Euler (EUL) کی قیمت

What Is Euler (EUL) and How Does It Work?

Euler is a modular, permissionless lending protocol built for programmable onchain credit. It allows teams to create lending markets and vault products with their own collateral rules, interest-rate models, oracle inputs, liquidation settings, supply and borrow caps, and operating permissions.

Euler V2 is built around two core components. The Euler Vault Kit lets builders create configurable ERC-4626 lending vaults. The Ethereum Vault Connector lets selected vaults interact, recognize collateral relationships, coordinate account checks, and batch actions. This design aims to let credit markets compose while keeping risk scoped to the vaults and collateral relationships selected by market creators.

EUL is the protocol's ERC-20 governance token. It gives holders voting power over protocol code and treasury management, is used in fee-flow auctions, and can be distributed as rewards for protocol participation. EUL demand depends on governance relevance, protocol activity, fee flows, liquidity, and market sentiment.

When Did Euler Launch?

Euler's early protocol activity included a soft launch in 2021, when eligible depositors and borrowers received an initial EUL distribution. EUL was added to public market-data services in November 2021. The project later rebuilt its lending infrastructure as Euler V2, which it describes as a modular credit layer for creating lending markets, vault products, and credit applications.

The current V2 direction emphasizes customizable credit markets, curated vaults, multi-asset collateral relationships, tokenized-asset markets, and integrations built on the Vault Kit and Vault Connector. Product delivery and adoption of these building blocks remain the main milestones for users to follow.

Who Created EUL?

EUL is the native governance token of the Euler protocol and the Euler DAO. The reviewed official EUL documentation identifies Euler Labs, the Euler DAO, and the Euler Foundation as entities involved in development, governance, treasury interests, or ecosystem work.

The reviewed current official documentation did not provide a complete founder biography section. Readers looking for current contributors or leadership should verify the latest official governance, blog, and company materials instead of relying on historic team references alone.

Euler Roadmap

- Custom lending markets: Expand use of the Euler Vault Kit so builders can configure asset support, collateral settings, caps, oracles, borrowing costs, liquidations, and operating roles for specific markets.

- Composable collateral: Develop integrations around the Ethereum Vault Connector, allowing selected vaults to coordinate collateral and account interactions without placing all assets in one shared risk pool.

- Curated and tokenized-asset products: Support market designs for curated vaults, tokenized assets, institutional workflows, and automated lending strategies with asset-specific risk parameters.

- Governance and fee-flow development: Use EUL governance, protocol rewards, and fee-flow auctions to shape protocol upgrades, treasury decisions, and incentives.

These are product directions and capabilities, not guaranteed delivery dates. Users should assess live deployments, audit coverage, governance proposals, liquidity, and risk parameters for individual markets.

What Is the EUL Token Utility?

EUL is designed as the governance and incentive asset for Euler. Its practical role is tied to decisions over the protocol and treasury, as well as mechanisms that distribute protocol fees and user rewards.

1. Governance: EUL holders can vote on changes to Euler protocol code and the Euler DAO treasury.

2. Fee-flow auctions: EUL is used in auctions that distribute protocol fees, linking the token to a protocol-level economic mechanism.

3. Rewards: EUL can be distributed to users participating in the protocol. Historical distribution programs rewarded eligible lenders and borrowers based on configured incentives and time-weighted activity.

BingX lists an EUL/USDT market in its symbol directory, though the symbol status should be verified in the live BingX interface before placing an order. If the market is available, users can deposit USDT into a spot wallet, search for EUL/USDT, review the order book, and select a Market or Limit order according to their trading plan.

What Is Euler Tokenomics?

EUL has a total supply of 27,182,818 tokens, a figure based on Euler's number, e. Public market data listed approximately 23.92 million EUL as circulating on 2026-07-30. The official EUL overview states that EUL tokens can be freely transferred across multiple supported networks, while the canonical Ethereum token contract is 0xd9Fcd98c322942075A5C3860693e9f4f03AAE07b.

Euler's earlier token documentation described supply as fixed for the first four years, after which EUL holders could approve governance-driven inflation of up to 2.718% annually. The current EUL overview should be treated as the primary source for allocation and unlock information because it records governance changes through 31 January 2025.

For valuation and supply-risk analysis, traders should review current circulating supply, governance proposals affecting treasury balances or emissions, protocol-owned liquidity, and any transfers from strategic-partner or contributor wallets.

EUL Token Allocation

Euler's official EUL overview, updated with allocation information as of 31 January 2025, describes the following approximate distribution categories:

- Around 34%: Euler DAO, protocol users, and ecosystem-growth initiatives. This group includes approximately 22.9%, or 6,236,107 EUL, remaining in the unlocked Euler DAO treasury, plus historical user rewards and protocol liquidity allocations.

- Around 3.7%: Euler Foundation. This allocation has primarily supported ecosystem growth and protocol-owned liquidity. The overview states that 1,000,000 EUL was allocated for ecosystem initiatives, with most deployed as protocol-owned liquidity and 80,598 EUL remaining in the Foundation multisig at the stated reporting date.

- Around 39.5%: Strategic growth partners. The official overview says these tokens are fully unlocked and identifies several partner cohorts that supported protocol development and growth.

- Around 26.5%: Euler Labs founders, employees, advisors, and consultants. Founder vesting began on 1 January 2022 on a linear schedule. Non-founder vesting varies by individual and typically follows a non-linear 48-month schedule.

The categories are approximate and reflect governance-driven changes over time. They should not be used as a substitute for a live wallet-concentration or unlock report.