>euler v2 · modular lending research terminal

EUL

Euler research terminal · Euler Labs

Borrowers pay interest, lenders and curators take most of it, the protocol keeps a slice, and some of that slice has historically bought EUL. This page follows that chain end to end.

EUL price$1.298DefiLlama coins, Ethereum

Fully diluted$35.3Mprice x 27.2M total supply

Fees annualized$26.8Mfrom trailing 30d

Revenue annualized$856Kprotocol share only

Take rate3.2%protocol revenue / fees, 30d

Buybacks all time$3.2Mnone recorded recently

Where the interest goes

Interest split between the supply side and the protocolTotal interest paid by borrowers, split into what reached lenders and curators and what the protocol kept. The supply-side bar is derived as fees minus protocol revenue, so the two bars always sum to the fee total the chart is drawn from.

USD

Every calendar month · all chains · through Sep 2026

Source: DefiLlama@datumlabss

Over the last 30 days borrowers paid $26.8M annualized and the protocol kept $856K of it. On a curated vault kit the supply side is meant to capture most of the interest, so a thin protocol slice is the design rather than a failure. It does mean the token is claiming very little.

Take rate over timeMonthly protocol revenue divided by monthly fees. Months with under $250K in fees are excluded because at that size the ratio is dominated by when fees settle rather than by what the protocol charges. The measure is computed monthly for the same reason.

Protocol revenue as a share of interest paid · months above $250K in fees

Source: DefiLlama@datumlabss

The take rate peaked at 7.1% in Oct 25 and is 3.2% over the last 30 days. Fees fell over the same period, so the protocol is keeping a smaller share of a smaller number.

Protocol revenue by chainProtocol revenue from the fees breakdown, per chain. DefiLlama nests the value as chain then product, so each day is flattened before it is summed. Chains outside the six largest are grouped rather than dropped.

USD

Daily revenue attributed per chain · weekly, monthly or quarterly

Source: DefiLlama@datumlabss

What reaches the token

Revenue directed to EUL buybacks, by monthDefiLlama's `holdersRevenue` for Euler V2, which its methodology defines as revenue used to buy back EUL. A month is treated as inactive only when no single day in it recorded more than $100, so sub-dollar rounding entries do not read as a live buyback programme.

USD

DefiLlama holders revenue for Euler V2 · through Sep 2026

Source: DefiLlama@datumlabss

Buybacks ramped from nothing to $713K in Oct 25, then stopped. $3.2M was directed to EUL in total, and the last day with a meaningful amount was Apr 25, 2026. This chart reports what DefiLlama's adapter records; it is not a read of a buyback contract, and a programme that moved off this accounting path would look identical here.

EUL priceDaily price from DefiLlama's coins API for the EUL contract on Ethereum, at 0.99 confidence. The feed returns gaps on some days and the line connects across them rather than inventing points.

USD

Daily close, Ethereum · about 13 months of available history

Source: DefiLlama coins@datumlabss

The highest point in this window is $12.41 on Aug 8, 2025, and EUL is 90% below it. The window opens 400 days back, so an earlier high would not appear here. Total supply is 27.2M EUL, read on-chain. No circulating figure is published in a source this dashboard can verify, so the value tile above is fully diluted and nothing here is a market cap.