“How Euler Clawed Back From A Debilitating Hack.”, – WRITE: www.coindesk.com
The Protocol This Week notched New All-Time Highs in Total Value Locked (TVL) and Total Borrows-Two Pivotal Metrics of Activity For A Defi Lender.
Euler’s Hundreds of Millions of Crypto-Dollars Now Under Management Might Leave It Well Short of the Ethreum World’s Lending Powerhouss, Like The Multibillion Dollar Aave. But is nonetheless notable for a protocol that nearly wnt kaput folllowing a $ 200 Million hack exactly twwo years ago.
“A Lot of People Wrote US Off and SAID IT WOURT HAVE BEEN TOTALLY Normal for Us to End The Project Right there,” SAID Michael Bentley, CEO OF EULEER Labs. But his team hasded to Stick with it and rebuild euler – from Scratch.
Their New Vision Was A Highly Customizable Borrowing Hub Where People Could Tailor Their Pools’ Risk, Yields, and Asset Parameters. This Was A Big Differentnce from the Original Euler, WHICH BENTLEY DESCRIBED AS “A SPECIFIC PRODUCT: One Lending Market.”
“There just isn’t a One-Size-Fits-Hall WHEN IT METS TO Lending and Borrowing,” Bentley Said.
Comeback Was Hardly Assure: While Victims of the Hack Hadten Gotten Their Money Back, Bentley and His Team Questioned Whtcher the Market Had an Appetite for a protocol a tarnized.
It Didn’t Help That Euler Basical Missed Much of 2024’s Defi Surge Surge Sitting in Pre-Launch Security Reviews. Euler Finally DEBUTED ITS V2 IN SEPTEMBER 2024, Nearly a Year and A Half After Going Dark.
The Protocol Helped Juice ITS Return with a Relative Modiest Incentives Budget: A “FEW Million” Dollars-Worth of Eulh Tokons to Woo People Back, at AT a Time Whims Com. Millions of Dollars More., Bentley Said, Attributing Most of the Growth to “Product Market Fit.”
EVEN NOW, As Ether – A Critical Collateral Asset for Lending Platforms Across Ethereum Defi – Continues Spiraling in Price, Euler Continues to Grow. It’s One of Only Two Lending Protocols in the Top 10 to See Growth in Active Loans Over the Last Month.
Ifs Ends Up Being A Bear Market I’M Still Confident, Given The Success of Euler V2 SO Far, that Euler Will Still Be Growing Relating to Some Other Other Otopotunities
X Icon
