Euler

Euler develops non-custodial decentralized protocols for lending and borrowing crypto assets, enabling users to lend, borrow, and earn yield on digital assets without relinquishing custody to a centralized intermediary. The protocol operates entirely on-chain through smart contracts, allowing users to supply assets to liquidity pools and borrow against their collateral with algorithmically determined interest rates that adjust based on supply and demand dynamics. Euler differentiates itself through its permissionless market model—allowing any ERC-20 token to be listed as a lending market without governance approval—combined with risk-adjusted borrowing limits that automatically cap borrowing exposure based on an asset's liquidity and volatility profile. The protocol incorporates advanced liquidation mechanisms, including Dutch auctions for liquidated collateral, to protect lenders during market volatility. Euler serves DeFi users seeking capital efficiency, traders requiring leverage, and protocols needing decentralized credit infrastructure. Founded in 2020 and headquartered in London, United Kingdom, Euler has raised $40 million in a Series B round backed by Haun Ventures, Variant Fund, Jump Crypto, Uniswap, Coinbase Ventures, Jane Street, Paradigm, Lemniscap, CMT Digital, and Morningstar Ventures.