BTC$84,296-2.28%|

ETH$2,672.18-2.89%|

USDT$0.99989-0.00%|

BNB$765.7000-2.48%|

XRP$1.4800-5.51%|

USDC$0.99988-0.00%|

SOL$114.1900-3.27%|

TRX$0.34027-0.45%|

ZEC$1,512.73-0.05%|

FIGR_HELOC$1.0270-1.07%|

HYPE$92.9200-3.74%|

DOGE$0.09202-8.11%|

XMR$551.4200-2.64%|

WBT$84.5000-2.48%|

USDS$0.99987-0.00%|

LINK$12.2500-5.48%|

ADA$0.23728-5.94%|

RAIN$0.01226-6.35%|

LEO$8.9600-0.20%|

XLM$0.20098-6.46%|

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NEAR$4.3400+1.57%|

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USDE$0.99973-0.01%|

LTC$60.8700-2.76%|

DAI$0.99987-0.01%|

AVAX$10.2900-6.59%|

USD1$0.99953+0.01%|

CC$0.10874-3.95%|

GRAM$1.4100-2.66%|

BTC$84,296-2.28%|

ETH$2,672.18-2.89%|

USDT$0.99989-0.00%|

BNB$765.7000-2.48%|

XRP$1.4800-5.51%|

USDC$0.99988-0.00%|

SOL$114.1900-3.27%|

TRX$0.34027-0.45%|

ZEC$1,512.73-0.05%|

FIGR_HELOC$1.0270-1.07%|

HYPE$92.9200-3.74%|

DOGE$0.09202-8.11%|

XMR$551.4200-2.64%|

WBT$84.5000-2.48%|

USDS$0.99987-0.00%|

LINK$12.2500-5.48%|

ADA$0.23728-5.94%|

RAIN$0.01226-6.35%|

LEO$8.9600-0.20%|

XLM$0.20098-6.46%|

BCH$339.4000+0.36%|

NEAR$4.3400+1.57%|

UNI$9.1400-2.80%|

USDE$0.99973-0.01%|

LTC$60.8700-2.76%|

DAI$0.99987-0.01%|

AVAX$10.2900-6.59%|

USD1$0.99953+0.01%|

CC$0.10874-3.95%|

GRAM$1.4100-2.66%|

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DeFiTier-2No KYC

Euler V2

Modular, permissionless lending with EVK vault connectors after rebuilding from exploit.

4.0

TVL: $890M Visit website

Overview

Euler V2 is a modular, permissionless DeFi lending protocol that rebuilt from a 2022 exploit with significantly improved security architecture. Launched originally in 2020 and relaunched as V2, the protocol features Vault Connectors (EVKs) — permissionless modules that allow anyone to create custom lending vaults with their own risk parameters.

Recovery & Rebuilding

Euler was exploited in March 2023 for $197M but fully recovered all funds through negotiation and relaunched as V2 with a completely redesigned architecture. The recovery demonstrated the team's commitment and the community's trust in the protocol.

EVK Vault Connectors

The Ethereum Vault Connector (EVK) system is Euler V2's key innovation — it allows permissionless creation of lending vaults, each with customizable risk parameters, collateral assets, and interest rate models. This modularity enables risk isolation and professional risk management.

Pros & Cons

Pros

Permissionless vault creation via EVK connectors
Risk isolation — each vault is independent
Successfully recovered from 2023 exploit — proven resilience
Advanced liquidation mechanism
EUL token governance
Available on Ethereum, Optimism, and Arbitrum

Cons

History of exploit (though fully recovered) may concern some users
Complex modular architecture may be difficult for beginners
Lower TVL compared to Aave and Compound
No KYC or institutional compliance features

Key Features

Vault Connector (EVK) permissionless

Risk isolation

Recovered from exploit

Advanced liquidation

EUL governance

Frequently Asked Questions

Is Euler V2 safe after the 2023 exploit?

Euler V2 was rebuilt from scratch with a completely new architecture after the 2023 exploit. All funds from the exploit were recovered. The new system uses permissionless EVK vault connectors with isolated risk per vault.

What are EVK vault connectors?

Ethereum Vault Connectors (EVKs) are permissionless modules that allow anyone to create custom lending vaults with their own risk parameters, collateral assets, and interest rate models. This enables modular, isolated risk management.

What is Euler V2's TVL?

Euler V2 has approximately $890M in total value locked, making it a mid-tier DeFi lending protocol. TVL has been growing steadily since the V2 relaunch.