Researching Euler

Getting generalised or specific information about Euler is straightforward, and users should consider this piece as a starting point to collect data. This could be either manual data collection or enjoying the dashboards Euler contributors have already made. In addition, users may seek to utilize Euler’s subgraph to assist in data collection. All of these data sources are FREE (at the base level). Other data sources such as Nansen, Parsec etc. are also available, but they are not free.

This post will be accurate as of Q4 2022, though many new data dashboards will be being produced as Euler and its ecosystem matures further. As it stands, Euler has the following free tools available for users to gather data:

• Euler Documentation
• Etherscan
• Dune
• Defishy
• DeFiLlama
• Euler Social Media Bots
• Euler Account Spy
• RationCSV
• Snapshot
• TheGraph
• TokenTerminal

While all of these differ in complexity, almost any user should be able to use this guide to assist them in getting the data on Euler that they need. This piece will be structured as a brief introduction to each method of data collection followed by an example of data analysis possible with the tool. It will be structured in the order as previously listed. Please note that this is not an exhaustive list: Euler's ecosystem matures constantly.

Euler Documentation

The first source of information that any researcher should consult when looking into Euler is the protocol documentation. A wealth of information is preconfigured for your research, and indeed many of the following sources base their research from the documentation. From tokenomics to contract configuration, this is close to a one-stop shop for researchers looking to gather information and insight on the Euler protocol.

A selection of different topics discussed:

• The EUL token
• Every audit Euler has undertaken
• Euler’s bug bounty program
• Smart contracts and their respective functions
• Gauges for EUL distribution

If you have any question relating to Euler, this is the first place to look. It is also accompanied by many well designed diagrams such as this one explaining token distribution.

It also explains how to operate the protocol. Euler presents many innovations to the money market space, and these can often be complicated initially to comprehend. As you familiarise yourself with the protocol, referring to the ”how to guide” may come in handy.

Etherscan

Etherscan is an incredibly useful tool. For the unfamiliar, it is a block explorer that presents on chain activity. Here is a good tutorial that covers the basics.

For Euler, users might want to consider the following relevant Euler contracts:

The Euler contract

https://etherscan.io/address/0x27182842E098f60e3D576794A5bFFb0777E025d3

The Euler Gauge Contract

https://etherscan.io/address/0xc697BB6625D9f7AdcF0fbf0cbd4DcF50D8716cd3

EUL token contract

https://etherscan.io/token/0xd9fcd98c322942075a5c3860693e9f4f03aae07b

Euler governance

https://etherscan.io/address/0xd8E2114f6bCbaee83CDEB1bD6650a28BBcF144D5

Euler liquidations

https://etherscan.io/address/0xf43ce1d09050BAfd6980dD43Cde2aB9F18C85b34

Other smart contract addresses can be found in Euler documentation.

Example

Etherscan can be used in a variety of ways. For example, a user would like to see who the largest holders of EUL are off-chain. To begin, let’s go to the EUL token contract listed above.

Navigate to the “holders” tab, then select the “token holders chart” function as indicated. Below we have a visualisation of the largest token holders of the EUL token. Let’s select the largest: 0xcad.

Further analysis by entering the full address into the etherscan address page leads us to this page:

You can see three things:

1. This contract is a Gnosis Safe multisig - this address requires multiple signers in order to perform an action. This gives us a hint that it is managed by multiple people.
2. The contract was created by the Euler Deployer, meaning that these multiple people in control of the contract are likely linked to the Euler DAO.
3. This address has a great deal of USDC and USDT. Using search engines, you can see that the Euler DAO did a “Treasury Diversification Round” in June of 2022. For a better visualisation of what other tokens, tools like zapper.fi / debank.com help too!

Using these three points. you can get a strong idea as to who the largest token holder of EUL is: the Euler DAO treasury. When you check Euler documentation, you can confirm this hunch: it is the Euler DAO treasury!

Another useful thing Etherscan can be used for is to identify the entirety of Euler’s TVL. Take a look at the value of this contract!

As demonstrated, we can find useful information about EUL token holders (or indeed many other data points) related to Euler using Etherscan. For both the surface level and the extremely detailed, Etherscan is great.

DefiLlama

DefiLlama is a bottomless pit with regards to analytics. It is the most comprehensive tool for anyone looking to do any analysis on anything related to DeFi. It is also completely free. DefiLlama offers the following tools for Euler:

• TVL tracking
• Yield tracking
• Token inflows/ outflows
• USD inflows/ outflows
• Liquidatable amounts
• Delta - neutral strategy ideas

& many, many more.

Another great advantage to DefiLlama is that if any user wants to create any additional feature to go onto the front end they simply need to make a request on the DefiLlama repository. Due to the open source nature of DefiLlama, the new metrics they add for Euler stack up fast and this guide will likely become out of date by the time of publication. If you’re looking to contribute, Euler’s 24h fees could be added to their fee dashboard! Alternatively, their yield dashboard could be updated to include the recent staking addition.

It is also worth noting that DefiLlama offers this for essentially every DeFi protocol. The information offering as it stands is almost unparralleled.

Defishy

Defishy has made a wallet tracking tool that enables users to visualise the health of many accounts. This wallet tool gives users a visual representation of position health, and Defishy should be commended for how straightforward it makes general position analysis. A screenshot taken is detailed below.

This tool could be useful in a variety of different ways:

Monitoring another position’s health

If you’re running a liquidation bot, you could use this visualisation to get a rough idea as to how close an account is to liquidation, allowing you to potentially write a script to catch the liquidation. Euler’s liquidations contain a number of optimisations versus other lending and borrowing protocols, but more on these in another piece.

Gaining a general sense of risk tolerance (more ambiguous).

As you can see from the general size of the red dots (as opposed to green ones), the larger the position, the more likely it is to suffer liquidation. This indicates a greater appetite for risk, and this is likely because this segment of Euler’s user base is using the mint() function in order to loop borrows. By contrast, green dots (accounts with higher health factors) are generally smaller in terms of position size. This indicates that generally speaking the larger the address, the more comfortable the address is with using technical strategies.

This could potentially be explained by the mint function, but runs contrary to the popular belief that larger addresses are often risk averse. Thanks to this tool, you can substantiate this - though as always both sides can be argued here. It also makes sense that the only reason you notice these larger dots is because they use mint and grow exponentially compared to accounts that do not.

Visualising relative positions and being able to trace them using etherscan

Another use of this tool is that you can look at the specific addresses behind each dot on the map. Looking at the example of 0x72, you can trace their position (that you can see is both considerable and has a relatively aggressive health factor) to an Euler account. In this account, you can see they’ve gone long with stETH and short on WETH. Thanks to this tool, you can contextualise this position against others in the market.

Defishy are working on a VAR simulator also thanks to eGP4 going through. This should be delivered early Q1 2023.

Dune

Dune is also an incredibly powerful tool to visualise raw data from blockchains. At this point, Euler has two dashboards made by contributors:

• Euler Finance Dashboard (ShippooorDAO)
• Euler Finance (AltoOptimo)

Both are useful, and provide data for users on separate metrics. Dune is especially useful for visualising data so that anyone interested can clearly understand different key metrics. It is also especially useful to compare metrics between projects directly, though make sure the axes of the graphs that you are viewing are similar.

Some highlights of the two different dashboards are:

• Total historical borrow
• Borrowing broken down per asset
• Daily deposits and withdrawals cumulatively broken down per asset
• Which delegates have received the most EUL delegation

There are many more useful insights Dune dashboards can offer researchers looking for information on Euler. Generally speaking, if you have a query, Dune will probably be the best place to start. Almost all run-of-the-mill type questions can be answered using the dashboards and many other questions can be answered using the data too. Let’s demonstrate:

Example

Say you want to figure out how much interest was paid on WETH borrows on the day 12th of September, just before the merge. To do this, you needs to find out how much WETH was borrowed and then find out the APR interest rate that was being paid on the WETH.

After one has got this information, one needs to cross reference it with the interest rate on WETH for that day. Looking at the altooptimo dashboard, one can see that it was 15.31% for that day. When you multiply this value by the value of the WETH borrowed over the course of the day, one can calculate the total amount of interest paid that day (it comes to roughly $82,000 - napkin math).

If you’d like to start making queries for yourself, then consider using this tutorial to get the data straight from the source Euler is always looking for good contributions and the DAO will possibly compensate you for your time - do a governance post and check.

Euler Social Media Bots

Another tool to utilise is the various social media bots operated by the community that push alerts whenever notable activity occurs. See below the Euler Liquidation bot: it announces all liquidations on twitter. This could be a useful tool to check up on how different assets are faring in the current downward trend as well as to identify which entities are running MEV bots on Euler.

The second transaction in the image below was front-ran by the famous smithbot.eth, who PeckShield identified as a flashloan callback exploiter. You can see the subsequent effect of these liquidations on the Saddle Finance volume chart on the 23rd of October because liquidity is so slim. As you can see, there is insight to be gained by passively staying in the loop thanks to these powerful monitoring bots. Another useful monitoring bot is Euler’s Governance bot.

In addition, there is also an extremely useful Whale Alert bot that gives alerts when large deposits / withdrawals as well as borrows and repays occur on Euler. It provides the transaction hash which can be traced to an Ethereum address via Etherscan, which in turn can be plugged into the tool that follows this one for a great overview of how the protocol is being used!

Euler Account Spy

Euler Labs produces a front end, in which users can benefit from a particular tool that enables account spying. It is an incredibly powerful tool that allows users to both simulate actions on their own accounts and spy on the accounts of others. The link to access it is https://app.Euler.finance/account/0?spy=0x7338afb07db145220849b04a45243956f20b14df

(please replace the “0x733…df” in the URL to the address that you’d like to view).

Using this tool, one can see a few very important things:

• Health score for the account
• Overall net income (this account is making roughly $20K in profit)
• What assets are already supplied versus which are minted

The important part of this dashboard is that it is interactive: you can simulate transactions with it! Let’s see how this account is just an inch away from being liquidated (or 17 days, as the account spy tells us above)

At the moment, the account sits at 18.81x leverage. When it hits 19, it is in range for liquidation. you can see this using the mint leverage function and slide the slider to the max.

Without this account spy, you could not simulate these actions on this account and as such it is an extremely useful tool for both monitoring our own positions as well as the positions of others.

RationCSV

RationCSV is a useful tool that enables users to get spreadsheets on any asset on Euler. All historical interest rate data can be easily found under the InterestRate column, which can be converted into projected APY by multiplying the InterestRate column value (x) by the following:

borrow apy = (x/1027)*3154000000

If you’d like to convert this into the APY earning rate for depositors, it can be achieved by

supply apy = borrow apy * (1 - reserve fee) * utilization

This is an extremely important piece of kit, and the protocol is very enriched by having its presence. It also enables you to directly compare the interest rates on one asset to the same asset on Compound or Aave. With this data, you can then plot the rates to get an idea of the protocol’s standing versus other competitors!

Thank you to the Parsec team for working so hard to get Euler included.

Snapshot

When governance votes are contentious, it’s useful to be able to understand how certain decisions are reached and under which circumstances. Using Snapshot, one can trace how users vote and use these votes to predict how they might vote in the future. For example, the voter below is predisposed to enabling greater risk mitigation on Euler (see how they vote yes for more tools but no to treasury diversification from USD stablecoins).

If you were considering writing a proposal and wanted to make sure that your vote got passed, you might consider drafting it along the lines of what these successful proposals (that this voter voted for) if you deemed this voter to be of critical importance (to the passing of your proposal). You might also seek to track down this voter and ask for their opinion in advance through DMs. This might optimise the governance process, and therefore is a useful tool to analyse sentiment within the Euler DAO.

TheGraph

Sometimes you will need to go deeper than pre-made data. TheGraph is the way to do this, though it is relatively hands-on by comparison.

GraphQL is a new type of API that enables quicker querying for information. Instead of having to use an API endpoint for a specific piece of information, users can query the entire data source with one call. This ensures significant optimisation, meaning you can access the data you need in a more streamlined way.

Euler uses TheGraph (and its subgraph can be located here). In order to query it, one needs to do a little setting up in advance. One important thing to note: sometimes TheGraph’s data can be behind the most recently produced block on chain, leading to some potential inaccuracies in data collection.

To begin with, you should familiarise yourself with how TheGraph’s front-end looks. Select the “playground” tab, and you will be presented with the area into which you can place your requests. To figure out what kind of information you’d like to access, you need to go to Euler.finance’s subgraph documentation.

In order to further familiarize yourself with how TheGraph functions, consider watching this video. It provides a good overview of how it functions. You should be able to make queries with little to no coding experience. If you are familiar already with TheGraph, then let’s get to querying!

Please note that requesting the data you’re looking for might take some time. Either by familiarising yourself with GraphQL, setting up a suitable environment to make larger scale requests or getting the right tokens in order to use the API, this is no small feat.

For the sake of brevity, the example will come from the playground on Euler’s TheGraph front-end. you is going to try and find a surprising market on Euler, and to do that you is going to request the API to give us 1000 different markets that operate on the app.

Using the schema to the right of the webpage in the playground section, you can see the token section. This provides us the instructions you need to get the data on all of the tokens that Euler uses. In the token subsection of the schema, you can see that there is detailed information on how to request the data you want.

The request constructed below uses GraphQL and as a consequence you see all 1000 markets available on Euler. After pressing run and browsing it to some degree, you can see that there is a Milady Maker market on Euler. Someone is looking to lend / borrow their Milady NFTs - something no other money market enables. This is an interesting market. Thanks to TheGraph, one can see a unique market enabled by Euler’s contracts.

Many additional subgraph example requests can be found in Euler’s documentation section. Given the complexity of TheGraph, additional help is available to those who need it in TheGraph’s discord, which can be found on their website.

The entire subgraph schema is listed in this location.

TokenTerminal

TokenTerminal, while a paid service, gives a lot of information for users away for free via Twitter and their frontend. Some of their most useful information is provided for any user to see for free such as:

• A “sound business” model indicator
• A general introduction to Euler via their Intern Account
• Fees versus token distribution
• Daily borrow volume composition
• Overview on Daily Active User compositions
• Supply side lender fees and revenue

See for example their revenue minus token incentives graphs for calculating the “sound business” leaderboard.

This is all accompanied by the 15 Minute Fundamentals video that Token Terminal kindly organised and put together in May. For anyone unfamiliar with the protocol, this is the best place to start.

https://www.youtube.com/watch?v=RcLwDibBTuc

TokenTerminal offers many more metrics for you to compare the protocol against others with, but it is a paid service.

Closing

Thus concludes a brief tour of all the different tools available to Euler users in Q4 2022. If you end up finding something interesting, please share it in the #research channel in Euler Lab’s discord - the community is very keen to see it!