Euler (EUL) is the native governance token of Euler Finance, a decentralized non-custodial protocol on Ethereum that allows users to lend and borrow crypto assets. Built with a strong focus on risk management and permissionless asset onboarding, Euler aims to improve upon existing DeFi lending protocols by offering advanced features and fine-grained control over lending markets. Euler allows users to create new lending markets for any ERC-20 token without needing approval, making it one of the most flexible protocols for long-tail assets. It introduces innovative mechanisms such as reactive interest rates, risk-adjusted collateral factors, and MEV-resistant liquidations. The protocol also uses a unique sub-account system, allowing users to manage isolated positions and reduce systemic risk. The EUL token is used to govern the Euler protocol via a decentralized DAO. Token holders can propose and vote on changes such as asset listings, risk parameters, and protocol upgrades. EUL is also used to reward contributors and align incentives within the ecosystem. As a DeFi-native platform with modular design and robust security practices, Euler provides a capital-efficient and customizable alternative to legacy lending markets. Despite an exploit incident in 2023, Euler has remained committed to transparency and resilience, with security audits and community-led governance driving the protocol’s recovery and evolution.