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Operators

Introduction

An operator is an address—an EOA or smart contract—that an account owner authorises through the EVC to act for a selected account or sub-account. Operator permission is broad and binary for that account; it is not the same as a limited token allowance.

Understanding Operators

The operator system lets an account owner authorise an operator address for a specific sub-account. An operator can then perform account actions wherever EVC operator authentication is accepted. The account owner retains owner-only EVC administration, including changing operator authorisation.

Operators in production: EulerSwap

EulerSwap is built directly on this feature. Each EulerSwap pool is a contract that the liquidity provider installs as an EVC operator for their Euler account; the pool factory refuses to deploy a pool whose operator authorisation is not in place. When a swap executes, the pool uses that operator authority to act on the account — withdrawing supplied inventory from its lending vaults and, where configured, borrowing the remaining output against the account's collateral — so liquidity is provided just-in-time without the pool holding reserves. The owner keeps EVC administration throughout, and revoking the operator is how a pool is decommissioned.

Potential Features

The operator system enables several other capabilities that can be implemented to enhance the user experience and enable more sophisticated interactions with the protocol:

Automated Trading Strategies: Operators could be used to implement automated trading systems that execute trades based on predefined conditions. This could include features like stop-loss orders, take-profit targets, or trailing stops without requiring manual intervention.

Position Management: EOAs or smart contracts could be authorized to manage positions, enabling more complex strategies that might involve multiple steps or require precise timing. This would be particularly useful for professional traders or automated trading systems.

Risk Management: The system could support automated risk management features like dynamic collateral rebalancing, automated deleveraging during high volatility, or portfolio-wide stop-loss mechanisms.

Scope and Revocation

Binary permissions: Operator permission is binary for each selected sub-account. The operator may perform any account action for which EVC operator authentication is accepted, including actions that move shares, withdraw assets, create debt, or batch calls. This does not transfer owner-only EVC administration, such as changing operator authorization or owner security modes.

Revocation: The account owner can revoke operator authorization through the applicable EVC owner action. Revocation stops later authorized actions but does not reverse actions the operator already completed.

Review requirements: Verify the operator address, intended sub-account, supported actions, and revocation process before authorizing it. Ordinary account actions can materially change or empty the position.

Best Practices

  • Delegate only the sub-accounts the operator needs.
  • Use separate sub-accounts for unrelated operators or strategies.
  • Review operator settings periodically and revoke permissions that are no longer needed.
  • Prefer services with clear documentation, verifiable contract addresses, and an explained security and revocation model.
  • Monitor operator activity as part of monitoring the underlying position.

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