividends to its members. Its purpose is to provide a vehicle by which EulerDAO can sign a contract or engage a company for a service that the DAO requires.
Join the Discord and meet the community, make proposals and discussion on the governance forum, or send a message if you have other ideas of contributing to the protocol.
Please refer to the Developers section and check out the Euler SDK.
The branding materials are located at the following link: euler.finance/branding. Copyright is owned by the Euler Foundation.
Check out the How To guides here. Or just go to the Euler app, login via the Connect button on ETH mainnet. Click on the Quick Action button. You can deposit and borrow through the same named action buttons. Choose the asset and amounts, then approve of the transactions.
How do I activate a market?
Search for an asset in the search bar on the Euler app. Unlisted assets can be activated by the Activate button, which will ask you to initiate the transaction. Once complete, the asset will be listed and activated.
The Goerli testnet has a test ER20 token faucet smart contract deployed a 0x1215396CB53774dCE60978d7237F32042cF3a1db.
To get testnet tokens for Goerli, connect open the smart contract on Etherscan by clicking the link above. Click on the tab with the green tick, then click on Write Contract and connect your wallet. Once connected, expand the withdraw feature and paste the underlying ERC20 token smart contract address and click on the Write button. This will require you to confirm the transaction in your wallet which costs gas.
Once confirmed, the token faucet smart contract will an amount of the specified testnet ERC20 token (up to a pre-defined threshold) to your connected wallet address.
The Goerli testnet token faucet supports the following ERC20 tokens: WETH, UNI, USDC, USDT, DOGE, WBTC, COMP, CRV.
Some tokens might not be on the token list or might not have a pool on Uniswap v3. Please send a message if you have trouble finding an unlisted asset.
Euler uses risk-based asset tiers to protect the protocol and its users. Isolated and Cross assets cannot be used as collateral, but Cross assets can be borrowed alongside other assets, while Isolated assets cannot.
Sub-accounts enable users to isolate positions into different accounts.
By default Euler uses Uniswap V3 Time Weighted Average Price (TWAP) as the pricing oracle. However, the oracle used can be changed in the governance process on one-to-one basis. Currently, Euler also supports Chainlink price feeds as a price source.
The Oracle Rating system attempts to rank Uniswap v3 price oracles for different markets high, medium, or low based on the ease with which they can be manipulated.
Reserves are protocol-owned liquidity deposited on Euler to provide a backstop against a 'run on the bank' scenario. Reserves build up over time as borrowers pay interest on their loans. The reserves are ultimately controlled by EulerDAO Governance.
An asset must have substantial liquidity with wide distribution in its Uniswap V3 WETH paired pool. If the asset has a low-risk oracle, it is in a better position to be regarded as a safer asset to become collateral through a governance proposal.
Euler is currently only on Ethereum Mainnet. Euler is open to and exploring other chains and layers, but nothing is currently imminent.
Enable is the standard approval transaction that allows Euler smart contracts access to that asset. You can edit the amount from unlimited in Metamask. Sign Permit is a gasless way of approving a contract to use your tokens as a one-time allowance (EIP-2612).
Mint enables users to more efficiently create leveraged positions of borrowers and deposits. For example, a user can deposit $1,000 USDC, and mint $2,000 USDC. Then you will have $3,000 USDC deposits, and $2,000 USDC liabilities. Burn closes Mint positions.
Users can transfer deposits (eTokens) and debt (dTokens) to other accounts. Always check the accounts involved in your operation will have sufficient collateral to support it.
Yes, the swap feature enables users to exchange one deposited asset for another using Uniswap and 1inch DEXs.
The Short action allows users to build a leveraged short position by borrowing and then immediately selling an asset on an external exchange, including 1inch and Uniswap.
Euler does not give financial advice, but users should note that mining at 19x is highly risky and can lead to liquidation if the user’s collateral cannot cover the interest fees. Mining at 19x most often liquidates positions within the same day it is created.
TTL allows users to see the amount of time they have until their position is liquidated based on the current interest rates and prices of those positions.
Euler allows liquidators to repay up to the amount needed to bring a violator back out of violation (plus an additional safety factor). Other protocols are fixed so that liquidators can pay off up to half a borrower's loan in one go, regardless of how underwater their position is.
Users can go to the Euler app, click on the Claim button in the navbar and claim any available tokens of previous epochs in the Distribution window once EUL tokens are available to claim.
EUL’s main utility is as a governance token for the Euler protocol. Users with EUL can have a say in the future decisions and direction, as well as the EUL distribution in the Euler gauges.
The distribution is decided by the amount of EUL tokens staked in the gauges.
Users can add or remove EUL distribution eligible markets simply by staking EUL tokens in their preferred gauges. See the link in the above question for the results of these votes. Please see eIP 51 for the latest iteration of EUL distribution.
In order to receive EUL emmission, assets (as per eIP 24) need to have a Chainlink pirce feed as well as receive EUL votes in the gauge system.
The Euler token (EUL) is distributed to borrowers on select markets on the platform. Please see the Gauges section for more details.
Allocation, vesting and other information about the EUL token can be found in the About section under EUL.
There is no public sale.
While EUL token has been released, Euler Labs does not give financial advice on trading the token.
There is no airdrop. 1% of the supply was allocated to users who interacted with the dApp during Epoch 0 as a one-off retroactive distribution.
No, testnet is to preview upcoming features and for users to learn about the protocol without any mainnet gas fees.
No, that is fake. No one related to Euler will ever message anyone directly, nor offer free tokens or investments of any kind.
Feel free to reach out through Discord or other platforms in the Quick Links section. Also read the integration guide for more details.
Euler cannot advise on exchange listings, nor pay for any listings.
Euler will be adding this feature in the near future. Please get in touch if you’d like to integrate with the distribution mechanisms.
Sorry, Euler does not accept payments or donations of any kind to promote activated markets.
In alignment with industry best-practices, Euler utilizes Chainalysis to identify and block wallets that are associated with certain illicit activities.
Chainalysis is a market leader in protecting against interactions with bad actors linked to sanctions, financial crime, child sexual abuse material, terrorist financing, scams, hacked or stolen funds, ransomware, and human trafficking.
It is Euler’s aim to prevent those engaged or associated with illegal activity from using the protocol. Euler is committed to responsible development, innovation, and financial inclusion.