Customer stories: Token Terminal’s Data Partnership with Euler

Executive summary

Euler finance is one of the fastest growing lending projects on Ethereum. The project has raised ~$40m in venture capital from crypto-native funds, and its core contributors have several years of prior work experience from leading TradFi and crypto firms. Now, with close to $7m in net deposits (on the recently launched v2), Euler recognized the need for reliable, continuous, and data-driven stakeholder reporting.

To improve its existing onchain analytics and stakeholder reporting, Euler turned to Token Terminal, a leading onchain data platform trusted by institutional partners like Bloomberg. Token Terminal's dedicated focus on data standardization made it an ideal partner for Euler. The decision to partner was further eased by the fact that Token Terminal already had a public track record of reporting standardized financial and usage metrics for other leading lending projects, such as Aave, Morpho, Moonwell, and more.

By partnering with Token Terminal, we’re able to benchmark our performance against the competition in a fair and accurate way. Having a real-time dashboard on Token Terminal is not only a great tool for our team, but for all Euler stakeholders.”

Michael Bentley, Founding Contributor to Euler

Data Partnership

To ensure accurate and ongoing stakeholder reporting, Euler entered into a Data Partnership with Token Terminal.

The Data Partnership consists of four different parts:

1. Smart contract registry

Token Terminal did not need new node infrastructure to work with Euler since Euler operates on Ethereum as a set of smart contracts. Token Terminal utilized its existing Ethereum node setup to start the process, where the teams jointly created a labeled registry of Euler’s smart contracts.

This registry serves as the foundation for the next step: converting raw blockchain data into standardized financial and usage metrics.

2. Metric transformations

Using the labeled smart contract registry, Token Terminal’s research team processed raw blockchain data from Euler’s contracts, converting it into standardized financial and usage metrics.

For Euler, a lending platform, these metrics include net deposits, active loans, fees, revenue, daily active users, and additional data points essential for comprehensive on-chain analytics.

3. Discovery and reporting

After the metric transformations, Euler was listed on the lending market sector dashboard on Token Terminal, and also featured on the recently launched Discover page. As a result, users, developers, and investors can now refer to a single source when deciding which protocols to use, integrate with, and/or invest in.

For Euler, the dashboards on Token Terminal streamline the reporting to existing and future stakeholders.

4. Data maintenance

Standardized onchain metrics require ongoing maintenance work, especially when the goal is completeness and accuracy. The maintenance work has only grown in magnitude and importance over the last few years, as more DeFi projects have evolved from single to multichain apps, with often more than one business line.

A Data Partnership with Token Terminal means that Euler can rely on Token Terminal to manage all future updates to its metrics, and instead direct all focus on growing its onchain business.

Future opportunities

In addition to standardized financial and usage metrics, Euler and Token Terminal are excited to explore opportunities to create custom dashboards with more project-specific metrics. These dashboards would offer both lenders and borrowers deeper insight into the platform’s features and performance. Some examples include historical deposit and borrow rates, market utilization ratios, and more.

Through its partnership with Token Terminal, Euler turns transparency into a competitive advantage and continues to build trust with its growing community.

The authors of this content, or members, affiliates, or stakeholders of Token Terminal may be participating or are invested in protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Token Terminal does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only, and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Token Terminal at any time without notice. Token Terminal accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.