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

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Lending

Euler

# euler Treasury Methodology

## 1. Overview

Treasury measures the total market value of assets held in the Euler protocol's designated governance and reserve addresses. This metric represents the protocol's financial reserves, which are utilized for ecosystem development, security, and operational sustainability. The valuation is derived from the cumulative balance of all supported assets held across monitored treasury wallets on Ethereum.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events and native asset transfers, covering Ethereum
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Asset flow tracking

- **Purpose**: Identify all incoming and outgoing asset movements for the protocol's treasury addresses
- **Logic**: Net flows are extracted for specific treasury addresses, including `0xcad001c30e96765ac90307669d578219d4fb1dce` and `0xc7c5afdb61e08be3e2fb09098412b5706eb5c550`. These flows are captured from ERC-20 `Transfer` events and native asset transfer records. Each transaction is parsed to determine the net change in balance for every asset held by these addresses on a daily basis.
- **Key fields**: `account_address`, `token_address`, `value`, `block_timestamp`

### Component B: Cumulative balance calculation

- **Purpose**: Determine the total quantity of each asset held in the treasury over time
- **Logic**: Daily net flows are aggregated and summed cumulatively to calculate the running balance for each asset. To maintain a continuous time series, a fill-forward mechanism is applied where the balance from the previous day is carried over for any dates where no transfer activity was recorded.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD valuation and aggregation

- **Purpose**: Normalize asset balances into a unified USD value for reporting
- **Logic**: Asset balances are normalized by decimal precision and multiplied by end-of-day price feeds. The resulting USD values are summed across all monitored addresses and assets to produce the total treasury metric. Only assets with a positive balance and valid price data are included in the final aggregation.
- **Key fields**: `amount`, `price_usd`, `timestamp`

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

Total value of a project's onchain treasury, including its native token.

EulerEUL

Treasury

Treasury

Competitive landscape

Chain breakdown