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EUL token

EUL is an ERC20 token that acts as the native governance token of the Euler protocol. EUL tokens represent voting power to effect change over the Euler protocol code or the Euler DAO treasury.

Utility in Fee Flow​

Fees collected from Euler vaults are periodically auctioned through Fee Flow auctions. These auctions use EUL as the bidding currency, ensuring that protocol-generated fees are consistently converted into EUL. The accumulated EUL currently returns to the Euler DAO treasury, but the DAO could choose to burn it, distribute it as incentives for EUL stakers or protocol users, or allocate it in any other way it deems appropriate.

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. 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.
  • ~22.9% (6,236,107 EUL) remain in the Euler DAO treasury, unlocked.
  • ~6.3% (1,712,517 EUL) was distributed to protocol users as rewards during the period 2021 to 2025.
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Important note. Token numbers for the treasury and protocol users change continuously as EUL is distributed as rEUL rewards to users following a governance proposal on 04/11/24. Numbers shown or only accurate as of 31/01/25.

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.
    • A remaining 80,598 EUL is 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% (7,026,759 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% (2,864,001 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.

Reward EUL (rEUL)​

Reward EUL (rEUL) is a locked form of EUL to incentivize early adopters of the v2 version of the protocol. Users of Euler receive rEUL rewards by participating in supported markets, with both supply and borrow activities eligible for rewards. The rEUL token converts 1:1 into EUL over six months, following a non-linear unlock schedule:

  • 20% unlocks immediately.
  • 80% unlocks linearly over six months.
  • Users can redeem unlocked EUL anytime, but locked EUL is forfeited and burned if not fully vested.

See the rEUL Rewards Governance Proposal for more details.

Multichain support​

Euler uses LayerZero's Omnichain Fungible Token (OFT) standard for bridging EUL tokens across networks.

The implementation relies on a dual-hub model with Ethereum mainnet and Base as the primary hubs for EUL transfers. Mainnet uses a lock-based OFT adapter, while Base and other networks use a MintBurnOFTAdapter. This structure balances security, liquidity, and cost efficiency, ensuring seamless cross-chain EUL transfers while simplifying infrastructure management. Learn more in the LayerZero Bridge Governance Proposal.

Addresses​

All official addresses can be found in the Euler Interfaces GitHub Repository, where they are grouped by network ID. They are also provided for convenience here below.

Euler (EUL)​

The addresses of the main Euler governance token, EUL:

Reward EUL (rEUL)​

The addresses of the locked version of the Euler governance token, rEUL:

Burned rEUL​

Early unlockers of rEUL send EUL to a burn address, taking them out of circulation. The addresses of burned EUL are:

Protocol-owned liquidity​

The Euler DAO maintains protocol-owned liquidity at the following venues:

The multisig owning the first three of these LP tokens is controlled by the Euler Foundation and can be viewed on DeBank.

More information about EUL can be found on: