Euler Finance, a crypto borrowing and lending platform, has made a strong comeback in the DeFi space. The protocol has achieved new all-time highs in total value locked (TVL) and total borrows, showcasing significant activity in the DeFi lending sector.
Despite not reaching the same levels as leading platforms like Aave, Euler’s management of hundreds of millions of crypto-dollars is a notable achievement considering the challenges it faced after a $200 million hack two years ago.
CEO Michael Bentley and his team decided to rebuild Euler from scratch, focusing on creating a highly customizable borrowing hub where users can tailor their pools’ risk, yields, and asset parameters. This approach differs from the original Euler, which offered a specific lending market.
After missing much of the DeFi surge in 2024 due to security reviews, Euler launched its V2 in September 2024, offering modest incentives in EUL tokens to attract users back. Despite challenges, Euler has seen growth in active loans and continues to expand even amidst market uncertainties.
Bentley remains confident in Euler’s growth trajectory, emphasizing the success of Euler v2 and its unique product market fit in the DeFi landscape.
