DeFiBeat
Methodology

lending protocol review

Euler V2

Modular lending vault architecture where vault creators, oracle choices, and collateral policy define risk boundaries.

under reviewmedium
TVL
$1.30B
Protocol reported or analyst-entered value.
Exposure
$830.0M
Mapped collateral and market exposure.
Dependencies
9
0 critical dependencies.
Markets
1
3 monitor signals configured.

Protocol facts

Static fields from the typed research record.

ProductsEVK vaults, EulerSwap, Modular lending
ChainsEthereum
Categorylending
Review statusunder review

Markets

Collateral, oracle, cap, and liquidation parameters by market.

1 rows
MarketChainCollateralOraclesLTVLiquidationSupply capBorrow capUtilization
Ethereum EVK vaultsEthereum
WETHwstETHUSDCUSDesUSDe
oracle:ethereum:euler:adapter, oracle:ethereum:chainlink74%80%$780.0M$490.0M
70.0%

Risk findings

Findings separate the observed evidence from the analyst outcome.

SeverityDimensionFindingOutcomeEvidenceSources
mediumgovernance adminVault-level configuration is the risk unitBad debt can accrue if vault configuration is weak.Euler V2 vaults can differ materially by curator, oracle, and collateral setup.
Euler docs

Dependency edges

Inbound and outbound trust assumptions touching this protocol.

SeverityDirectionEdge typeDependency pathAnalyst label
lowoutboundsettles onEuler V2 -> EthereumEuler V2 deployment inherits Ethereum settlement risk

Blast radius

Highest-severity paths that could transmit risk into or out of this protocol.

1 paths
SeverityDirectionEdge typeDependency pathAnalyst label
lowoutboundsettles onEuler V2 -> EthereumEuler V2 deployment inherits Ethereum settlement risk