Euler (EUL)USD

Euler is a non-custodial, permissionless lending protocol on Ethereum that lets users lend and borrow crypto assets, earn interest, and hedge exposure to volatile markets through an on-chain money market. Michael Bentley, Doug Hoyte, and Jack Prior created the protocol in the early 2020s, with the EUL token supply schedule beginning January 1, 2022. The protocol runs on Ethereum's proof-of-stake base layer and implements its governance logic through smart contracts rather than a separate consensus mechanism. EUL is the native ERC-20 governance token, used for voting on protocol upgrades, risk parameters, market listings, treasury management, and fee policy. It also functions as a user incentive and bidding currency in Fee Flow auctions. EUL has a fixed total supply of 27,182,818 tokens, a number chosen to mirror Euler's mathematical constant *e*. This supply is capped for the first four years, after which token holders may vote to permit inflation of up to 2.718% per year. Euler's lending and borrowing markets on Ethereum are governed entirely by EUL token holders.