Vault types
Euler uses different vault configurations for different jobs. An EVK vault can be governed, use the canonical escrow configuration, or be finalized without an active vault governor. An EulerEarn vault holds one underlying asset and allocates it across configured ERC-4626 strategies.
These names describe how a vault is intended to operate; they do not establish who controls every connected contract. Authority is deployment-specific. Review the live vault, factory and implementation, oracle router, collateral vaults, hooks, and assigned roles before deciding which settings can change.
Quick comparison
| Type | What it does | Deployment-specific authority to review | What to check |
|---|---|---|---|
| Governed EVK vault | Lends one asset under parameters that can be managed after deployment. | The active vault governor and any separate roles governing connected contracts. | Governor, caps, collateral list, oracle, IRM, LTVs, liquidation settings, hooks, fees, and timelocks. |
| Escrow vault | Holds one asset in the canonical non-borrowable, ungoverned EVK configuration so its shares can be used as collateral elsewhere. | There is no vault governor. Governors of liability vaults set the LTVs, oracle, and liquidation terms applied to its shares. | Perspective verification, underlying asset, accepting liability vaults, and their LTVs. |
| Finalized or ungoverned vault | Has no active vault governor to change EVault-governed parameters. | Any remaining factory upgrade authority and governance of dependencies such as oracle routers or connected collateral vaults. | Finalization status, implementation, collateral, oracle route, caps, liquidity, and liquidation behavior. |
| EulerEarn vault | Accepts one asset and allocates it across enabled ERC-4626 strategies. | The Owner, Curator, Allocators, Guardian, factory checks, and any strategy-specific roles. | Strategies, caps, supply and withdrawal queues, role permissions, liquidity, fees, timelocks, and withdrawal behavior. |
Governed EVK vaults
A governed EVK vault has an active governor that can update supported vault parameters. Depending on the deployment, those parameters can include collateral relationships, supply and borrow caps, the interest-rate model, oracle configuration, fees, hooks, or liquidation settings.
The governor controls only the actions authorized by the deployed EVault. Connected contracts can have different owners or governors. Before using a governed vault, identify each role address, its exact permissions, applicable timelocks, and recent or pending changes.
Escrow vaults
An escrow vault is a specific configuration verified by the Escrowed Collateral Perspective, not a generic name for every vault with borrowing disabled. A canonical escrow vault:
- Is the perspective-recognized singleton escrow vault for its underlying asset.
- Its underlying asset is not another vault deployed by that EVK factory.
- Has no vault governor, oracle, unit of account, interest-rate model, supply or borrow caps, hooks, configuration flags, fee receiver, collateral LTVs, liquidation discount, or liquidation cool-off time.
These properties make it a simple, reusable collateral container. It cannot be borrowed from and does not earn borrower-paid lending interest. Each liability vault that accepts the escrow shares has its own governor, LTVs, oracle, and liquidation settings.
Finalized or ungoverned vaults
A finalized or ungoverned vault has no active vault governor, so the parameters controlled by EVault governance cannot be updated. Changing those parameters generally requires a new vault deployment.
This does not make every dependency or market condition immutable. A separately governed oracle router, collateral vault, or hook can retain its own authority. A vault deployed behind an upgradeable beacon can also retain factory-level implementation risk unless that authority is removed for the specific deployment. Oracle prices, liquidity, collateral volatility, utilization, adaptive rate behavior, and liquidation conditions can continue to change.
EulerEarn vaults
EulerEarn vaults pool one underlying asset into one ERC-4626 share position and allocate capital across configured ERC-4626 strategies. Strategies can include Euler lending vaults and, where enabled, external ERC-4626 vaults.
Review an Earn vault as both a share vault and an allocation system. Check its Owner, Curator, Allocators, Guardian, factory requirements, enabled strategies, caps, supply and withdrawal queues, fees, timelocks, lostAssets, and available withdrawal liquidity. Each underlying strategy adds its own contracts, governance, oracle, liquidity, and market dependencies.
Labels and discovery
Vault classifications and metadata are maintained by the Euler Labs team in the euler-labels repository and served through public known-vault endpoints.
Who Runs the Markets
Euler Labs does not run or govern any governed EVK vault. External governors, curators, and risk managers manage governed vaults; finalized, ungoverned, and canonical escrow vaults have no active vault governor. Use the known-vault endpoints and live onchain roles to identify who controls each vault.