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Euler is a non-custodial protocol on Ethereum that allows users **to lend and borrow almost any crypto asset.**

Democratising the assets people can lend and borrow

Euler uses a system of asset tiers to help maximising capital efficiency on the protocol without increasing systemic risk.

Asset tiers

Euler uses a Dutch auction coupled with a discount booster for liquidity providers to help limit value extraction from liquidations.

MEV-resistant liquidations

Euler provides stability pools where lenders can passively swap their tokens for a discounted basket of collateral assets during liquidations.

Multi-collateral stability pools

Euler lets its users determine which assets are listed; any asset that has a WETH pair on Uniswap v3 can be added.

Permissionless listing

Euler allows users to withhold their collateral from borrowers, limiting trading risks, short selling opportunities, and governance manipulation.

Protected collateral

Euler uses interest rate models backed by control theory to minimise governance and target a cost of borrowing that maximises capital efficiency.

Reactive interest rates

What makes Euler different?

If you were a previous user of Euler, and you haven't yet done so, please visit the 

We use [Certora's](https://www.certora.com/) powerful prover technology to formally verify the correctness of the Euler smart contracts on an ongoing basis. An audit from their team is available [here](https://github.com/euler-xyz/euler-audits/blob/master/smart_contract_audits/Formal_Verification_Report_for_Euler.pdf).

We asked the [Halborn](https://halborn.com/) team to audit the Euler smart contracts. The results from their analysis can be found [here](https://docs.euler.finance/security/smart-contract-audits).

We asked Omniscia to review the Euler codebase in relation to [mining and staking contracts](https://omniscia.io/euler-merkle-mining-staking/) and [Chainlink support](https://omniscia.io/reports/euler-finance-chainlink-support/) being introduced to the system.

[Pen Test Partners](https://www.pentestpartners.com/) conducted a penetration test of Euler's web app. The results from their audit can be found [here](https://github.com/euler-xyz/euler-audits/blob/master/ui_audits/PenTestPartners_EulerDApp_Jun22_v1_0.pdf).

Pen Test Partners

We partnered with [Sherlock](https://sherlock.xyz/) Protocol in a $10M collaboration which includes an [audit](https://github.com/euler-xyz/euler-audits/blob/master/smart_contract_audits/Euler_-_Sherlock_Report.pdf) report and a $1M ImmuneFi [bug bounty](https://immunefi.com/bounty/euler/) that will increase the protection and security of our users.

We asked the [Solidified](https://solidified.io/) and [ZK Labs](https://zklabs.io/#welcome) teams to partner up to audit the Euler smart contracts. The results from their analysis can be found [here](https://github.com/solidified-platform/audits/blob/master/Audit%20Report%20-%20Euler%20-%20%5B07.05.2021%5D.pdf).

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