Epochs
Learn more about the phases of the EUL Distribution programme

Epoch 0

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

Implementation

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

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

Implementation

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/.

Schedule

The amount of EUL distributed in each epoch has been determined in advance according to a non-linear schedule (see 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%
Last modified 1mo ago