Provide a narrative description of the purpose of the project.
Response
Euler is the modular, permissionless, DeFi super app designed with a fully modular architecture to maximize capital efficiency and flexibility. Euler enables users to lend, borrow, swap and build without limits. Euler is a modular, permissionless DeFi protocol that enables users to lend, borrow, and manage digital assets onchain. The protocol is designed with a modular architecture intended to improve capital efficiency, risk management flexibility, and extensibility for developers and users. Euler supports lending markets, collateralized borrowing, liquidity routing, and protocol integrations through smart contracts.
For each existing entity, list key team members with full name, official title, and prior experience. Explicitly mark non-existent entities.
Response
Full Name | Official Title | Prior Experience |
|---|---|---|
Jonathan Han | CEO | Former Partner at Republic Crypto and former SVP of Business Development and Partnerships at The Tie. Jonathan Han has experience across crypto market infrastructure, ecosystem growth, token strategy, and institutional partnerships. LinkedIn: n-92570279 |
Hannah Jones | COO | Hannah Jones oversees operational management, organizational execution, and ecosystem coordination for Euler Labs, supporting protocol operations and strategic initiatives across the Euler ecosystem. Linkedin: https://www.linkedin.com/in/hellohannahj/ |
Kasper Pawlowski | CTO | Kasper Pawlowski oversees Euler’s technical strategy, protocol engineering, and development coordination, supporting smart contract architecture, product infrastructure, and technical execution across the Euler ecosystem. LinkedIn: https://pt.linkedin.com/in/kasperpawlows ki |
Full Name | Official Title | Prior Experience |
|---|---|---|
Prominent Director at Marfire | Director | An experienced legal and governance executive with expertise in offshore corporate structures, digital asset funds, blockchain governance, and decentralized organizational frameworks. Has held senior leadership positions within international offshore legal practices, advising on digital asset and foundation entity matters. Currently provides governance and directorship services to blockchain-focused organizations and offshore structures. |
Prominent Director at Hash Directors | Director blockchain and emerging technology initiatives on governance frameworks, foundation structures, and regulatory compliance matters. | An experienced digital asset and compliance executive with expertise in blockchain advisory, DAO governance, crypto compliance, and operational oversight for decentralized technology organizations. Previously helped develop and lead a professional services firm’s digital asset advisory practice in the Cayman Islands. Currently advises |
Full Name | Official Title | Prior Experience |
|---|---|---|
N/A | N/A | Euler does not maintain a separately incorporated DAO management entity or formally designated executive leadership body. |
Blockworks note: Labs/DevCo — Euler Labs Ltd |
Describe DAO governance, powers, economic rights, and control surfaces. If no DAO exists, state so and still address current tokenholder governance rights and economic arrangements.
Response
The Euler Protocol operates as an open-source protocol with public smart contract repositories and governance infrastructure maintained for the benefit of the Euler ecosystem. Protocol-related intellectual property, including the Euler brand and associated protocol infrastructure, is managed through the Euler Foundation via a Master Service agreement with Euler Labs.
All protocol revenue and upgradeable smart contracts are governed by the DAO through EUL tokenholder votes. Foundation-controlled multisigs (treasury and operational wallets) are funded only by DAO approval via Snapshot proposals. Governance infrastructure associated with Euler DAO remains publicly accessible through Snapshot governance and governance forum processes. Governance proposals may address ecosystem initiatives, protocol matters, operational topics, and broader governance discussions. Certain operational and treasury functions are administered through Foundation-controlled multisig structures and operational entities. Decision-making authority relating to Euler Foundation and Euler OpCo Ltd ultimately rests with the Foundation’s directors. Designated signers and operational contributors execute operational and administrative actions through relevant multisig structures. The protocol wallet has the ability to upgrade the protocol via timelock, change the protocol fee configuration and change EUL bridging configuration.
No locking mechanism for additional rights exists. Staking is not a requirement for DAO participation. EUL tokens confer governance rights directly without needing to be staked or locked.
EUL tokenholders govern the protocol and treasury via proposals on the community Forum and binding Snapshot votes (s: eulerdao.eth). Tokenholders receive value via Fee Flow auctions, where protocol fees (accumulated in tokens such as USDC, DAI, etc.) are converted into EUL via auction and the EUL proceeds enter the Euler DAO treasury automatically by smart contract. Proposals to fund Foundation-controlled multisigs — including treasury and operational wallets — are transparently approved by the DAO.
Governance infrastructure associated with Euler DAO remains active, including Snapshot governance and public governance forums. Operational governance functions and administrative coordination are substantially carried out through the Euler Foundation, Euler OpCo Ltd, Foundation directors, core contributors and third party service providers.
No formal onchain dissolution mechanism for Euler DAO has been publicly disclosed. Operational governance and administrative functions are currently maintained through the Euler Foundation, Euler OpCo Ltd, and associated multisig structures. Any material restructuring, wind-down, or dissolution process would be administered through the relevant legal and operational Euler entities.
Describe the Primary Foundation, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
Euler Foundation — an Exempted Limited Guarantee Foundation Company incorporated in the Cayman Islands on 24 March 2022. The Foundation also has a subsidiary, Euler OpCo Ltd, which serves as a legal representative of the Euler products and issuer of the EUL token.
Euler Labs Ltd owns and develops intellectual property associated with the Euler Protocol, including the protocol codebase, software repositories, technical documentation, and related development resources. Protocol software is made available through public open-source repositories maintained by Euler Labs Ltd.
The Euler Foundation administers operational treasury functions, Foundation-controlled multisig structures, and protocol-related operational activities. Governance infrastructure associated with Euler DAO remains publicly accessible; however, operational treasury management, token administration, and entity-level decision-making authority are exercised through the Foundation and associated operational entities.
The Foundation compensates Euler Labs as primary services provider per a DAO-approved services contract (forum.euler.finance/t/renewal-of-contract-for-services-with-euler-labs/1344). The Euler Foundation does not exercise direct or indirect decision-making authority over Euler Labs Ltd. Euler Labs Ltd operates independently with respect to its internal management and operational decision-making. The relationship between the Foundation and Euler Labs Ltd is governed through a Master Services Agreement.
Certain multisig structures and operational entities associated with the Euler Foundation administer treasury, operational, and ecosystem-related functions associated with the Euler Protocol. Designated signers and operational contributors execute administrative and operational actions through relevant multisig arrangements and operational entities. No individual signer or operational contributor has unilateral authority over treasury assets, governance decisions, or Foundation matters. The protocol wallet has the ability to upgrade the protocol via timelock, change the protocol fee configuration and change EUL bridging configuration.
The Euler Foundation does not currently generate profit and operates for the sole benefit of the Euler Protocol. Euler Labs does not receive direct protocol revenue. Protocol revenue (via Fee Flow auctions converted into EUL) supports the DAO Treasury and ecosystem funding. The Foundation compensates Euler Labs as a primary services provider under a DAO-approved contract. Foundationtransparency reports are public and ongoing: https://euler.foundation/transparency. The Euler Foundation does not currently generate profit and operates for the sole benefit of the Euler Protocol. Euler Labs Ltd does not receive direct protocol revenue and is compensated by the Foundation as a primary services provider pursuant to a Master Services Agreement. Protocol revenue generated through Fee Flow auctions supports the treasury and ecosystem funding. The Foundation does not distribute profits or dividends to directors, contributors, or other participants.
Describe the Primary Developer Company, including entity details, IP ownership, governance or token powers, contract/admin powers, and economic arrangements. If it does not exist, state so explicitly.
Response
Euler Labs Ltd — UK-based private company focused exclusively on research and development. UK Companies House registration: company 12863550.
Euler Labs Ltd owns and develops intellectual property associated with the Euler Protocol, including the protocol codebase, software repositories, technical documentation, and related development resources. Protocol software is made available through public open-source repositories maintained by Euler Labs Ltd.
Euler Labs Ltd does not have authority over DAO governance, treasury actions, protocol-controlled resources, token administration, or reward parameters. Euler Labs Ltd operates as a service provider to the Euler ecosystem pursuant to a Master Services Agreement. Certain Euler Labs personnel may participate in operational multisig arrangements and provide technical support for the Euler Protocol.
Euler Labs Ltd does not exercise direct or indirect decision-making authority over the Euler Foundation. The relationship between the Euler Foundation and Euler Labs Ltd is governed through a Master Services Agreement, pursuant to which Euler Labs Ltd provides services in support of the Euler ecosystem. The Directors of the Euler Foundation retain ultimate decision-making authority over Foundation matters.
Certain Euler Labs personnel participate in operational multisig arrangements and provide technical support for the Euler Protocol. Euler Labs does not have unilateral authority over governance decisions, treasury assets, or Foundation matters. The protocol wallet has the ability to upgrade the protocol via timelock, change the protocol fee configuration and change EUL bridging configuration.
Euler Labs Ltd is compensated by the Euler Foundation as the primary services provider under a DAO-approvedservices contract (forum.euler.finance/t/renewal-of-contract-for-services-with-euler-labs/1344). Euler Labs does not receive direct protocol revenue. Pre-TGE, 25.85% (7,026,759 EUL) of total token supply was allocated to Euler Labs shareholders with an 18-month linear unlock starting 01 Jan 2022. Euler Labs Ltd is compensated by the Euler Foundation as the primary services provider pursuant to a Master Services Agreement. Euler Labs Ltd does not receive direct protocol revenue. Pre-TGE, 25.85% (7,026,759 EUL) of the total token supply was allocated to Euler Labs shareholders, subject to an 18-month linear unlock schedule commencing on 1 January 2022. Other than compensation paid under the Master Services Agreement, Euler Labs Ltd does not receive protocol revenue directly.
Identify affiliated protocol contributors and explain their control, funding, or operational relationship to the project. If none exist, state so explicitly.
Response
Blockworks note: Euler does not currently maintain any active APC relationships. Previously, external service providers including Gauntlet and Objective Labs contributed services to the Euler ecosystem; however, those engagements are no longer active.
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch. Include:
Response
Total supply at launch = 27,182,818 EUL Total supply at launch was 27,182,818 EUL. Portions of the supply allocated to the Treasury and user distributions were unlocked at TGE, while allocations to shareholders, partners, employees, advisors, consultants, and other contributors were subject to vesting schedules described below.
Initial four-year breakdown of EUL total supply (per prior filing):
25% (6,795,705 EUL) to users of the Euler protocol.
1% (271,828 EUL) to all users who deposited or borrowed assets on Euler during its soft launch (Epoch0).
13.83% (3,759,791 EUL) to the Euler Treasury, unlocked.
25.85% (7,026,759 EUL) to Euler Labs shareholders, with an 18 month linear unlock schedule starting on 01 Jan 2022 (TGE record date).
9.67% (2,628,170 EUL) to partners of EulerDAO, with an 18 month linear unlock schedule starting on 01 Jan 2022.
4% (1,087,313 EUL) to Encode (early project incubator), with a 30 month linear unlock schedule starting on 01 Jan 2022.
20.65% (5,613,252 EUL) to employees, staff, advisors and consultants of Euler Labs (the service provider to the Euler Foundation). Co-founders 4-year linear unlock starting 01 Jan 2022; all others with individual agreements, typically 3- or 4-year non-linear vests with greater value weighted to outer years.
Users (25%) — Distributed to protocol users to reward early adoption, incentivize ecosystem participation, and decentralize token ownership.
Epoch0 Users (1%) — Retroactive distribution to early users who participated during the protocol's soft-launch period.
Treasury (13.83%) — Treasury reserves intended to support ecosystem growth, operational funding, grants, strategic initiatives, and other protocol-related activities.
Euler Labs Shareholders (25.85%) — Allocation to early shareholders and backers of Euler Labs in recognition of their role in funding and supporting protocol development.
Partners (9.67%) — Allocation to strategic partners and ecosystem participants that supported the development, growth, and long-term success of the Euler ecosystem
Encode (4%) — Allocation to Encode as the project's early incubator and ecosystem supporter.
Employees, Staff, Advisors & Consultants (20.65%) — Allocation intended to attract, retain, and incentivize contributors supporting protocol development, operations, research, and ecosystem growth.
No fixed launch price was established for EUL. EUL was not launched through a public token sale, fixed-price offering, or other formal price-discovery mechanism. Following launch, the market price of EUL was determined through secondary-market trading on supported trading venues. No initial price was given to MM’ers etc.
EUL.
Total supply: 27,182,818 EUL. The total supply of EUL is fixed for the first 4 years, after which EUL token holders may enact a governance proposal to inflate the supply by a maximum of 2.718% per year. In that scenario, newly minted EUL would enter circulation via the Treasury. This is enabled by the smart contract — see https://docs-v1.euler.finance/eul/about.
Per prior filing:
If there are not post-TGE token compensation plans state explicitly they do not exist. If there are then state the:
Response
Post-TGE token compensation plans exist. In March 2024, the DAO approved a supplementary allocation of 1.6 million EUL tokens for current and future contributor incentive programs under the Euler Labs MSA. This allocation represents approximately 5.9% of the total EUL supply. Token allocations are administered offchain for operational and jurisdictional reasons. The March 2024 supplementary allocation was approved through the Euler DAO's public governance process, including Forum discussion and Snapshot voting: pursuant to eIP-59: Contract for Services with Euler Labs(https://snapshot.box/#/s:eulerdao.eth/proposal/0x8ac487df0dc8e5e219922a5e823a049ab254f433534a5d766d7e3f691b06a80d).
The current contributor incentive allocation approved by the DAO consists of 1.6 million EUL tokens, representing approximately 6.6% of the current circulating supply and 5.9% of the total EUL supply. These tokens are earmarked for contributor incentive and compensation programs.
Post-TGE employee token grants typically vest over a three-year period. Employee grants are generally subject to an initial probationary-period cliff, after which vesting occurs in accordance with the applicable grant agreement. Vesting is administered offchain for operational and jurisdictional reasons.
Disclose token-based compensation for external advisors and service providers (e.g., legal, marketing, technical, growth) funded from the on-chain treasury or token reserves held by the Foundation, Labs/DevCo, or similar entities. You do not need to disclose individual names, roles, salaries, or any advisors receiving fiat-only compensation. Provide:
Response
Disclose ongoing KOL/influencer relationships that partially or fully received tokens for payment. Do not need to disclose KOL/influencers that do not receive tokens for payment. Use lettered sub-items:
Response
Blockworks note: The Euler Foundation and Euler Labs Ltd do not currently maintain any token-based compensation arrangements with KOLs or influencers.
Publicly label all wallets that hold Unissued Tokens (e.g., foundation, operations, treasury, investor reserve), keep each category in distinct wallets (a unique address per category), and disclose who controls each wallet (DAO multisig, foundation, labs/devco, operations, or contract controller + admin). Include one verification link per wallet (docs or explorer). Definition: Unissued Supply = tokens authorized by the contract but not yet issued to any party; where they sit (treasury or mint authority) does not change that they are unissued. For instance: if a token has a total supply cap of 1B, and 400M tokens have been issued to investors, the team, and users (whether vested or unlocked), then those 400M count as issued supply. The remaining 600M are authorized but unissued supply, even if they are already minted into a DAO treasury wallet.
Response
Title | Primary Function | Chain | Address | Control Mechanism | Explorer Link |
|---|---|---|---|---|---|
Main Treasury | Core funds, grants, future investments, reserve | Ethereum | 0xC7C5aFDB61e08BE3e2FB09098412b5706EB5c550 |
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Response
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit. If no native-token listing fees were paid, state that explicitly; cash/fiat fee amounts are not required for this item.
Response
If a category does not exist or is not applicable, make that clear in plain language (no specific wording required).
Response
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.")
Response
Provide a narrative description of the Project's material funding sources, economic flows, and operational provisioning, broken out by entity: Foundation, Lab/DevCo, and DAO. If an entity does not exist, state that explicitly. If an entity exists but does not pursue revenue-generating activity, state how it funds or provisions its operations.
Response
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
Response
The Euler protocol experienced a security incident in March 2023 involving a smart contract vulnerability that was exploited via a flash loan attack, resulting in the temporary loss of user funds. The smart contract in question was audited by security firms. The team responded immediately by pausing the protocol, engaging security experts, and coordinating recovery efforts. Following negotiations, the attacker returned the funds, and users were reimbursed.
A detailed post-mortem and recovery process is documented by Euler Finance here: https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery. Since the incident, the protocol has undergone significant security improvements and architectural upgrades to enhance resilience.
On 13 March 2023, Euler V1 smart contracts on Ethereum were exploited.
The attacker exploited a missing health check in the donateToReserves function, allowing the attacker to make an account unhealthy, self-liquidate, and extract assets from the protocol.
Approximately $197 million in user assets were stolen at the time of the attack.
Provide a single income statement, expense summary, or comparable operating statement for the primary Foundation or Developer Company. A consolidated or entity-level presentation is acceptable. Balance Sheet and Statement of Cash Flows may be included but are not required. This item is intended to provide transparency into offchain operating resources and expenditures only.
Response
Line Item | Amount |
|---|---|
Blockworks note: N/A |
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Euler is solely responsible for the content, accuracy, and legality of its disclosures.
4/6 Multisig threshold
https://etherscan.i o/address/0xC7C 5aFDB61e08BE3 e2FB09098412b5 706EB5c550 |
Protocol Wallet | Smart contract deployments & reserves. | Ethereum | 0xcAD001c30E96765aC90307669d578219D4fb1DCe | 4/8 Multisig threshold | https://etherscan.i o/address/0xcAD 001c30E96765aC 90307669d57821 9D4fb1DCe |
Ecosystem Initiatives | Liquidity provisions and similar | Ethereum | 0x0e33089449606CDE00Ad767d66C28Cf4cfCF0bF5 | 3/5 Multisig threshold | https://etherscan.i o/address/0x0e33089449606CDE00Ad767d66C28Cf4cfCF0bF5 |
Operational Funding | Cayman Foundation expenses and operations | Ethereum | 0x967B10c27454CC5b1b1Eeb163034ACdE13Fe55e2 | 2/4 Multisig threshold | https://etherscan.i o/address/0x967 B10c27454CC5b 1b1Eeb163034A CdE13Fe55e2 |
EUL Staff Allocation Reserve | Reserved for core contributors / staff | Ethereum | 0x25Aa4a183800EcaB962d84ccC7ada58d4e126992 | 4/8 Multisig threshold | https://etherscan.i o/address/0x25A a4a183800EcaB9 62d84ccC7ada58 d4e126992 |
Euler Labs coordinated an incident response and recovery effort, including security review, communications with the attacker, and recovery negotiations.
Euler subsequently rebuilt the protocol as Euler V2, a new modular codebase built around the Euler Vault Kit and Ethereum Vault Connector.
Resolved. 100% of the stolen funds were recovered, with approximately $240 million in assets returned following negotiations with the exploiter.
Euler Finance, “War & Peace: Behind the Scenes of Euler’s $240M Exploit Recovery,” published 10 January 2024. Link: https://www.euler.finance/blog/war-peace-behind-the-scenes-of-eulers-240m-exploit-recovery
