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EulerEarn

EulerEarn lets you deposit one asset into a vault that allocates across a configured set of strategies, including Euler lending vaults and, where enabled, external ERC-4626 strategies. Instead of choosing and rebalancing several strategies yourself, you hold one ERC-4626 share position while the Earn vault's Curator and Allocators manage its strategy set and allocations within onchain limits.

This can simplify how you access a curated group of strategies, but the vault you choose still matters. Its manager, strategies, caps, queues, fees, recent performance, and available withdrawal liquidity can differ from other Earn vaults.

At a glance

  • You deposit: one underlying asset, such as the token named on the vault page.
  • You receive: ERC-4626 shares representing your claim on that Earn vault.
  • The vault allocates: across enabled strategies, subject to strategy caps and the configured supply and withdrawal queues.
  • Configured roles manage it: the Owner, Curator, Allocators, and Guardian have different powers.
  • You can monitor: recent APY, current allocations, management addresses, fees, rebalancing activity, and available liquidity.

How Earn works

  1. You deposit the vault's underlying asset and receive shares.
  2. Configured roles enable strategies, set caps and queues, and move assets among strategies within the vault's rules.
  3. Interest and other strategy results flow into the Earn vault's accounting. A configured performance fee can mint shares to the fee recipient.
  4. To withdraw, the vault uses its withdrawal queue to recover assets from strategies. The amount available now can be lower than the accounting value of your shares.

Roles and responsibilities

Roles are hierarchical in the documented implementation: the Owner can perform Curator, Allocator, and Guardian actions, while the Curator can also perform Allocator actions. A vault can have more than one Allocator.

  • Owner: assigns roles and controls high-level settings, including fees and metadata.
  • Curator: manages strategy caps and can perform allocation and queue actions.
  • Allocator: sets queues and reallocates assets among enabled strategies within their caps.
  • Guardian: can revoke specific pending cap, strategy-removal, Guardian, and timelock actions. The Guardian is not a general veto over all vault activity.
  • Fee recipient: receives performance-fee shares when a fee is configured. This address is not a management role by itself.

After the applicable timelock, action-specific acceptance methods such as acceptCap, acceptGuardian, and acceptTimelock can be called by anyone. Check the current role addresses, pending actions, and timelock onchain when these details are material to your decision.

Earn vaults require a strategy to be recognized by the configured factory before it can be enabled or its cap increased. That check applies to those configuration changes; it does not continuously approve every allocation made within an existing cap.

Read the vault page

Use the vault page to understand what you are depositing into:

  • Total assets or supply: the vault's accounting value. This is not necessarily the amount available for immediate withdrawal.
  • Liquidity or maximum withdrawal: a point-in-time view of assets currently withdrawable through the configured queue.
  • Recent APY: annualized historical performance over the displayed window, not a forecast. Check whether the interface includes rewards and fees.
  • Exposure: the strategies to which assets are currently allocated, including allocation amount or percentage where shown.
  • Management: the Owner, Curator, Guardian, Allocator, fee recipient, fee, and timelock fields surfaced by the interface.
  • Rebalancing and activity: indexed records of allocation changes and user deposits or withdrawals.
  • Addresses: the underlying token and Earn vault contracts for the selected network.

Labels and metadata help with discovery, but they do not replace checking the vault address and live configuration.

Deposit

  1. Open Earn in the app and connect your wallet on the intended network.
  2. Compare vaults by underlying asset, manager, recent APY, exposure, fees, and liquidity.
  3. Open a vault and review its strategies, roles, caps, queues, pending actions, and recent allocation activity.
  4. Enter an amount and review the expected shares and current deposit limit.
  5. Approve the underlying token if prompted, then check the chain, target contract, amount, receiver, and allowance in your wallet before confirming.

A token approval or permit can require a separate signature or transaction. Previewed shares and limits can also change before execution.

Withdraw

  1. Open the vault or your position and select Withdraw.
  2. Compare the accounting value of your shares with the amount currently available to withdraw.
  3. Enter an amount, review the receiver and transaction, and confirm it in your wallet.

Withdrawals depend on the liquidity available through the withdrawal queue. A strategy can be fully utilized, subject to its own withdrawal limit, or temporarily unable to return assets. If the full amount is unavailable, a smaller withdrawal may work, but future liquidity is not assured.

Losses and withdrawal shortfalls

An Earn vault tracks both assets represented by strategy shares and a lostAssets accounting value. If a strategy realizes a shortfall or is force-removed while assets remain in it, the amount represented by the vault and the amount currently withdrawable can fall.

The displayed share conversion does not always show that effect immediately because recognized gaps can remain in reported totalAssets(). Check lostAssets, represented strategy assets, and maxWithdraw together rather than treating an unchanged displayed share value as evidence that no loss occurred.

For the contract-level accounting and recovery paths, review the EulerEarn source repository.

Fees and performance

An Earn vault can charge a performance fee, paid by minting shares to its configured fee recipient under the vault's accounting. Check the current fee and recipient for the specific vault.

Recent APY can reflect lending rates, rewards, allocation changes, fees, and the selected measurement window. It is most useful for understanding what happened over that period; it does not tell you what the next period will produce.

Before depositing

Review:

  • the underlying asset and vault contract address;
  • the Curator, Allocators, Owner, Guardian, and their permissions;
  • enabled strategies, caps, supply queue, and withdrawal queue;
  • recent allocation and management activity;
  • current withdrawable liquidity and any recorded lostAssets;
  • performance fee and fee recipient; and
  • strategy, oracle, market, smart-contract, and role dependencies.

Troubleshooting

  • Approval or deposit fails: verify network, token and vault addresses, balance, gas, allowance or Permit2 expiry, current deposit limit, and the decoded revert.
  • Displayed APY changes sharply: check the measurement window, vault size, allocation changes, rewards, and data freshness.
  • Withdrawal reverts: refresh the current maximum withdrawal, inspect queue and strategy liquidity, verify your share balance and receiver, and preserve the exact revert for diagnosis.
  • Accounting value differs from withdrawable amount: inspect lostAssets, strategy assets, queue liquidity, and strategy limits.

Technical resources