Euler is a non-custodial protocol on Ethereum that allows users to lend and borrow almost any crypto asset. Learn more about how Euler works by reading the white paper here.
Euler was initially created by a team of developers at a company called Euler XYZ Ltd (see website here). Today it is progressively decentralising and receives contributions from the external developer community as well as ongoing contributions from Euler XYZ.
EulerDAO is a decentralised autonomous organisation encapsulating all holders of a governance token called EUL. Holders of the token have voting powers to propose and make changes to the underlying code of the Euler Protocol.
Since DAOs not have a formal legal strucutre, the Euler Foundation was established as a non-profit Foundation Company designed to represent EulerDAO in the ‘real world’. The Euler Foundation has no shareholders and cannot pay out dividends to its members. Its purpose is to provide a vehicle by which EulerDAO can sign a contract or engage a company for a service that the DAO requires.
由于 DAO 没有正式的法律结构，因此Euler基金会成立为一家非营利性基金会公司，旨在代表“现实世界”中的 EulerDAO。Euler基金会没有股东，不能向其成员支付股息。基金会的目的是提供一种工具，EulerDAO 可以通过该工具签署合同或聘请公司提供 DAO 所需的服务。
社区参与 (Community Involvement)
我如何才能参与 EulerDAO？(How can I get involved in EulerDAO?)
Join the Discord and meet the community, make proposals and discussion on the governance forum, or send a message if you have other ideas of contributing to the protocol.
Go to the Euler app, login via the Connect button on ETH mainnet. Click on the Quick Action button. You can deposit and borrow through the same named action buttons. Choose the asset and amounts, then approve of the transactions.
Search for an asset in the search bar on the Euler app. Unlisted assets can be activated by the Activate button, which will ask you to initiate the transaction. Once complete, the asset will be listed and activated.
为什么我找不到要激活的特定代币？(Why can't I find a specific token to activate?)
Some tokens might not be on the token list or might not have a pool on Uniswap v3. Please send a message if you have trouble finding an unlisted asset.
Euler uses risk-based asset tiers to protect the protocol and its users. Isolated and Cross assets cannot be used as collateral, but Cross assets can be borrowed alongside other assets, while Isolated assets cannot.
The Oracle Rating system attempts to rank Uniswap v3 price oracles for different markets high, medium, or low based on the ease with which they can be manipulated.
Reserves are protocol-owned liquidity deposited on Euler to provide a backstop against a 'run on the bank' scenario. Reserves build up over time as borrowers pay interest on their loans. The reserves are ultimately controlled by EulerDAO Governance.
An asset must have substantial liquidity with wide distribution in its Uniswap V3 WETH paired pool. If the asset has a low-risk oracle, it is in a better position to be regarded as a safer asset to become collateral through a governance proposal.
Mint enables users to more efficiently create leveraged positions of borrowers and deposits. For example, a user can deposit $1,000 USDC, and mint $2,000 USDC. Then you will have $3,000 USDC deposits, and $2,000 USDC liabilities. Burn closes Mint positions.
铸币 Mint 使用户能够更有效地创建借款人和存款的杠杆头寸。例如，用户可以存入 $1,000 USDC，然后铸造 $2,000 USDC。然后你将有 3,000 美元的 USDC 存款和 2,000 美元的 USDC 负债。 "燃烧 Burn" 关闭 Mint 头寸。
"转移"操作有什么作用？(What does the Transfer action do?)
Users can transfer deposits (eTokens) and debt (dTokens) to other accounts. Always check the accounts involved in your operation will have sufficient collateral to support it.
The Short action allows users to build a leveraged short position by borrowing and then immediately selling an asset on an external exchange, including 1inch and Uniswap.
Euler does not give financial advice, but users should note that mining at 19x is highly risky and can lead to liquidation if the user’s collateral cannot cover the interest fees. Mining at 19x most often liquidates positions within the same day it is created.
TTL allows users to see the amount of time they have until their position is liquidated based on the current interest rates and prices of those positions.
Euler allows liquidators to repay up to the amount needed to bring a violator back out of violation (plus an additional safety factor). Other protocols are fixed so that liquidators can pay off up to half a borrower's loan in one go, regardless of how underwater their position is.
Users can go to the Euler app, click on the Claim button in the navbar and claim any available tokens of previous epochs in the Distribution window once EUL tokens are available to claim.
EUL’s main utility is as a governance token for the Euler protocol. Users with EUL can have a say in the future decisions and direction, as well as the EUL distribution in the Euler gauges.
市场是如何决定每个纪元的？(How are markets decided for each epoch?)
Users can add or remove EUL distribution eligible markets simply by staking EUL tokens in their preferred gauges. Markets not in the top 10 staked will not be eligible for EUL distribution.