EUL governs the DAO, sets risk parameters, and utilizes Fee Flow for deflationary fee capture, boosting sustainable growth.
Euler (EUL) is the 51st project to be featured on Binance HODLer Airdrops with a “Seed Tag” applied. Users who subscribed BNB to Simple Earn (Flexible and/or Locked) and/or On-Chain Yields products from October 4, 2025, 00:00 (UTC) to October 6, 2025, 23:59 (UTC) will be eligible.
Euler (EUL) redefines decentralized finance with its modular lending architecture, letting users create tailored lending and borrowing markets for any ERC-20 token. It functions as a powerful DeFi Super App, actively unifying lending and trading to provide custom markets and deep on-chain liquidity. Euler intentionally differentiates itself from earlier platforms like Aave and Compound by focusing on allowing anyone to list assets freely and ensuring thorough risk separation.
The protocol is built around the Euler V2 meta-lending protocol, which lets developers create very flexible borrowing and lending ERC-4626 vaults using the Euler Vault Kit (EVK). The Ethereum Vault Connector (EVC) actively links these vaults. This feature allows deposits in one vault to serve as collateral for loans in another, a mechanism that drastically boosts capital efficiency and composability across the ecosystem.
Euler implements a sophisticated Asset Classification System to manage risk, dividing assets into three tiers: Isolation-tier assets, Cross-tier assets and Collateral-tier assets.
Additionally, Euler enhances security by using Uniswap V3’s Time-Weighted Average Price (TWAP) as its price source, which provides a decentralized price feed that is very hard to manipulate. While built on Ethereum, EUL ensures broad accessibility by deploying smart contracts across BNB Smart Chain, Base, and Arbitrum.
EUL is the native ERC-20 governance token powering the Euler ecosystem. Its utility focuses on decentralized control and fee capture, ensuring community alignment and sustainable growth.
EUL holders actively govern the protocol, participating directly in the DAO’s decision-making process. They use EUL to propose and vote on critical operational changes, including setting essential risk parameters (like collateral factors) and determining new asset listings. Active participation ensures the protocol remains decentralized and adaptive to market conditions.
The EUL token actively captures platform revenue through the unique Fee Flow mechanism. This system allows users to bid EUL to claim a share of protocol fees, which the system pays out in stablecoins. This process creates continuous deflationary pressure on the EUL supply. Users can also stake EUL to participate in governance and receive potential protocol fee distributions.
The total and maximum supply for EUL remains fixed at 27,182,818 tokens. At the Binance listing, the circulating supply stands at 19,809,653 EUL, which represents approximately 72.87% of the total genesis supply. This high initial circulating figure provides substantial liquidity from launch.
To be eligible for the EUL airdrop, BNB holders must have had a balance in Simple Earn (Flexible/Locked) or On-Chain Yields products. Eligibility was determined by historical snapshots taken between 2025-10-04 00:00 (UTC) and 2025-10-06 23:59 (UTC).
