Using the Creator UI to Deploy Vaults

Quick Start: Deploying a Vault

1. Plan your vault architecture and collateral relationships.
2. Deploy or select an oracle router and unit of account.
3. Use the UI to create your vault(s) and point them to the oracle/router.
4. Configure LTVs, caps, and risk parameters.
5. Choose and set up governance.
6. Verify your vault for UI listing and add rewards.

The Creator UI (create.euler.finance) provides a simple, web-based interface for deploying and managing EVK vaults. This guide walks you through the main screens and best practices.

Landing Page

When you first access the Creator UI, you'll see the EVK Vault Manager landing page. Here, you can choose to:

• Vault: Manage or deploy a new EVK vault
• Oracle Router: Manage or deploy an oracle router
• Deploy IRM: Deploy a new interest rate model (IRM)

Navigation links at the top let you switch between Oracle, Vault, Configure IRM, and Address Book. You can also select your network, view your wallet address, and check your ETH balance.

Create Vault Screen

Clicking "Vault" brings you to the Create Vault screen, where you can:

• Select Underlying Asset: Choose the ERC-20 token for your vault
• Select Oracle Router: Choose the oracle router for price feeds
• Select Unit of Account: Pick the unit of account (e.g., USD)

Tip: The oracle router must be deployed before you can create a vault. Use the "Oracle Router" section to deploy one if needed.

Cluster Best Practice: If you're creating a cluster of vaults that will accept each other as collateral, use the same oracle router for all vaults in the cluster. This ensures consistent pricing and risk management.

Once all fields are filled, the "Create Vault" button will become active.

Managing an Existing Vault

When you deploy a new vault or choose to manage an existing one, the Creator UI presents a detailed dashboard for configuring and maintaining your vault. This interface is designed to give governors the flexibility to adapt to changing market conditions, optimize risk, and ensure the vault operates safely and efficiently. Below is an overview of the main sections and parameters you can configure, along with best practices and references to the whitepaper for deeper understanding.

Vault Info

This section displays immutable details about the vault, such as the vault symbol, address, underlying asset, oracle router, and unit of account. These parameters are set at creation and cannot be changed later. They provide essential context for the vault's operation and risk profile.

Settings

• Governor Admin: The address with governance rights over the vault. Good practice is to transfer this role to a trusted multisig or governance contract after initial setup. Revoking governance (setting to address(0)) makes the vault immutable — do this only if you are confident no further changes will be needed.
• Fee Receiver: The address that receives a share of the interest fees. This can be a treasury, DAO, or other beneficiary. Ensure this address is secure and under appropriate control.
• Interest Rate Model: The contract that determines how interest rates are calculated. Choose a model that matches the risk and utilization profile of your vault.
• Supply Cap / Borrow Cap: These parameters limit the total amount of assets that can be supplied to or borrowed from the vault. Setting reasonable caps is a key risk management tool — start conservatively and adjust as the vault grows.
• Interest Fee: The fraction of interest allocated as protocol/governor fees. Balance protocol sustainability with curation fee; excessive fees may deter participation.
• Maximum Liquidation Discount: Sets the upper bound on the discount offered to liquidators. Too high a discount can penalize borrowers; too low may fail to incentivize liquidations.
• Liquidation Cool Off Time: The minimum time that must pass after a position becomes unhealthy before it can be liquidated. Use this to mitigate certain oracle manipulation attacks, but avoid setting it so high that it delays necessary liquidations.
• Debt Socialization: If enabled, bad debt is socialized among all depositors in the event of insufficiently collateralized position that isn't liquidated in time. This can help prevent bank runs but may expose depositors to losses.

Collaterals

Add Collateral: Here you can configure which other vaults' shares can be used as collateral, and set their Loan-to-Value (LTV) ratios. Only add collateral vaults that are well-audited, liquid, and have reliable price oracles. Set conservative LTVs, especially for volatile or less liquid assets.

Adding and Configuring Collateral Assets

When you add a new collateral to your vault, the UI will prompt you to set two key risk parameters:

• Liquidation LTV: The maximum loan-to-value ratio at which a position can be liquidated. If a borrower's risk-adjusted collateral value falls below this threshold, their position becomes eligible for liquidation.
• Borrow LTV: The maximum loan-to-value ratio at which new borrowing is permitted. This is typically set lower than the liquidation LTV to provide a safety buffer and reduce the risk of immediate liquidations after borrowing.

Oracle Router Configuration

When adding a new collateral, it is essential that the oracle router configured for this vault can price the underlying asset of the collateral vault in terms of the vault's unit of account (for example, USD). This is managed via the Set Oracle Configuration option. If the oracle router cannot provide this price, borrowing against the collateral will not be possible.

Additionally, the collateral vault must be "resolved" in the oracle router. This means the router must be able to price the shares of the collateral vault in terms of its underlying asset using the ERC-4626 convertToAssets() function. Use the Add Resolved Vault to Oracle option to register the collateral vault and enable this conversion. Without this step, the router cannot accurately determine the value of collateral shares.

In summary:

• Set Oracle Configuration: Ensure the oracle router can price the underlying asset of the collateral vault in the unit of account.
• Add Resolved Vault to Oracle: Register the collateral vault so the router can convert its shares to its underlying asset using ERC-4626 logic.

These steps are required for the vault to safely and accurately accept new collateral assets. By establishing both the share-to-underlying and underlying-to-unit-of-account pricing paths, the system can always determine the value of collateral shares in the unit of account. This is essential for correct risk checks, LTV calculations, and liquidations.

Oracle Configuration

Before configuring oracle providers, check the Euler Oracles Dashboard to see if there are existing oracles that meet your needs. The dashboard provides a comprehensive overview of all available oracles, their configurations, and their current status. Using an existing oracle can save time and reduce deployment complexity.

Underlying Asset Oracle Config

The Oracle Config section allows you to configure the oracle for the underlying asset of your vault. It is essential that the router is able to price the vault's underlying asset in terms of the unit of account, such as USD. This pricing path — underlying to unit of account is fundamental for all risk management and debt valuation operations in the protocol. If the oracle router cannot provide this price, lending will not be possible.

Important: All oracle adapters used must conform to the IPriceOracle interface as described in the Price Oracles documentation. This ensures standardized, secure, and composable price feeds for all vault operations.

Reward Streams

Add to Reward Stream: Permissionlessly add reward tokens to incentivize deposits in this vault. Euler supports on-chain, permissionless reward distribution directly to vault depositors. This allows anyone to incentivize participation by adding rewards in any ERC-20 token, with rewards distributed proportionally based on user balances. While this mechanism is powerful and trustless, it can be less flexible and more gas-intensive for complex or large-scale campaigns.

Recommended Approach: It is recommended to use Merkl for reward distribution. Merkl is a widely adopted platform that enables flexible, gas-efficient, and transparent reward campaigns across many DeFi protocols, including Euler. It supports advanced features such as campaign scheduling, eligibility criteria, and analytics, making it easier to manage and optimize incentive programs.

Hook Settings

Hook Target & Operations: Install a hook contract to add custom logic or restrictions to vault operations. You can selectively enable or disable hooks for operations such as deposit, withdraw, mint, redeem, borrow, repay, transfer, liquidate, and more. Hooks are powerful tools for implementing pause guardians, access controls, or custom business logic. However, poorly designed hooks can break vault functionality or introduce risk — always audit custom hooks and test thoroughly.

Important: By default, all operations are disabled and must be explicitly unhooked (enabled) before the vault can be used — even if no hook target is installed. If a hook target is installed, only the selected hooked operations will be customized by the external hook target logic; all other operations will follow standard vault logic.

Managing Existing Vaults and Escrow

• Manage Existing Vault: Enter a vault address to manage its configuration or view details.
• Deploy/Search Escrow: Escrow Vaults are ungoverned vaults designed to act as simple, reusable collateral buckets (see Vault Types). There's usually no need to create new Escrow Vaults unless you need one for a new asset — existing Escrow Vaults can be reused by anyone in the ecosystem.

Note: Not all non-borrowable vaults need to be ungoverned Escrow Vaults. You can also deploy governed vaults that are initially non-borrowable. If you configure such a vault with an oracle router and the appropriate unit of account, you can enable borrowing functionality later on. This provides flexibility for future upgrades or changes in vault strategy.