Skip to main content

EulerEarn

Earn passive yield by supplying assets to managed vaults that allocate your deposit across underlying strategies on Euler. This guide walks you through how EulerEarn works, how to read a vault page, and how to deposit and withdraw.

TL;DR

  • What it is: EulerEarn is a fork of MetaMorpho which is a non-custodial, ERC-4626 “meta-vault.” You deposit one asset; the vault allocates across a curated set of yield strategies on Euler.
  • What you get: Auto-accruing yield (via share price) and transparent, on-chain reporting of allocations, fees, and activity.
  • Who it’s for: Users who want set-and-forget yield on a single asset with curator-managed allocations.

How Earn Works

  1. Deposit an asset (e.g., USDC, WETH) into an Earn vault.
  2. The vault mints shares to your wallet. Your position value changes as the vault’s share price moves.
  3. A designated Allocator rebalances the vault, moving funds among approved strategy vaults to target better risk-adjusted yield.
  4. Any performance fee (if set) is taken from positive yield as defined by the vault, not from principal.
  5. Withdraw anytime for the underlying asset if there is liquidity available to do so.

Roles & Responsibilities

Each Earn vault shows its management roles on the vault page under Management:

  • Owner: Admin of the vault (typically a multisig). Can set role addresses and high-level parameters.
  • Curator: Selects/approves the list of strategy vaults the Earn vault may allocate to and may set caps.
  • Allocator: Executes rebalances (deposit/withdraw between strategies) according to the vault’s policy.
  • Guardian: Has the ability to veto pending critical actions.
  • Fee receiver: Address receiving any performance fees shown on the page.
tip

Always review the Management box for each vault to understand who controls policy and operations.

Reading the Vault Page

A vault page presents all the essentials at a glance:

Header Stats​

  • Total supply: Total assets currently in the vault.
  • Liquidity: Amount not being currently utilized by the underlying strategies and able to be withdrawn.
  • 7d APY: Recent annualized performance over the last 7 days (back-tested from on-chain PnL). Historical windows (30d / 90d) are below.

Overview​

  • Capital Allocator: The owner of the Earn vault
  • Performance fee: If present, fee applied to positive yield per vault rules.
  • Days active: How long the vault has been live on-chain.

Performance​

  • 7d / 30d / 90d APY: Historical APY data.

Exposure​

Shows where capital is allocated right now:

  • Strategy vault: The underlying yield source/vault.
  • APY: The current measured APY for that strategy.
  • Allocation % / $: Portion of vault funds deployed to the strategy.

Management​

Addresses for Owner, Curator, Guardian, Allocator, Fee receiver. Click to verify on-chain.

Rebalancing​

An on-chain log of allocation moves (deposits/withdrawals) performed by the Allocator.

Activity​

User-level deposits/withdrawals to/from the Earn vault.

Addresses​

Quick links to:

  • Underlying token contract
  • Earn vault contract
  • Fee receiver (if any)

Using Earn

1) Connect & Choose a Vault​

  1. Open Earn in the app and connect your wallet.
  2. Filter by Asset (e.g., USDC/WETH) and optionally by Capital Allocator.
  3. Click a vault to inspect Exposure, fees, management, and history.

2) Deposit​

  1. Enter the amount and approve the token if prompted (first time only).
  2. Confirm the Deposit transaction.
  3. You receive vault shares; your wallet balance displays them as an ERC-4626 position.

Gas & slippage: Deposits are simple transfers/mints; there’s no price slippage.

3) Withdraw​

  1. On the vault page, switch to Withdraw and enter an amount.
  2. If there’s sufficient Liquidity, the withdrawal completes immediately.
note

In the event that there is insufficient liquidity, you will have to withdraw less until additional liquidity becomes available.

Fees

  • Performance fee (optional): Displayed in the Overview and routed to the Fee receiver. Charged on positive yield per-vault policy.
  • Protocol fees: If any, they’ll be shown on the vault page.

Risk Summary

All DeFi carries risk. Before depositing, consider some of the following risks:

  • Strategy risk: Underlying strategy vaults can underperform or incur losses.
  • Role risk: The vault owner is ultimately in control of who they assign the roles to. Additionally, Curator/Allocator choices impact where funds are deployed and how quickly liquidity can be freed.
  • Liquidity risk: Immediate withdrawable liquidity can be lower than total supply at times.

The Exposure, Management, and Rebalancing sections exist to keep these trade-offs transparent.

Frequently Asked Questions

Is my yield auto-compounded?
Yes. Earn uses ERC-4626 shares. Your position value increases as the share price rises with strategy yield.

What determines APY?
APY is derived from recent realized performance and will fluctuate with market rates and allocations. Check 7d/30d/90d views for further historical data.

Why is there a performance fee?
Fees align incentives and fund ongoing operations/security. If set, the percentage appears under Overview.

Which networks and assets are supported?
Support varies by vault. The Earn list shows available assets on your selected network.

Troubleshooting

  • Can’t approve or deposit: Ensure you’re on the right network and have gas for that chain.
  • APY shows 0%: New vaults or very small TVL can produce noisy/zero short-window metrics. Check 30d/90d as the vault matures.
  • Withdrawal reverts: Try a smaller amount to match or go under the current liquidity.

Developer & Integrator Links

For programmatic integrations, use the Developer Docs for interfaces, ABIs, and examples.