Euler Finance, a non-custodial lending protocol, has surpassed $1 billion in active loans, marking a record high and representing over a 4,000% increase from the $24 million recorded in Q4 2024, according to data from Token Terminal.
Unlike other DeFi lenders, Euler utilizes a modular framework that enables users to create isolated markets — known as “vaults” — for any ERC-20 token. According to the April “State of Euler” report, the protocol hosts nearly 300 vaults.
Meanwhile, EulerSwap, a decentralized exchange that leverages those lending vaults to enhance capital efficiency and yields for liquidity providers, has processed $34 million in trading volume since launching in early June.
Euler’s native token EUL is up 22% in the past 24 hours to $10.80, approaching its all-time high of $12 recorded in September 2022, according to data from CoinGecko.
The surge of activity follows Euler’s recent launch of its stablecoin lending infrastructure, Frontier. As The Defiant reported, Frontier employs a hybrid lend-swap model via EulerSwap, offering adaptive interest rates and incentives for stablecoin projects.
In March 2023, an exploit drained $197 million from Euler, with some stolen funds routed through Tornado Cash, a once-sanctioned crypto mixer. However, the attacker returned nearly half of the funds less than two weeks later.
