Users can learn the basics of connecting a crypto wallet and navigating the user interface of the Euler dApp.
With access to a large number of unique features and tools, DeFi natives and new crypto users have the opportunity to maximise their capital efficiency on Euler.
While some of these features are the basic essentials found on any lending and borrowing protocol, Euler offers numerous innovations that can propel a user’s strategy to new levels.
Understanding how to use Euler and many of its lesser known components can also present new strategies and insights to any user. From the basics steps below, users can learn how to connect with the Euler dApp and understand its layout.
Getting Started Guide
Connect to Euler
Head to the Euler dApp at https://app.euler.finance and click on the Connect button.
Choose a wallet to use on Euler and follow the instructions.
For example, MetaMask will pop up and ask the user to choose a wallet in the extension, then connect so the Euler dApp can see the address, account balance, activity and suggest transactions to approve.
Euler Home Page UI
From top to bottom, the Euler home page shows:
1. A navigation bar (red box).
2. General statistics under the Markets section (blue box).
3. An action area (yellow box) with an asset Search field and basic Getting Started buttons.
4. An Assets table (white box) with essential information on each asset.
Hovering over the Account Identicon in the top right brings up the user’s accounts and basic wallet info. Users can create new sub-accounts here, which can be useful for isolating certain positions, for example. The bell icon next to it reveals recent transactions.
The Claim button displays information about a user’s EUL distribution. To receive EUL tokens, users must borrow certain eligible assets. A wallet’s EUL balance, projected EUL tokens and pending EUL balance are shown here.
The projected tokens are for the current epoch, while the pending tokens are available for claim. Users can also add the token to their MetaMask asset list and claim available EUL tokens.
The Quick Action button shows all the available actions on the Euler dApp such as Deposit, Withdraw, Borrow, Repay and more. This is the central hub to fully utilise Euler’s features. Several of the features in the Quick Action menu are already displayed on the main app page, noted as the Getting Started buttons in the yellow box in the earlier screenshot.
Users can find the Transaction builder on the right side of the screen by clicking on the Open button. The builder also pops out if a user initiates an action in the Quick Actions menu. This displays pending actions that the user can complete as a transaction. Users can create multiple actions at one time and also see the estimate gas prices before finalising the transaction.
The Markets button in the navigation bar brings users back to the main dApp page. If users want to learn more about assets on Euler, they should scroll down to the Assets box. This area reveals info about the markets including the asset tier, oracle rating, Uniswap Price and TWAP price, Supply and Borrow APYs, and the total amount being supplied, borrowed and available.
Users can learn more about the differences between Asset tiers by hovering over each tier (collateral, cross, isolated, unlisted, protected). Each column title also reveals more info when the user hovers over them.
For example, oracle rating describes how Euler rates the risk of potential price manipulation for each asset, as the oracles use Uniswap v3 time weighted average pricing (TWAP). Users can click the Read More button to learn more about this.
To further inspect the markets, users should click on an asset in the table, such as USDC. Each asset has its own page and URL, which is the token’s smart contract address.
Each asset page shows important info about borrowing and lending the token. The card section notes general stats but also important metrics such as collateral factor and borrow factor which reveal how much a user can borrow and lend for that token.
By hovering over the items in the Info section under the asset’s name and logo, users can find the contracts for the token, Euler ETokens (deposits), Euler DTokens (debts), and the Uniswap oracle pool.
By hovering over the Uniswap Oracle area, users can also see the token’s metrics related to its linked WETH paired Uniswap pool, which is used as the price oracle on Euler.
On the right side of the screen, users will find info about EUL distribution and convenient Mine and Gauge buttons. Next to this is the Uniswap TWAP price and the oracle rating. The estimated risks of manipulation on the Uniswap TWAP can be displayed by hovering over the Oracle Rating indicator, which also states the costs of an attack.
The Dashboard page displays the user’s basic metrics related to their deposits and borrowed assets. The accounts table lists the main account and any sub-accounts along with the supplied and borrowed asset metrics.
The Operations section lists all the user’s transaction. By clicking on any of the accounts, the user will go to the Accounts page. Note that the Account tab in the navigation bar links to the last account the user visited or their main account otherwise.
The Account page also displays essential metrics related to a user’s supply and liabilities. The Health Monitor displays how much collateral the user has deposited, the estimated time to liquidation (TTL) in days, and the amount of liabilities. The risk-adjusted collateral/liabilities are the market value of the assets adjusted for the collateral factor and borrow factor for all assets in the account.
The TTL is estimated based on the current price and interest rates, so users should monitor this as prices and interest rates constantly change. The Health Score determines when an account is in violation and thus set to undergo liquidation if the score falls below 1.
The Self Collateral and Self Liability sections are same assets that the user has borrowed and lent. For example, deposit USDC as collateral, borrow USDC and deposit it again. This can easily be done in Mint, but more on this later.
The Gauge page shows information related to EUL distribution. The Rewards section displays the current period of distribution (Epoch), when it started and will end (in block numbers), and the total amount of EUL to be distributed. The Rewards Gauge shows the percentages of EUL tokens allocated between different markets, which is currently set at 10 assets.
The Voting section shows the current epoch, start and end block number, eligible markets and distribution, similarly to the Rewards section. Next to that is the Epoch progress indicator.
Users can search for assets, but it should be easy to find the current assets eligible for distribution by scrolling to the Gauges table. Clicking on an asset takes the user to the token’s page. Each market shows which asset is receiving EUL distributions, the total amount and the annual Mining Rate per $1,000 borrowed.
Users can also see the voting ranks of the markets, their projected rewards, and the amount of votes they’ve received. Users are able to vote for a market for it to receive more EUL distribution. Simply enter an amount of EUL to stake in the market’s gauge and then click on the Update votes button and follow through with the transaction.
The screenshot below shows the Gauge page on the Ropsten network.
Hopefully, this guide on connecting to the Euler dApp and navigating the UI has helped new users discover the platform or experienced users find new tools and features. In the next guide, users can learn more about the basic features for borrowing and lending on Euler.
Also note that this page will be updated to reflect changes on the Euler UI, so feel free to check back whenever new updates take place.
Join the community Discord and feel free to ask any questions. Please make sure to browse other guides in the main collection as well.
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third-party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans, and much more. For more information, visit euler.finance.
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