The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Euler
Analysis of 11 Dec 2025Euler Finance is a permissionless DeFi lending protocol on Ethereum that underwent a remarkable recovery after a $197M exploit in March 2023. The protocol returned all recoverable funds and relaunched v2 with extensive security improvements (29 audits, $4M security budget).
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As of late 2025, Euler has achieved extraordinary growth with TVL surging 3,200% to over $2 billion, active loans exceeding $1 billion, and monthly active users reaching 10,800. The EUL governance token trades around $7-10 with a market cap of $84-134M and 18.69M circulating supply.
Multi-chain expansion includes Base, Sonic, Berachain, BNB Chain, and a notable integration with BlackRock's sBUIDL on Avalanche.
