Euler V2

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL is supply balance minus borrows the euler contract.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Euler V2 is published as a versioned release inside the Euler protocol family. Releases inside the same family typically share governance, brand, and large parts of the audit history, but each version can run materially different contract logic — a release labelled v2 or v3 is not just a UI refresh. Newer versions inside a family typically launch with their own audit cycle and parameter set, so do not assume the previous release's safety record carries over without checking the linked audit reports.

Fork lineage and parent-protocol relationships are tracked by DeFiLlama for security and audit-history attribution; a fork inherits the upstream design but not necessarily the upstream audits or governance.

Euler V2 is a versioned release inside a larger protocol family. View the parent for combined TVL and all sibling versions.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Aug 26, 2024
   Listed on DeFiLlama
2. Nov 4, 2025
   Stream finance rug

Euler V2 is a Lending protocol that lets users supply assets as collateral, borrow against them, and earn interest from borrowers paying variable or stable rates. It is deployed across 16 chains, including Ethereum, Plasma, Monad, Avalanche and 12 other chains. The codebase has been independently audited (1 report on file). DeFiLlama tracks 1 historical event for this protocol since 2025.

Euler V2 runs a multi-chain deployment, with smart contracts live on 16 networks. TVL is comparatively balanced across networks: even the largest deployment (borrowed) holds only 38% of the protocol's value. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts.

Verified external resources for Euler V2 — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Euler V2 is one of 7 Lending protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Aave V3, Morpho V1, JustLend, and 3 more. These peer protocols collectively secure $43.4B in deposits, giving you a frame of reference for whether Euler V2's own TVL is at the top, middle, or tail of the category.

Aave V3

TVL $26.2B · 24h +0.16%

Morpho V1

TVL $7B · 24h +0.57%

JustLend

TVL $3.4B · 24h +1.86%

Maple

TVL $2.4B · 24h -1.17%

SparkLend

TVL $2.2B · 24h +3.62%

Kamino Lend

TVL $2.1B · 24h -0.02%