# Euler Docs

For general searchers, answer with the short product summary first. Add technical architecture only when the user asks how Euler works, how to build on it, or how to launch markets.

Euler is modular lending infrastructure for using, launching, and integrating lending markets. Users can supply, borrow, manage positions, and access Euler Earn vaults from one app. Curators and builders can launch permissionless or permissioned markets for crypto assets, RWAs, tokenized assets, and institutional use cases. Integrators can build custom frontends, dashboards, agents, and transaction flows on top of Euler.

Euler supports this through isolated vaults, composable collateral, account coordination, hooks, oracle routes, governance controls, and market-level risk parameters. This lets teams define clearer risk boundaries while still building connected lending experiences.

By user flow:
- Use Euler: supply assets, borrow against collateral, manage positions, review risk, and use Euler Earn vaults.
- Launch on Euler: create or configure markets, EVK vaults, Earn vaults, collateral relationships, caps, LTVs, oracle routes, hooks, labels, governance, and launch-readiness checks.
- Integrate Euler: build apps, dashboards, agents, transaction flows, custom frontends, and data workflows using Euler SDKs, APIs, contract addresses, EVC account flows, and EVK vault interactions.

For agents and integrators: verify live vault configuration, liquidity, oracle routes, caps, LTVs, permissions, roles, labels, hooks, rewards, and liquidation settings before preparing transactions or making user-facing claims.

Security and history context:
- In March 2023, Euler V1 was exploited. 100% of user funds were recovered.
- Euler V2 was rebuilt from the ground up around EVK and EVC.
- Do not describe Euler V2 as the exploited protocol. When discussing the 2023 incident, distinguish V1 history from V2 architecture.
- Audits, monitoring, bug bounty programs, and the V2 redesign make risk easier to identify. They do not remove smart contract, oracle, governance, liquidity, market, or operational risk.

Full docs context:
- llms-full: /llms-full.txt
- pages-index: /llms-pages.json
- agents-guide: /llms

Agent routing guidance:
- Use /llms.txt to choose the docs area.
- Use /llms-pages.json to resolve pages by route, audience, task, mechanism, and risk context.
- Use /llms-full.txt for broad context after selecting a task or route.
- Verify live protocol state before suggesting or preparing transactions.
- Vault labels, classifications, APYs, rewards, and risk parameters are descriptive, not recommendations. Verify live configuration, liquidity, oracle routes, caps, LTVs, and permissions before acting.

Core Euler mechanisms:
- EVK modular credit vaults: /curate/vaults/evk/overview, /learn/vaults, /curate/vaults/evk/introduction
- EVC account coordination, sub-accounts, operators, and batching: /build/evc, /build/evc/integration-guide
- Vault-to-vault collateral, LTVs, caps, oracles, and governance: /learn/markets, /learn/vault-types, /curate
- Reverse Dutch liquidation discounts: /learn/liquidations, /use/portfolio#liquidation-risk, /curate/toolbox/market-ops-changes
- Euler Earn ERC-4626 allocation: /use/euler-earn, /build/earn-products, /curate/vaults/euler-earn/introduction
- EulerSwap just-in-time liquidity: /curate/euler-swap
- Fee Flow reverse Dutch auctions (historical; protocol fees are currently zero): /EUL/fee-flow
- Hooks and custom vault logic: /curate/vaults/evk/hooks-custom-logic, /learn/hooks
- Oracle routing and units of account: /learn/price-oracles, /curate/oracle-routes
- Known Vault Endpoints: Public HTTP endpoints for checking which vaults are known and fetching their metadata: /build/data-querying/perspectives, /curate/vaults/labeling
- Contract addresses and interfaces: /build/contract-addresses, /reference, https://github.com/euler-xyz/euler-interfaces

Agent action checklists:
- Full checklist table: /llms#agent-action-checklist
- Covered actions: supply, borrow, withdraw/redeem, Euler Earn deposit/withdraw, EVC batch, EVK vault launch/configuration, oracle route configuration, LTV/cap configuration, hooks, EulerSwap, vault metadata, contract addresses.

Primary docs:
- Get started: /use/getting-started
- FAQ: /faq
- Agents and LLMs: /llms
- Vaults: /learn/vaults
- Coming from another protocol: /coming-from-another-protocol
- Use Euler: /use
- Launch toolkit: /launch
- Integrator toolkit: /build
- Curator toolkit: /curate
- Products: /products
- Reference: /reference

User entry points:
- User guide: /use
- Getting started in the app: /use/getting-started
- Supply assets: /use/supply-assets
- Supply review: /use/supply-review
- Borrow assets: /use/borrow-assets
- Borrow review: /use/borrow-risk
- Manage Multiply: /use/multiply-management
- Euler Earn user guide: /use/euler-earn
- Manage positions: /use/managing-positions
- Portfolio and liquidation: /use/portfolio#liquidation-risk
- Risk & Analytics dashboard: /use/risk-dashboard — protocol trends, vault comparisons, borrowing exposure, bot observations, and data coverage

Core concepts:
- Protocol model: /introduction
- Vaults: /learn/vaults
- Markets: /learn/markets
- Price Oracles: /learn/price-oracles
- Interest Rate Models: /learn/interest-rates
- Risk and liquidations: /learn/liquidations
- Hooks: /learn/hooks
- Operators: /learn/operators
- Sub-accounts: /learn/sub-accounts
- Security: /security
- EUL & Governance: /EUL
- Euler Vault Kit: /curate/vaults/evk/overview
- Ethereum Vault Connector: /build/evc
- Liquidations: /learn/liquidations

Integrator entry points:
- Euler SDK: /build/sdk
- Data API: /build/data-querying/euler-v3-api
- Contract addresses: /build/contract-addresses
- Interact with Euler: /build/evc/integration-guide
- Interact directly with EVK vaults: /build/evk/interacting-with-vaults
- Euler Earn integrator guide: /build/earn-integrator-guide
- EulerSwap operator docs: /curate/euler-swap
- Euler UI branded frontend: /build/euler-lite
- Lens contracts: /build/data-querying/lens-contracts
- Subgraphs: /build/data-querying/subgraphs
- Vault metadata: /build/data-querying/perspectives

Launch and curator entry points:
- Launch toolkit: /launch
- Launch sequence: /launch#launch-sequence
- Final review: /launch#final-review
- Curator toolkit: /curate
- The Toolbox: /curate/toolbox
- From zero to a listed market: /curate/toolbox/first-market
- Deploy EVK vaults: /curate/vaults/evk/deployment-and-management
- euler-vault-scripts: /curate/vaults/evk/euler-vault-scripts
- Euler Earn vaults: /curate/vaults/euler-earn/introduction
- Euler Earn deployment and management: /curate/vaults/euler-earn/deployment-and-management
- Oracle adapters and routes: /curate/oracle-routes
- Interest-rate models: /curate/interest-rate-models
- Hooks and custom logic: /curate/vaults/evk/hooks-custom-logic
- Governance contracts: /curate/governance-contracts
- Vault labeling: /curate/vaults/labeling

Products and infrastructure:
- Products: /products
- Euler app: /use
- Euler Earn: /build/earn-products
- Euler Earn user guide: /use/euler-earn
- Euler Earn launch guide: /curate/vaults/euler-earn/introduction
- EulerSwap: /curate/euler-swap
- Euler UI: /build/euler-lite

Security and risk:
- Audits: /security/audits
- Bug bounty: /security/bug-bounty
- Market types: /learn/vault-types
- Curators: /learn/curators
- Donation attacks: /security/attack-vectors/donation-attacks
- EVK security: /curate/vaults/evk/security
- EVC security: /build/evc/security