Crypto Prestes and Lend Platform Euler Finance simply returned from Defi Wilderness.
This week’s protocol scored new historical maximums in total blocked value (TVL) and total lenders: two fundamental activity metrics for a lender defi.
The hundreds of millions of Euler cryptographic now under administration could leave it very well from the loan powers of the world of Ethereum, such as the billionaire of dollars. However, it is remarkable for a protocol that was almost Kaput after a trick of $ 200 million exactly two years ago.
“Many people ruled us and said it would have been totally normal for us to finish the project right there,” said Michael Bentley, CEO of Euler Labs. But his team decided to keep him and rebuild Euler, from scratch.
His new vision was a highly customizable loan center where people could adapt the risk, returns and asset parameters of their groups. This was a big difference with respect to the original Euler, which Bentley described as “a specific product: a loan market.”
“There is simply not a unique size when it comes to loans and loans,” Bentley said.
The return was barely assured: although the victims of hack had recovered their money, Bentley and his team questioned whether the market had the appetite for a protocol with a tarnished reputation.
He did not help Euler basically lost much of the 2024 defi increase while sitting in security reviews prior to the launch. Euler finally debuted his V2 in September 2024, almost a year and a half after darkening.
The protocol helped judge his return with a relatively modest incentive budget: a “few million” of Eul tokens to attract people, at a time when he states that competitors were offering dozens of millions of dollars more.
Even now, as Ether, a critical collateral asset for loan platforms in Ethereum Defi, continues spiral in the price, Euler continues to grow. It is one of the only two loan protocols in the 10 best to see the growth of active loans during the last month.
If this ends up being an bears market, I am still sure, given the success of Euler V2 so far, that Euler will continue to grow in relation to some of the other opportunities, “Bentley said.
