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

twitter

discord

etherscan

website

Lending

Euler

# euler User Wau Methodology

## 1. Overview

Active users (weekly) measures the number of unique addresses that interact with Euler and EulerSwap within a 7-day rolling window. This metric captures primary protocol interactions including lending activities such as depositing, withdrawing, borrowing, and repaying assets, as well as trading activities through EulerSwap. Active users (weekly) serves as a key indicator of protocol adoption, user engagement, and the overall growth of the Euler ecosystem across multiple blockchain networks.

## 2. Data sources

- **Blockchain events**: `Deposit`, `Withdraw`, `Repay`, and `Borrow` events from `EVault` contracts, and `Swap` events from `EulerSwap` contracts, covering Ethereum, Arbitrum, Base, Avalanche, and 7 other chains
- **External data**: Asset metadata for identifying trading pairs and pool configurations

## 3. Step-by-step calculation

### Component A: Euler lending activity tracking

- **Purpose**: Identify unique users participating in the Euler lending markets.
- **Logic**: `Deposit`, `Withdraw`, `Repay`, and `Borrow` events are parsed from `EVault` contracts across all supported chains. For `Deposit` and `Withdraw` events, the `owner` address is identified as the active user. For `Repay` and `Borrow` events, the `account` address is identified as the active user. These addresses represent the entities managing the underlying positions within the lending vaults.

### Component B: EulerSwap trading activity tracking

- **Purpose**: Identify unique users performing trades through EulerSwap.
- **Logic**: `Swap` events are parsed from `EulerSwap` contracts. For pools integrated with Uniswap V4, trade data is extracted from initialized pool manager events and internal swap records. To ensure the end-user is accurately captured, the transaction signer address is retrieved by joining the swap events with the native transactions table. This process filters out intermediary contract addresses and identifies the original initiator of the trade.

### Component C: Deduplication and weekly aggregation

- **Purpose**: Consolidate user activity into a final weekly count of unique participants.
- **Logic**: User addresses identified from both lending and swap components are aggregated into a single dataset. The data is deduplicated to ensure that an address interacting with multiple products or performing multiple transactions within the same 7-day rolling window is only counted once per 7-day window. The final count of unique addresses is calculated per 7-day window, per chain, and per product using UTC 7-day rolling window boundaries.

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

Unique revenue-generating users over a rolling 7-day window.

EulerEUL

Active users (weekly)

Active users (weekly)

Competitive landscape

Chain breakdown