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 Trading Volume Methodology

## 1. Overview

Trading Volume measures the total value of assets exchanged through EulerSwap. This metric reflects the liquidity and transactional activity within the protocol's exchange infrastructure across both its native pools and its integrations with external liquidity layers. Trading Volume is a key indicator of protocol adoption and the efficiency of its automated market-making mechanisms.

## 2. Data sources

- **Blockchain events**: `Swap` events from `EulerSwap` contracts, `PoolDeployed` and `PoolConfig` events from `EulerSwapFactory` contracts, and `Initialize` events from `PoolManager` contracts, covering Ethereum, Arbitrum, Avalanche, Base, and 4 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Map active trading pools and their constituent assets to establish the scope of tracked pairs.
- **Logic**: `PoolDeployed` and `PoolConfig` events are parsed from `EulerSwapFactory` contracts to identify pool addresses, asset pairs, and fee tiers. For pools integrated with Uniswap V4, `Initialize` events from `PoolManager` contracts are used to link EulerSwap accounts to specific Uniswap V4 pool identifiers. Asset metadata is joined to these pairs to determine decimal precision and symbols.

### Component B: Trade event extraction

- **Purpose**: Capture raw swap activity across all supported protocol versions and chains.
- **Logic**: `Swap` events are extracted from `EulerSwap` contracts. For each event, the net change for both assets in the pair is calculated by subtracting the outgoing amount from the incoming amount. For EulerSwap pools utilizing Uniswap V4 infrastructure, trade data is retrieved from indexed DEX activity, where maker addresses are matched against identified EulerSwap pool identifiers.

### Component C: Normalization and USD conversion

- **Purpose**: Standardize trade values into a common currency for cross-chain and cross-asset comparison.
- **Logic**: Raw asset amounts are normalized by decimal precision. USD values are calculated for both assets in a pair using end-of-day price feeds. To mitigate the impact of price manipulation or data anomalies in low-liquidity pools, the lower USD value of the two assets in the trade is selected as the representative volume for the transaction.

### Component D: Final aggregation

- **Purpose**: Consolidate transaction-level data into daily time-series metrics.
- **Logic**: Trading volumes are summed by day, chain, and product. Daily granularity is maintained using UTC day boundaries. Any missing days in the sequence are zero-filled to ensure a continuous data series.

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

Total value of spot trades executed on the exchange.

EulerEUL

Trading volume

Trading volume

Competitive landscape

Chain breakdown