Permissioned
lending markets

Two ways to set the rules

Hooks

Attach a hook to a vault to check the operations you choose, such as deposit or borrow. Use it for allowlists, credentials or terms of use.

Hook targets

Attach one to an Euler vault

evk-periphery

• Access controlOnly allowlisted addresses can use hooked operations▶
  Allowlisted address depositsDeposited

  Addresses are added by the vault managerHookTargetAccessControl
• Keyring access controlCallers need a valid Keyring credential▶
  Verified caller suppliesSupplied

  Shown as “Private” in the Euler appHookTargetAccessControlKeyring
• Terms of useCallers must sign the terms of use first▶
  Caller who signed the terms depositsDeposited

  The owner can exempt addressesHookTargetTermsOfUse
• GuardianPauses hooked operations for a set time▶
  Guardian pauses the vaultVault paused

  A cooldown applies before the next pauseHookTargetGuardian

Read the hooks docs

Custom collateral vaults

When the asset itself restricts who can hold it, a custom vault carries those transfer and eligibility checks into the market.

Securitize collateral vault

Wraps a restricted DS Token

ERC-4626

• DepositsOnly into the depositor’s own EVC accounts▶
  Deposit into your own accountDeposited
• Share transfersStay within the owner’s EVC accounts▶
  Move shares between your own accountsTransferred

  Liquidations by a verified controller can move them across owners
• LiquidationThe recipient must pass a compliance check▶
  Liquidator passes the DS Token compliance checkLiquidated
• Account freezesThe governor can freeze an account family▶
  Governor freezes an account familyFrozen

  A frozen family’s balance can’t change

Read the vault spec

How the rules fit together

Rules live in their own contracts, next to the Euler Vault Kit and the EVC.

Your rules

Access controlHook target

Terms of useHook target

Custom vaultERC-4626 collateral

Euler core

Euler Vault Kit + EVC

• Built on Euler’s lending coreBorrowing and liquidation run on the Euler Vault Kit and the EVC, the same core as every other Euler market.
• Rules per operationHook only the operations that need a check. Everything else works as it does in any Euler vault.
• Custom collateral vaultsBuild a collateral vault on Euler’s reusable ERC-4626 base and add the checks your asset needs.

Your rules

Access controlHook target

Terms of useHook target

Custom vaultERC-4626 collateral

Euler core

Euler Vault Kit + EVC

Hooks and custom vaults enforce onchain rules. They don’t verify identity or establish regulatory compliance on their own.