Coming from Aave or Morpho?
If you know Aave or Morpho, Euler's core actions will feel familiar: supply, borrow, monitor account health, repay, and withdraw. The main difference is how lending markets are assembled.
The comparison below is about protocol structure, not relative risk or performance.
- Aave is built around shared lending markets, with asset-specific controls and risk settings applied inside those markets.
- Morpho is built around immutable market definitions, often paired with curator-managed vault allocation.
- Euler is built around isolated vaults that can connect into configurable markets. Each market defines its collateral, caps, oracle routes, LTVs, hooks, and governance.
On Aave, you typically start from a reserve or market. On Morpho, you start from a market or vault. On Euler, start from a vault, then inspect how it connects to other vaults. The vault view shows the asset, accepted collateral, governor, oracle, interest-rate model, and limits that define the position.
Quick translation
| If you know... | In Euler, think... |
|---|---|
| Aave reserve | A lending vault for one asset. |
| Aave market | A group of connected lending vaults. |
| Morpho Blue market | A lending relationship between a loan asset, collateral asset, oracle, rate model, and LTV. |
| MetaMorpho vault | The closest analogue is an EulerEarn vault: one user position with allocation across configured strategies. |
| Account health | A controller checks each Euler account against the collateral enabled for that account. Sibling sub-accounts are checked separately. |
How Aave, Morpho, and Euler compare
| Question | Aave | Morpho | Euler |
|---|---|---|---|
| What is the starting point? | A shared lending market with listed reserves. | An isolated market definition, often accessed through vaults. | Isolated vaults that can connect into configurable markets. |
| How are assets added? | Assets are listed through governance or market-specific configuration. | Markets are defined by loan asset, collateral asset, oracle, rate model, and LTV choices. | Curators or builders deploy and configure vaults for assets, then connect them as supply, borrow, or collateral assets with the relevant parameters. |
| How is risk isolated? | Risk settings apply across the market and its listed assets. | Each isolated market has its own risk settings, and vaults may allocate across markets. | Risk can be isolated at the vault or market level, while collateral can still compose where configured. |
| How does collateral work? | Listed assets can be enabled as collateral within a market. | Each market pairs a loan asset with a collateral asset. | Vaults can accept other vault positions as collateral, so curators and builders can choose which vaults support which borrowing markets. |
| What should users inspect? | Reserve configuration, caps, rates, collateral settings, and liquidation rules. | Market parameters, vault allocation, curator choices, oracle, rate model, and LTV. | Vault asset, collateral relationships, governor or curator depending on configuration, caps, LTVs, oracle routes, hooks, liquidity, and liquidation settings. |
Where to start
| Goal | Start here |
|---|---|
| Supply or borrow | Use Euler, then review Vaults and Markets. |
| Use an Earn vault | EulerEarn. |
| Launch a lending market | Curate and the EVK introduction. |
| Create an Earn vault | EulerEarn vaults. |
| Build an integration | Build, the Euler SDK, and the EVC integration guide. |