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.

governance

github

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Lending

Euler

# euler Tradeable Pairs Methodology

## 1. Overview

Tradeable Pairs measures the cumulative number of unique asset pairs available for trading on Euler Swap. This metric provides insight into the expansion of the protocol's liquidity markets and the variety of assets supported for decentralized exchange. The growth of tradeable pairs serves as an indicator of protocol adoption and the scaling of its underlying swap infrastructure.

## 2. Data sources

- **Blockchain events**: `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts, and `Initialize` events from `PoolManager` contracts, covering Ethereum, Arbitrum, Avalanche, Base, and 4 other chains
- **External data**: Asset metadata for token symbols and decimal precision

## 3. Step-by-step calculation

### Component A: Pool deployment identification

- **Purpose**: Identify the creation of new trading pairs across all supported versions and chains
- **Logic**: `PoolDeployed` events are extracted from `EulerSwapFactory` contracts. For pools utilizing Uniswap V4 infrastructure, `Initialize` events from `PoolManager` contracts are also parsed. The primary assets for each pair are identified from the event parameters. Any null or native asset addresses are mapped to the corresponding wrapped native token address for the specific chain to ensure uniform asset tracking.
- **Key fields**: `asset0`, `asset1`, `pool`, `block_timestamp`

### Component B: Pair configuration and metadata enrichment

- **Purpose**: Associate trading pairs with specific fee tiers and descriptive metadata
- **Logic**: `PoolConfig` events from `EulerSwapFactory` contracts are joined with deployment data to retrieve specific parameters such as fee tiers. Asset addresses are cross-referenced with asset metadata to obtain symbols and normalize values by decimal precision. A unique identifier is generated for each trading pair based on the deployed pool address.
- **Key fields**: `fee`, `symbol`, `decimals`, `transaction_hash`

### Component C: Cumulative aggregation

- **Purpose**: Calculate the total number of unique pairs available on the protocol over time
- **Logic**: The initial appearance of each unique pool identifier is identified based on the earliest recorded block timestamp. These new pairs are aggregated into daily totals. A cumulative sum of these daily additions is calculated to determine the total number of tradeable pairs available on the protocol. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `block_timestamp`, `pool_id`

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

Number of unique token pairs available for trading on the exchange.

EulerEUL

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown