Are you an LLM? Read llms.txt for a summary of the docs, or llms-full.txt for the full context.
Skip to content

Overview

Introduction

EUL is an ERC20 token that acts as the native governance token of the Euler protocol. EUL tokens serve as rewards on the platform, represent voting power in Euler DAO governance, and act as the payment token in Fee Flow auctions (currently inactive, with protocol fees set to 0%). Governance voting and execution from a treasury or operational Safe are separate steps. EUL can be transferred between supported networks. Find the official addresses here.

Token Utility

  • Governance: EUL tokens grant holders the ability to participate in votes on protocol changes and treasury management.
  • Fee Flow Auctions: When Fee Flow is active, buyers pay EUL to the configured payment receiver in exchange for fee assets held by the Fee Flow controller. The fee assets—not the EUL payment—are the auction inventory, and payment does not itself burn EUL. Fee Flow is currently turned off, with protocol fees set to 0%.
  • Rewards: EUL is distributed as rewards to users for participating in the protocol.

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. This figure includes the roughly 3.7% subsequently granted from the DAO treasury to the Euler Foundation, described in the next section. 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.
  • As of 31/01/25, ~22.9% (6,236,107 EUL) was held, unlocked, in the then-current Euler DAO Treasury multisig. In November 2025, the Euler Foundation recategorised this address as the Operational multisig and transferred treasury assets, excluding protocol revenue retained during the transition, to 0xC7C5aFDB61e08BE3e2FB09098412b5706EB5c550.
  • ~6.3% (1,712,517 EUL) was distributed to protocol users as rewards during the period 2021 to 2025.

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.
    • As of 31/01/25, a remaining 80,598 EUL was 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.

Links

More information about EUL can be found on: