Oracle adapters and routes
A vault needs a price for every collateral and liability asset in its unit of account. Two contracts provide it:
- an oracle adapter wraps one price source (Chainlink, Pyth, …) and quotes one pair;
- the router (
EulerRouter) is the vault's oracle: for each pair, it picks an adapter, prices a tokenised vault's shares through the asset it holds, or uses a fallback.
A vault's router and unit of account are fixed at creation. The routes on the router can be changed by the router's governor.
Where
Market → Configuration → Price routes: each vault's current route, adapter, unit and live quote. The market's Overview shows the routes grouped by router. A vault whose oracle is an adapter set directly, with no router, is shown as such; there is no route to set.
Deploy an adapter
From a market, Configuration → Price routes → Deploy adapter. Before a market exists, Tools → Oracle adapters:
- Vault: whose asset needs a price.
- Adapter: from the catalogue. The options are Chainlink, Chainlink for infrequent feeds, Chronicle, Pyth, Pendle (PT and LP tokens), fixed rate, rate provider, and cross adapter (two adapters chained). Known feeds for the asset and chain are under Start from a known configuration.
- Check: Euler's adapter assessment runs on your configuration before deployment.
- Deploy: from an ordinary wallet (adapters have no factory, so a Safe cannot). The Toolbox predicts the address, deploys, waits for the receipt, reads the contract back and compares it with the review, quote included.
| Source | Extra step |
|---|---|
| Chronicle | Ask Chronicle to add the adapter to the feed's reader list. Until then, the deployment shows Waiting for authorization. Read the chain again checks once Chronicle has done it. |
| Pyth | A Pyth price is fresh only after an update is pushed on chain. If the feed is stale, the Toolbox checks the quote with a simulated update and says so: push a price update before the route is used. |
| Pendle | The Pendle market must keep enough price observations for the adapter's TWAP window. The Toolbox offers to raise the observation buffer, in steps, and previews the price the adapter will report. |
Set the route
Price routes: asset, unit of account, adapter. A collateral that is itself a tokenised vault goes under Resolved vaults. Review, simulate and sign like any other change (Change settings). The router's governor signs.
An adapter deployed under Tools → Oracle adapters is kept in this browser's deployments and offered when you set a route.
Review a route
Check decimals, staleness limits, bounds, failure behaviour, and, for a resolved vault, whether its shares redeem at the reported value. convertToAssets is an accounting value, not a redeemable one. Recheck after every governance change.