>euler v2 · modular lending research terminal

Euler V2 Overview

Euler research terminal · Euler Labs

Gross deposits, outstanding debt and the deployment mix across 16 chains. Deposits are supplied balances including what is currently borrowed.

Total Supplied

$721.1Mgross, 16 chains

▼$65.7M24h▼$195.7MMoM▼$2.3BYoY

Active Borrows

$377.0Moutstanding debt

▼$64.6M24h▼$187.9MMoM▼$1.1BYoY

Available Liquidity

$344.1Munborrowed deposits

▼$1.2M24h▼$7.8MMoM▼$1.2BYoY

Utilization

52.28%borrows / supplied

▼3.84 pp24h▼9.34 ppMoM▲2.71 ppYoY

Fees 30d

$1.3Minterest paid by borrowers

▼$995KMoM

Revenue 30d

$43Kshare kept by the protocol

▼$25KMoM

Deployment mix

Total supplied by chainGross deposits = DefiLlama net TVL plus outstanding borrows, per chain. DefiLlama reports lending TVL net of debt, which understates a protocol that lends most of its book out. Chains holding under $2M are rolled into one band rather than dropped.

USD

Gross deposits across every Euler V2 deployment · through Sep 2026

MonadEthereumPlasmaAvalancheBaseSonicBNB ChainBOBHyperliquidUnichainOther chains (6)

Source: DefiLlama@datumlabss

Monad holds $373.9M (52% of the book) against Ethereum's $118.2M, from a standing start in November 2025.

Active loans by chainOutstanding debt per chain, from DefiLlama's `chain-borrowed` series. Read against the supplied chart above: the gap between the two is the liquidity a lender could actually withdraw today.

USD

Outstanding borrows across every Euler V2 deployment · through Sep 2026

MonadEthereumPlasmaAvalancheBaseSonicBNB ChainBOBHyperliquidUnichainOther chains (6)

Source: DefiLlama@datumlabss

Change in gross deposits over 12 months, by chainGross deposits today minus gross deposits 365 days ago, per chain. A chain that did not exist a year ago counts from zero rather than from its first reading, so the bar reflects the deployment rather than an indexing artefact. This is a nominal change and includes price moves; the flow chart below strips price out.

USD

Sep 2025 to Sep 2026 · chains that moved more than $5M

Source: DefiLlama@datumlabss

Monad added $373.9M while Ethereum lost $1.9B. The protocol did not so much grow on a new chain as move onto one. 4 smaller chains moved under $5M and are not shown.

Position vs peers

Gross deposits indexed to 100, Euler vs open money marketsEach protocol's gross deposits rebased to 100 twelve months ago, so the lines compare trajectory rather than size. Gross rather than net because these protocols run very different utilization, and net TVL would flatter the ones that lend out the least.

Index

Sep 2025 to Sep 2026 · rebased at the start of the window

Morpho125

Spark92

Compound V366

Fluid54

Aave V344

Euler V227

Source: DefiLlama@datumlabss

Euler's book peaked at $4.2B in Oct 2025 and is 83% below that today.

Share of the peer set's deposit baseEuler's gross deposits as a share of the six-protocol peer set. The set is Aave V3, Morpho, Spark, Compound V3, Fluid and Euler V2. It is a relative-position read, not a claim about the whole lending market.

% of peer set

Sep 2025 to Sep 2026 · six open money markets, gross deposits

Aave V353.8%

Morpho26.3%

Spark11.9%

Compound V33.7%

Fluid2.8%

Euler V21.4%

Source: DefiLlama@datumlabss

Loan-to-deposit ratio by protocolLDR = outstanding borrows / gross deposits. It measures how much of a deposit base is actually lent out, independent of size. A high LDR means strong borrowing demand and efficient capital, and it also means thinner withdrawal liquidity.

Outstanding debt as a share of gross deposits · Sep 2026

Source: DefiLlama@datumlabss

Euler ranks 2 of 6 on borrowing demand per dollar deposited, the highest of the set.

Gross deposits by protocolThe size ranking, shown alongside the efficiency ranking so neither is read alone. Euler leads on how hard its deposits work and sits near the bottom on how many deposits it has.

USD

Six open money markets · Sep 2026

Source: DefiLlama@datumlabss

Euler is 6 of 6 by size, and 1 of 6 by loan-to-deposit ratio.

Where capital moved

Net change in the deposit base, by asset and chainChange in the QUANTITY of each token deposited over the window, valued at today's price. Because prices are held constant, a token that only moved in price contributes nothing: what is left is capital genuinely arriving or leaving. Chains under $2M are excluded.

USD

Constant prices · assets in on the left, assets out on the right

Inflows Outflows

Net inflow $40.5M · Net outflow $77.7MNet change in deposit base · constant prices · DefiLlama token quantities

Source: DefiLlama@datumlabss

Per chain (16 deployments)

Monad51.9% of book

Total Supplied$373.9M

Available Liquidity$242.9M

Borrows$131.0M

Utilization35.0%

Supplied 90d+219%

Fees 7d$97K

Revenue 30d$2.3K

Net Deposits 30d+$5.1M

Ethereum16.4% of book

Total Supplied$118.2M

Available Liquidity$66.7M

Borrows$51.5M

Utilization43.6%

Supplied 90d-80%

Fees 7d$176K

Revenue 30d$20K

Net Deposits 30d-$37.1M

Plasma14.8% of book

Total Supplied$106.6M

Available Liquidity$2.1M

Borrows$104.5M

Utilization98.0%

Supplied 90d-26%

Fees 7d$4.9K

Revenue 30d$713.79

Net Deposits 30d-$44K

Avalanche6.0% of book

Total Supplied$43.6M

Available Liquidity$4.6M

Borrows$39.0M

Utilization89.5%

Supplied 90d+2%

Fees 7d$120K

Revenue 30d$18K

Net Deposits 30d-$68K

Base3.6% of book

Total Supplied$25.8M

Available Liquidity$14.9M

Borrows$11.0M

Utilization42.5%

Supplied 90d-1%

Fees 7d$4.7K

Revenue 30d$0.10

Net Deposits 30d-$4.9M

Sonic3.3% of book

Total Supplied$24.0M

Available Liquidity$262K

Borrows$23.8M

Utilization98.9%

Supplied 90d+22%

Fees 7d$27.38

Revenue 30d$0

Net Deposits 30d-$8.49

BNB Chain1.9% of book

Total Supplied$13.8M

Available Liquidity$1.4M

Borrows$12.5M

Utilization90.0%

Supplied 90d+6%

Fees 7d$4.0K

Revenue 30d$954.82

Net Deposits 30d+$890K

BOB0.7% of book

Total Supplied$5.0M

Available Liquidity$5.0M

Borrows$14K

Utilization0.3%

Supplied 90d+0%

Fees 7d$82.32

Revenue 30d$0

Net Deposits 30d-$44.04

Hyperliquid0.6% of book

Total Supplied$4.3M

Available Liquidity$2.8M

Borrows$1.5M

Utilization35.6%

Supplied 90d+29%

Fees 7d$0

Revenue 30d$0

Net Deposits 30d-$486K

Unichain0.4% of book

Total Supplied$3.2M

Available Liquidity$1.9M

Borrows$1.3M

Utilization40.2%

Supplied 90d+1%

Fees 7d$409.86

Revenue 30d$0

Net Deposits 30d-$626K

Arbitrum0.2% of book

Total Supplied$1.7M

Available Liquidity$1.1M

Borrows$634K

Utilization36.7%

Supplied 90d-46%

Fees 7d$886.00

Revenue 30d$84.41

Net Deposits 30d+$42K

Linea0.1% of book

Total Supplied$633K

Available Liquidity$375K

Borrows$257K

Utilization40.7%

Supplied 90d+6%

Fees 7d$118.47

Revenue 30d$0

Net Deposits 30d-$48K

Berachain0.0% of book

Total Supplied$159K

Available Liquidity$150K

Borrows$8.6K

Utilization5.4%

Supplied 90d-66%

Fees 7d$237.19

Revenue 30d$0

Net Deposits 30d-$28K

TAC0.0% of book

Total Supplied$9.6K

Available Liquidity$9.5K

Borrows$31.00

Utilization0.3%

Supplied 90d-98%

Fees 7d$12.88

Revenue 30d$0

Net Deposits 30d-$496.74

Swellchain0.0% of book

Total Supplied$0

Available Liquidity$0

Borrows$0

Utilization0.0%

Supplied 90d-100%

Fees 7d$0

Revenue 30d$0

Net Deposits 30d+$0

Mantle0.0% of book

Total Supplied$0

Available Liquidity$0

Borrows$0

Utilization0.0%

Supplied 90d-

Fees 7d$0

Revenue 30d$0

Net Deposits 30d+$0

Total supplied by chainGross deposits = DefiLlama net TVL plus outstanding borrows, per chain. DefiLlama reports lending TVL net of debt, which understates a protocol that lends most of its book out. Chains holding under $2M are rolled into one band rather than dropped.

Active loans by chainOutstanding debt per chain, from DefiLlama's chain-borrowed series. Read against the supplied chart above: the gap between the two is the liquidity a lender could actually withdraw today.

Share of the peer set's deposit baseEuler's gross deposits as a share of the six-protocol peer set. The set is Aave V3, Morpho, Spark, Compound V3, Fluid and Euler V2. It is a relative-position read, not a claim about the whole lending market.

Loan-to-deposit ratio by protocolLDR = outstanding borrows / gross deposits. It measures how much of a deposit base is actually lent out, independent of size. A high LDR means strong borrowing demand and efficient capital, and it also means thinner withdrawal liquidity.

Gross deposits by protocolThe size ranking, shown alongside the efficiency ranking so neither is read alone. Euler leads on how hard its deposits work and sits near the bottom on how many deposits it has.

Active loans by chainOutstanding debt per chain, from DefiLlama's `chain-borrowed` series. Read against the supplied chart above: the gap between the two is the liquidity a lender could actually withdraw today.