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Overview

Introduction

EUL is an ERC20 token that acts as the native governance token of the Euler protocol. EUL tokens are used in Fee Flow auctions, used as rewards on the and also represent voting power to effect change over the Euler protocol code or the Euler DAO treasury. EUL can be freely transferred between multiple networks. Find the official addresses here.

Token distribution

The total supply of EUL is 27,182,818 (in homage to Euler’s number, e). Below is the allocation breakdown as of 31/01/25, with links to governance proposals reflecting historical changes.

Euler DAO​

Around 34% of EUL tokens have been allocated to the Euler DAO, protocol users, or used to fund various ecosystem growth initiatives. Holders of EUL tokens can vote on how treasury tokens are used. Among this group:

  • ~1% (271,828 EUL) was distributed to users on Euler during its soft launch in 2021.
  • ~0.18% (48,100 EUL) was deployed to Uniswap v3 as protocol-owned liquidity following a governance proposal on 22/02/24.
  • ~22.9% (6,236,107 EUL) remain in the Euler DAO treasury, unlocked.
  • ~6.3% (1,712,517 EUL) was distributed to protocol users as rewards during the period 2021 to 2025.
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Important note. Token numbers for the treasury and protocol users change continuously as EUL is distributed as rEUL rewards to users following a governance proposal on 04/11/24. Numbers shown or only accurate as of 31/01/25.

Euler Foundation​

Around 3.7% of EUL tokens have been allocated to the Euler Foundation, a legal entity representing the interests of the Euler DAO. These tokens have largely been used to facilitate ecosystem growth via provision of protocol-owned liquidity:

  • ~0.018% (5,000) EUL was allocated to the Euler Foundation as an operating budget, following a governance proposal on 15/12/23.
  • ~3.7% (1,000,000 EUL) was allocated to the Euler Foundation to enable them to facilitate ecosystem initiatives, following a governance proposal on 18/05/24. Note that:
    • A total of 906,200 EUL was deployed by the Euler Foundation as additional protocol-owned liquidity to Balancer v2, Aera, and Arrakis.
    • A remaining 80,598 EUL is held by the Euler Foundation multisig wallet.

Strategic partners​

Around 39.5% of EUL tokens have been allocated to various cohorts of strategic growth partners, who helped provide support for the development of the Euler protocol in various ways. All of these tokens are fully unlocked. Among these:

  • ~4% (1,087,313 EUL) were given to Encode, an early project incubator.
  • ~10% (2,718,282 EUL) were given to Cohort A growth partners, including Lemniscap, CMT Digital, Launchub, and others.
  • ~15.85% (4,308,477 EUL) were given to Cohort B growth partners, including Paradigm, a variety of industry angel investors, and others.
  • ~9.67% (2,628,170 EUL) were given to Cohort C growth partners, including Haun Ventures, Coinbase Ventures, Uniswap Labs Ventures, Jane Street, and others.

Euler Labs​

Around 26.5% of EUL tokens have been allocated to project founders and other contributors to the development of the protocol via their association with Euler Labs:

  • ~26.5% (7,203,446 EUL) to employees, advisors and consultants of Euler Labs. Note that:
    • Founder vesting linear unlock schedule starting on 01/01/2022.
    • Non-founder vesting is specific to individuals, but typically follows a non-linear 48 month schedule.
    • Figure shown here includes an additional 1.6m tokens allocated in a governance proposal on 07/03/24.

Protocol-owned liquidity

The Euler DAO maintains protocol-owned liquidity at the following venues:

The multisig owning the first three of these LP tokens is controlled by the Euler Foundation and can be viewed on DeBank.

More information about EUL can be found on: