Lenders deposit funds into Euler and receive interest payments from borrowers (supply-side fees).

Euler is a non-custodial lending protocol built on Ethereum. Euler was founded by Michael Bentley, Doug Hoyte & Jack Prior and launched in 2021.

EUL tokenholders own and govern the protocol. They currently take a cut of the total interest paid by borrowers (revenue). Euler’s investors include Paradigm, Lemniscap, Launchhub Ventures, etc.

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Lending

Euler

# euler Active Loans Methodology

## 1. Overview

Active Loans is measured as the total USD value of outstanding debt within Euler. The metric represents the aggregate value of assets borrowed by users that have not yet been repaid across all lending markets. Outstanding debt is tracked at a granular level for each vault and is used to assess credit demand and capital efficiency within the protocol. Values are denominated in the underlying borrowed assets and converted to USD to provide a standardized view of the protocol's credit activity.

## 2. Data sources

- **Blockchain events**: `ProxyCreated` events from `EVaultFactory` contracts and `VaultStatus` events from `EVault` contracts, covering Ethereum, Base, Sonic, Avalanche, and 7 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Market identification

- **Purpose**: Identify active lending markets and their associated underlying assets
- **Logic**: `ProxyCreated` events from `EVaultFactory` contracts are parsed to map each lending vault proxy address to its corresponding underlying asset address. This mapping is used to correctly attribute borrow balances to specific assets across all supported chains.
- **Key fields**: `token_address` (underlying asset), `account_address` (vault proxy)

### Component B: Debt balance extraction

- **Purpose**: Capture the total amount of outstanding debt for each lending market
- **Logic**: `VaultStatus` events from `EVault` contracts are monitored to track the state of each lending vault. The `total_borrows` field is extracted from these events to represent the current debt balance. The latest event for each vault is selected for every UTC day to determine the end-of-day balance.
- **Key fields**: `total_borrows` (raw borrow amount), `account_address` (vault identifier)

### Component C: Normalization and USD conversion

- **Purpose**: Normalize borrow balances by decimal precision and convert to USD
- **Logic**: Raw borrow amounts are normalized by the decimal precision of the underlying asset. These normalized balances are then multiplied by end-of-day asset prices. A fill-forward mechanism is applied to maintain daily balances between event updates, ensuring a continuous time series. In instances where no historical data exists for the project, values are zero-filled.
- **Key fields**: `price_usd` (asset price), `decimals` (asset precision)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of loans currently outstanding to borrowers.

EulerEUL

Active loans

Active loans

Competitive landscape

Chain breakdown