Epochs
Learn more about the phases of the EUL Distribution programme

The EUL Distribution programme has two phases. Epoch 0, in which governance tokens were distributed to early protocol users retroactively; and Epoch 1, in which governance tokens are distributed on an ongoing basis to borrowers on the protocol.

Epoch 0 covers the 3 month period from 26/11/2021 to 21/03/2022 during which Euler protocol was in a soft-launch mode. Users were experimenting with the protocol in a risk-minimised manner.

Lenders and borrowers using the protocol during this period were allocated a share of 1% of the total supply of EUL as a one-off retroactive distribution.
The distribution took place as follows:
  1. 1.
    A snapshot of all users on the protocol was taken at block 14,430,000.
  2. 2.
    A total of 271,828 EUL (1% of the total supply) was distributed to anyone interacting with the protocol upto that point.
  3. 3.
    The distribution amount per address was calculated as follows:
    • 2/3 of the issuance was distributed proportionally based on the time-weighted* average USD value of the deposits and borrows in the mentioned time frame.
    • 1/3 of the total issuance is distributed evenly amongst all the unique addresses that interacted with the protocol in the mentioned time frame.
*For simplicity, the accrued interest on deposits and borrows was neglected.
In conclusion, 3407 unique addresses received at least 26.59 EUL tokens plus an individual amount proportional to the time-weighted average USD value of their deposits and borrows. See here for the final allocations.

Epochs 1-96 cover the 4 year period from 21/03/2022 to 11/03/2026 during which Euler will progressively decentralise.

Borrowers using the protocol during this period will be allocated a share of 25% of the total supply of EUL via a rolling merkle distribution. The amount distributed each epoch will follow a non-linear schedule (see below).
Within each market, borrowers will receive an EUL distribution proportional to their time-weighted borrowing on that market. The amount of EUL allocated to each market every epoch will be determined by EUL token holders (see Gauges).
Users will be able to claim their EUL governance tokens after an epoch has completed by using the 'Claim' button at https://app.euler.finance/.

The amount of EUL distributed in each epoch has been determined in advance according to a non-linear schedule (see graph below). The schedule tries to match increasing protocol user numbers after launch with a concomitant increase in the EUL distribution, which should help to decentralise supply of the token rather than allocating a disproportionate amount to early users.

The following table outlines the (approximate) dates and block numbers for previous and forthcoming epochs. Dates are approximate because the schedule is determined by the pace at which blocks are mined on the Ethereum network.
Epoch
Block
Approx Date
EUL Dist
% Total Supply
0
13687582
26/11/2021
271,828.18
1.00%
1
14430000
21/03/2022
36,915.69
0.14%
2
14530000
05/04/2022
37,673.39
0.14%
3
14630000
20/04/2022
38,531.30
0.14%
4
14730000
05/05/2022
39,501.78
0.15%
5
14830000
21/05/2022
40,598.43
0.15%
6
14930000
05/06/2022
41,836.14
0.15%
7
15030000
20/06/2022
43,231.14
0.16%
8
15130000
05/07/2022
44,800.97
0.16%
9
15230000
21/07/2022
46,564.39
0.17%
10
15330000
05/08/2022
48,541.27
0.18%
11
15430000
20/08/2022
50,752.38
0.19%
12
15530000
05/09/2022
53,219.03
0.20%
13
15630000
20/09/2022
55,962.62
0.21%
14
15730000
05/10/2022
59,004.03
0.22%
15
15830000
20/10/2022
62,362.78
0.23%
16
15930000
05/11/2022
66,056.03
0.24%
17
16030000
20/11/2022
70,097.30
0.26%
18
16130000
05/12/2022
74,494.98
0.27%
19
16230000
21/12/2022
79,250.60
0.29%
20
16330000
05/01/2023
84,356.92
0.31%
21
16430000
20/01/2023
89,795.88
0.33%
22
16530000
04/02/2023
95,536.50
0.35%
23
16630000
20/02/2023
101,533.06
0.37%
24
16730000
07/03/2023
107,723.40
0.40%
25
16830000
22/03/2023
114,028.05
0.42%
26
16930000
06/04/2023
120,350.07
0.44%
27
17030000
22/04/2023
126,576.02
0.47%
28
17130000
07/05/2023
132,578.40
0.49%
29
17230000
22/05/2023
138,219.39
0.51%
30
17330000
07/06/2023
143,356.23
0.53%
31
17430000
22/06/2023
147,847.72
0.54%
32
17530000
07/07/2023
151,561.68
0.56%
33
17630000
22/07/2023
154,382.67
0.57%
34
17730000
07/08/2023
156,219.30
0.57%
35
17830000
22/08/2023
157,010.35
0.58%
36
17930000
06/09/2023
156,729.02
0.58%
37
18030000
22/09/2023
155,384.87
0.57%
38
18130000
07/10/2023
153,023.12
0.56%
39
18230000
22/10/2023
149,721.46
0.55%
40
18330000
06/11/2023
145,584.72
0.54%
41
18430000
22/11/2023
140,738.06
0.52%
42
18530000
07/12/2023
135,319.35
0.50%
43
18630000
22/12/2023
129,471.49
0.48%
44
18730000
06/01/2024
123,335.40
0.45%
45
18830000
22/01/2024
117,044.06
0.43%
46
18930000
06/02/2024
110,718.00
0.41%
47
19030000
21/02/2024
104,462.21
0.38%
48
19130000
08/03/2024
98,364.54
0.36%
49
19230000
23/03/2024
92,495.32
0.34%
50
19330000
07/04/2024
86,907.93
0.32%
51
19430000
22/04/2024
81,640.16
0.30%
52
19530000
08/05/2024
76,715.96
0.28%
53
19630000
23/05/2024
72,147.47
0.27%
54
19730000
07/06/2024
67,937.09
0.25%
55
19830000
23/06/2024
64,079.46
0.24%
56
19930000
08/07/2024
60,563.32
0.22%
57
20030000
23/07/2024
57,373.05
0.21%
58
20130000
07/08/2024
54,490.13
0.20%
59
20230000
23/08/2024
51,894.21
0.19%
60
20330000
07/09/2024
49,564.05
0.18%
61
20430000
22/09/2024
47,478.22
0.17%
62
20530000
07/10/2024
45,615.66
0.17%
63
20630000
23/10/2024
43,956.02
0.16%
64
20730000
07/11/2024
42,480.00
0.16%
65
20830000
22/11/2024
41,169.47
0.15%
66
20930000
08/12/2024
40,007.56
0.15%
67
21030000
23/12/2024
38,978.76
0.14%
68
21130000
07/01/2025
38,068.84
0.14%
69
21230000
22/01/2025
37,264.86
0.14%
70
21330000
07/02/2025
36,555.12
0.13%
71
21430000
22/02/2025
35,929.04
0.13%
72
21530000
09/03/2025
35,377.14
0.13%
73
21630000
25/03/2025
34,890.91
0.13%
74
21730000
09/04/2025
34,462.77
0.13%
75
21830000
24/04/2025
34,085.94
0.13%
76
21930000
09/05/2025
33,754.42
0.12%
77
22030000
25/05/2025
33,462.85
0.12%
78
22130000
09/06/2025
33,206.50
0.12%
79
22230000
24/06/2025
32,981.18
0.12%
80
22330000
09/07/2025
32,783.18
0.12%
81
22430000
25/07/2025
32,609.22
0.12%
82
22530000
09/08/2025
32,456.41
0.12%
83
22630000
24/08/2025
32,322.20
0.12%
84
22730000
09/09/2025
32,204.35
0.12%
85
22830000
24/09/2025
32,100.87
0.12%
86
22930000
09/10/2025
32,010.02
0.12%
87
23030000
24/10/2025
31,930.27
0.12%
88
23130000
09/11/2025
31,860.26
0.12%
89
23230000
24/11/2025
31,798.82
0.12%
90
23330000
09/12/2025
31,744.89
0.12%
91
23430000
25/12/2025
31,697.56
0.12%
92
23530000
09/01/2026
31,656.03
0.12%
93
23630000
24/01/2026
31,619.58
0.12%
94
23730000
08/02/2026
31,587.60
0.12%
95
23830000
24/02/2026
31,559.53
0.12%
96
23930000
11/03/2026
17,864.18
0.07%
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Introduction
Epoch 0
Implementation
Epochs 1-96
Implementation
Schedule
EUL Per Epoch