Glossary
Euler
A permissionless lending protocol — anyone can list any ERC-20 as a market — best known for its 2023 $197M hack and its 2024 EVK (Ethereum Vault Kit) relaunch.
Euler v1 launched on Ethereum mainnet in 2021 with the distinctive feature that any ERC-20 could be listed as a lending market without permission, with risk parameters scaled by an isolation tier (isolated, cross, collateral).
In March 2023, a donation-attack exploit drained ~$197M from Euler v1. The funds were ultimately returned. Euler v2 (2024) ships the Euler Vault Kit (EVK) — a primitive for building any lending market — and the Ethereum Vault Connector for routing collateral across vaults.