South Korea’s dominant crypto exchange is rolling out the welcome mat for DeFi lending. Upbit will list Morpho (MORPHO) in its KRW trading market on July 25 at 18:00 KST, with Euler (EUL) following one day later on July 26.
The announcement alone was enough to nudge Morpho’s price up 4.8%.
Why these two protocols, and why now Morpho and Euler both belong to a newer generation of lending protocols that take a modular approach, essentially letting users and developers customize lending markets rather than relying on one-size-fits-all pools. This contrasts with legacy monolithic platforms like Aave and Compound, where governance committees set parameters for the entire protocol. Modular lending flips that model, giving market creators more granular control over collateral types, interest rate curves, and risk parameters.
Morpho has been on a tear lately. The protocol raised $175 million in June, pushing its valuation north of $2 billion. Its active deposits now surpass $11 billion, with roughly $4 billion in outstanding loans.
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Just days before the Upbit listing, on July 22, Morpho launched a fixed-rate lending feature called Morpho Midnight on the Base mainnet. Fixed-rate lending has long been a white whale in DeFi, something traditional finance takes for granted but decentralized protocols have struggled to implement cleanly.
Euler suffered a major exploit back in 2023, but rebuilt, and its modular lending infrastructure has since expanded to new chains. On July 17, the protocol deployed on HSK Chain, broadening its capacity to offer loans against tokenized assets. Its token, EUL, was trading in the $1 to $1.70 range around the time of the listing announcement.
Morpho’s market cap sat in the $1 billion to $1.3 billion range prior to the listing, placing it roughly between the 50th and 60th largest crypto assets by market capitalization.
The Upbit effect When a token gets a KRW trading pair on Upbit, it gains direct fiat on-ramp access to millions of Korean traders who might otherwise never interact with it. Historically, this has produced sharp, short-term price spikes as new capital floods in. The 4.8% Morpho bump on announcement alone is textbook.
The back-to-back scheduling is notable. Listing both on consecutive days suggests Upbit sees enough demand to justify two DeFi lending tokens in rapid succession, rather than spacing them out to avoid cannibalizing attention.
What this means for investors Morpho’s $11 billion in deposits demonstrates real demand for more customizable credit infrastructure. First, expect increased liquidity for both MORPHO and EUL. KRW pairs tend to generate meaningful volume, particularly in the first few weeks after listing.
Second, Morpho’s fixed-rate lending launch adds a fundamental catalyst that sits underneath the listing hype. If Morpho Midnight gains traction on Base, it could attract institutional borrowers who have historically avoided DeFi’s variable-rate structures.
Euler presents a different risk-reward profile. The protocol’s recovery from the 2023 exploit is notable, and its expansion to HSK Chain shows technical ambition. EUL’s price range of $1 to $1.70 suggests the market hasn’t fully re-rated the token.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
HSK Chain, an Ethereum Layer-2 (L2) blockchain built by HashKey Group, is pleased to announce its strategic integration with Euler Finance, a decentralized lending protocol on the Ethereum blockchain. This partnership is aimed at enabling decentralized, non-custodial lending and borrowing on HSK Chain, along with improved on-chain capital efficiency for users and institutions.
🔔 Euler Finance @eulerfinance has officially deployed on HSK Chain.
As a modular DeFi lending protocol, Euler enables asset lending and borrowing on HSK Chain, helping global users and institutional investors improve capital efficiency.
1️⃣ Enables asset lending and borrowing… pic.twitter.com/MkVAKLiH9c
— HSK Chain (@HSKChain) July 17, 2026 HSK Chain is purposefully built to support decentralized applications (dApps) and Decentralized Finance (DeFi) services. It also provides infrastructure for scalable on-chain financial applications. Euler Finance permits users to lend and borrow crypto assets without depending on centralized parties. This integration is a combination of services from two blockchain-based platforms. HSK Chain has shared this news through its official social media X account.
Euler Finance Brings Flexible Crypto Lending and Borrowing to HSK Chain Euler Finance works in a non-custodial manner, which means users retain control of their assets throughout the lending process. Basically, Euler Finance is strategically deploying on HSK Chain, users will be able to lend and borrow digital assets on HSK Chain and also improve capital efficiency by allowing idle assets to earn yield.
Furthermore, Euler Finance expands DeFi opportunities for both retail users and institutional investors. No doubt, this collaboration empowers HSK Chain’s DeFi ecosystem by adding a trusted lending protocol. With this, users can attain more ways to utilize their assets while developers and institutions benefit from deeper liquidity and more efficient on-chain financial services.
Delivering Flexible On-Chain Lending Solutions The unification of HSK Chain and Euler Finance also facilitates a flexible non-custodial lending experience, giving users full control over their funds. Both platforms are entirely built on advanced technology and are successfully able to perform their duties around the world.
This integration is not confined only to developers, but it is also beneficial for institutions for deeper liquidity and more efficient on-chain financial services. This is a greatly admirable step from both partners toward users.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
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PANews reported on May 19 that Kelp announced on the X platform that it has collaborated with multiple DeFi protocols to complete the liquidation of attacker positions, achieving key progress in the rsETH recovery process. Among them, Compound participated in coordination multiple times over the past four weeks and provided approximately 3,000 ETH in support, while also working with Aave to complete the liquidation, recovering a total of approximately 17,426.2 rsETH; Euler Finance liquidated the attacker's positions within its protocol and plans to return the excess ETH to the DeFi ecosystem fund.
Euler is modular lending infrastructure for onchain credit.
It lets markets, vaults, and credit products be created around specific assets, collateral rules, pricing models, liquidation settings, governance paths, and account relationships.
The core idea is simple: vaults define market rules, and Euler’s account infrastructure defines how selected vaults and accounts can interact.
That makes Euler a credit layer for programmable finance.
What Euler IsEuler is infrastructure for creating and operating lending markets.
A lending market needs more than supply and borrow buttons. It needs rules for collateral, pricing, interest rates, caps, liquidations, roles, and account control. It also needs clear boundaries around which assets can interact with one another.
Euler V2 breaks those pieces into modular primitives.
The Euler Vault Kit creates configurable ERC-4626 lending vaults. The Ethereum Vault Connector coordinates collateral relationships, account checks, operators, sub-accounts, and batched execution across selected vaults.
Together, they let markets be built, connected, and operated without forcing every asset into one shared risk environment.
Euler Vault KitThe Euler Vault Kit, or EVK, is the framework for creating Euler lending vaults.
Each vault is an ERC-4626 vault with its own configuration. A vault can define its underlying asset, oracle source, interest rate model, borrow and supply caps, liquidation settings, collateral rules, governor, curator, and other market parameters.
This gives builders a standard way to launch lending markets while still controlling the details that matter for the asset and use case.
A vault can be simple and isolated. It can also be part of a larger market design where selected vaults recognize one another as collateral through EVC.
Ethereum Vault ConnectorThe Ethereum Vault Connector, or EVC, is account infrastructure for ERC-4626 vaults.
EVC lets selected vaults recognize deposits in other vaults as collateral. It also supports sub-accounts, scoped operator permissions, batching, and account status checks.
This matters because lending markets often need coordination across multiple vaults. A user may supply one asset, borrow another, repay, rebalance, or move through several steps in one execution path. A builder may need to separate accounts, delegate specific permissions, or connect collateral relationships without building account infrastructure from scratch.
EVC provides that coordination layer.
It does not define the market’s risk model. Vaults and products define those rules. EVC defines how selected vaults and accounts can interact.
Risk Isolation on EulerEach Euler vault is an ERC-4626 lending vault with its own asset, collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation parameters, governor, and curator. That means a market can be created with risk parameters specific to the asset and the intended borrower or lender base.
Risk does not automatically flow across every Euler market.
A vault only recognizes another vault as collateral when that relationship is explicitly configured through the Ethereum Vault Connector. This lets builders create isolated markets, selected collateral clusters, or broader cross-collateralized designs without forcing every asset into one shared risk environment.
Market Types on EulerEuler can support several market structures from the same primitives.
Isolated MarketsAn isolated market scopes activity around a defined vault or vault relationship.
This structure is useful when the market needs clear boundaries around collateral, borrow exposure, pricing, and liquidation rules. Long-tail assets, new collateral types, and higher-risk markets often benefit from this type of separation.
Cross-Collateralized MarketsA cross-collateralized market lets selected vaults recognize one another as collateral.
EVC makes this explicit. Vaults do not automatically share risk across the whole system. The market design defines which collateral relationships exist.
This can support markets where several assets are meant to work together, such as stablecoin clusters, related staking assets, or curated collateral sets.
Rehypothecated MarketsA rehypothecated market lets supplied assets be borrowed by other users.
This can improve capital efficiency because deposits are not only used as collateral. They can also support borrowing activity and earn lending interest where there is market demand.
Rehypothecation introduces additional risk. Users and curators need to evaluate liquidity, utilization, borrow demand, caps, collateral rules, and liquidation parameters.
Escrowed Collateral MarketsAn escrowed collateral vault can hold deposits that are used as collateral without allowing borrowing from that vault.
This is useful when an asset should support borrowing elsewhere, but should not itself be lent out. It can help create collateral utility while keeping the supplied asset from being rehypothecated.
Earn VaultsEuler Earn vaults allocate one deposited asset across selected Euler markets or compatible ERC-4626 allocation targets.
Users interact with one vault position. Curators define the eligible markets, allocation caps, queues, roles, and rebalancing logic behind it.
Earn vaults turn a set of Euler markets into a single curated vault product.
Aave vs Morpho vs EulerAave, Morpho, and Euler each use a different market design.
Aave is known for shared-pool lending. Assets are listed into markets where users can supply and borrow against a broad set of approved collateral. This can create deep liquidity and a simple user experience, but risk is coordinated across the listed assets in that market.
Morpho is known for isolated lending markets. Morpho Blue markets are defined around a specific loan asset, collateral asset, oracle, interest rate model, and loan-to-value. This makes risk easier to isolate, but collateral and liquidity are separated market by market.
Euler uses modular lending vaults. Each vault defines its own rules, and selected vaults can recognize one another as collateral through EVC. This means Euler can support Aave-like cross-collateralized markets, Morpho-like isolated markets, and market structures that sit between the two.
The important distinction is configurability.
Euler does not require every asset to share one risk environment. It also does not limit every market to one isolated pair. Builders and curators can define the vaults, collateral relationships, caps, oracles, liquidation rules, governors, and operating roles that fit the market they want to create.
What Can Be Built on EulerEuler can support many credit products from the same underlying primitives.
Credit MarketsLaunch markets around specific assets with defined collateral, borrow limits, pricing, oracle, and liquidation rules.
Earn VaultsCreate ERC-4626 vaults that allocate one deposited asset across selected Euler markets or compatible allocation targets, with curator-defined caps, queues, and rebalancing logic.
Curated ProductsPackage selected markets into vaults, allocation products, or user-facing lending experiences with defined roles and operating paths.
Institutional MarketsCreate open or permissioned lending markets with asset-specific collateral rules, hooks, operating roles, and market parameters.
Embedded Lending ApplicationsIntegrate supply, borrow, repay, collateral, and account flows directly into apps, wallets, and product interfaces.
Agent WorkflowsUse Euler’s structured data, SDKs, APIs, llms.txt, operators, sub-accounts, and batching to let software read market state and prepare scoped lending actions.
EulerSwapCreate AMM liquidity inside Euler vault positions, connecting swap execution with lending, collateral, and LP-specific pool design.
Integrating Euler Into ProductsEuler is not only a destination app. It is infrastructure that other products can build on.
Apps, wallets, agents, institutional platforms, vault products, and market interfaces can integrate Euler primitives directly into their own user flows.
An integrator can use Euler to:
create a lending market around a supported assetadd borrowing or collateral flows to an applicationoffer access to selected Earn vaultsbuild a curator interface for market operationroute users through supply, borrow, repay, and withdraw flowsautomate approved actions through scoped operatorsread market data through structured interfaces and docsThe product can own the interface while Euler provides the lending, collateral, vault, and account infrastructure underneath.
SecurityEuler V2 was built through a multi-layered security process.
The protocol has undergone internal review, independent audits, fuzz testing, formal verification, public audit competitions, live Capture the Flag programs, monitoring, and bug bounty coverage.
Security work is also reflected in the architecture. Modular components are easier to specify, test, and review. Vault-level parameters make market assumptions more explicit. EVC makes collateral relationships and account interactions defined rather than implicit.
No security process removes protocol risk.
Users, curators, and integrators should evaluate vault parameters, oracle configuration, collateral relationships, liquidity, governance paths, and applicable market risks before interacting with any market.
Who Euler Is ForEuler serves several groups.
Users can access lending markets, borrowing markets, Earn vaults, and swap products through interfaces built on Euler.
Curators can launch and operate markets or vault products with defined parameters, roles, caps, queues, and update paths.
Builders can create credit products using EVK, EVC, hooks, SDKs, APIs, and documentation.
Institutions can structure markets around defined collateral, participant sets, operating roles, and asset-specific requirements.
Agents and automation systems can read market data, evaluate vault rules, and execute approved actions through scoped permissions and batched execution.
The Short VersionEuler is modular lending infrastructure.
EVK creates configurable ERC-4626 lending vaults.
EVC connects selected vaults and accounts.
Hooks, operators, sub-accounts, SDKs, APIs, and docs extend what can be built around them.
Euler can support isolated markets, cross-collateralized markets, rehypothecated markets, escrowed collateral, Earn vaults, embedded lending apps, institutional markets, agent workflows, and AMM liquidity inside vault positions.
The result is a credit layer for programmable finance: markets, vaults, and products with configurable collateral, pricing, liquidations, roles, and vault relationships.
The Euler Vault Kit, or EVK, is the framework for creating Euler lending vaults.
EVK lets builders deploy configurable ERC-4626 vaults with their own collateral rules, oracle configuration, interest rate model, borrow and supply caps, liquidation settings, governor, curator, and operating parameters.
It is one of the core primitives behind Euler V2. EVK creates the vault. The Ethereum Vault Connector defines how selected vaults and accounts can interact.
Why EVK ExistsLending markets need different rules.
A stablecoin market does not need the same configuration as a long-tail asset market. A tokenized asset market may need different collateral rules, oracle inputs, caps, hooks, or operating roles. A curated market may need active parameter updates, while another market may need fixed rules after launch.
EVK gives builders a standard framework for creating those markets without rebuilding the lending protocol from scratch.
What EVK DoesEVK creates configurable lending vaults.
Each Euler vault is an ERC-4626 vault. That means it follows a standard vault interface while still allowing market-specific configuration.
Asset and Vault ConfigurationEach vault has one underlying asset.
The vault defines how that asset can be supplied, borrowed, priced, collateralized, and liquidated. It can also define roles for operation, curation, governance, and fee collection.
Collateral RulesA vault can define which assets are accepted as collateral through its configured relationships.
When used with EVC, a vault can recognize deposits in selected connected vaults as collateral. This lets builders create isolated markets, cross-collateralized markets, or curated collateral sets.
Oracle ConfigurationA vault can use a defined oracle configuration for pricing.
Oracle design matters because price inputs affect collateral value, borrowing capacity, liquidation conditions, and account health.
Interest Rate ModelsA vault can define its own interest rate model.
This lets markets set borrow-rate behavior around the asset, liquidity profile, and utilization dynamics of that vault.
Caps and LimitsA vault can use borrow caps, supply caps, and other limits.
Caps help control market size, exposure, and liquidity conditions for a specific vault.
Liquidation SettingsA vault can define liquidation parameters.
Euler V2 supports market-specific liquidation settings, so each vault can set parameters around the collateral and borrow risks it is designed to support.
Governance and RolesA vault can have a governor and curator depending on its design.
The governor controls selected configuration paths. The curator or other roles may operate market parameters, allocation choices, or other actions depending on the product built around the vault.
Some vaults may be designed with active governance. Others may be designed with fixed parameters.
What EVK Makes PossibleEVK lets builders create many market types from the same framework.
Isolated MarketsCreate a market around a specific asset with defined collateral, borrow limits, pricing, oracle, and liquidation rules.
Cross-Collateralized MarketsCreate markets where selected vaults recognize one another as collateral through EVC.
Rehypothecated Lending MarketsCreate vaults where supplied assets can be borrowed by other users, subject to the vault’s rules and market liquidity.
Escrowed Collateral MarketsCreate vaults that hold collateral without allowing borrowing from that vault itself.
Curated Market ProductsCreate vaults or market structures where curators define parameters, caps, allocations, roles, and operating paths.
Institutional MarketsCreate markets for tokenized assets, permissioned flows, or defined participant sets using vault-level rules and hooks where required.
Embedded Lending ApplicationsBuild lending and borrowing flows into apps, wallets, dashboards, and product interfaces.
EVK and Risk IsolationEVK helps make market rules explicit.
Each vault has its own parameters. That means risk can be configured around the asset and market design instead of inherited from one global pool.
A vault does not automatically share collateral relationships with every other vault. Those relationships are configured through EVC.
This lets builders create isolated markets where isolation matters, or connected markets where selected collateral relationships are useful.
EVK and EVCEVK and EVC work together.
EVK creates the vault.
EVC connects selected vaults and accounts.
A builder can use EVK to define the market’s asset, pricing, caps, collateral rules, and liquidation settings. EVC then lets that vault recognize selected collateral, coordinate account checks, support sub-accounts, delegate scoped permissions, and batch execution paths.
Together, EVK and EVC form the core of Euler V2’s modular lending architecture.
The Short VersionEVK is the vault creation framework for Euler V2.
It lets builders deploy configurable ERC-4626 lending vaults with market-specific rules for collateral, pricing, caps, interest rates, liquidations, governance, and roles.
EVK defines the market. EVC defines how selected markets and accounts interact.
PANews reported on May 28th that, according to CoinDesk, VanEck's tokenized US Treasuries fund VBILL, issued by Securitize, has been launched on the decentralized lending protocol Euler. Accredited investors can use it as on-chain collateral for lending, while meeting securities compliance requirements. Euler integrated Securitize's DS Protocol earlier this year to enforce investor eligibility and transfer restrictions in DeFi and obtain VBILL pricing via the RedStone oracle.
VanEck's tokenized fund, issued by Securitize, is now live on DeFi lending platform Euler, allowing investors to use tokenized U.S. Treasuries as onchain collateral.The move underscores how DeFi protocols are redesigning their platforms to accommodate institutions and regulated assets, Graham Ferguson, Securitize's head of ecosystem, said.Standard Chartered, BCG and Ripple suggest the tokenized asset market could scale into trillions of dollars over the next decade, pushing DeFi to balance openness with traditional compliance demands.Decentralized finance (DeFi) protocols built for crypto assets are increasingly retooling themselves for Wall Street, and VanEck's tokenized Treasury fund arriving on lending platform Euler is the latest example of that shift.
Securitize (CEPT), issuer and tokenization specialist behind VanEck's VBILL Treasury fund, said Thursday that the product is now live on Euler lending markets.
The move allows investors to use tokenized U.S. Treasuries as collateral to borrow and deploy liquidity elsewhere onchain while maintaining compliance limits tied to the asset.
The move highlights how DeFi protocols are evolving as institutional investors push deeper into tokenized finance. Platforms that once centered around permissionless crypto assets are beginning to redesign their architecture for regulated products such as tokenized money market funds and private credit.
Tokenized U.S. Treasuries have become one of the fastest-growing sectors in crypto, topping $15 billion in assets swelling 150% in a year, according to RWA.xyz data. Global asset managers including BlackRock, Franklin Templeton and Janus Henderson have all launched blockchain-based Treasury and money-market products aimed at institutions seeking yield-bearing onchain collateral.
But that's still a fraction of the potential how big asset tokenization could become. Standard Chartered projected $2 trillion in tokenized assets by 2028, while BCG and Ripple forecasted a $18.9 trillion market size by 2033.
Read more: Tokenization push could pull trillions of dollars into DeFi, StanChart says
"The really exciting thing is that there are protocols now that are excited to integrate permissioned assets," Graham Ferguson, Securitize's head of ecosystem, told CoinDesk. "This is something that previously had not been the case."
Euler, which currently has over $320 million in assets on its platform, pivoted earlier this year toward institutional use cases after originally operating as a fully permissionless lending protocol. Rival platform Aave also launched Horizon, its real-world asset platform focused on institutional borrowers and tokenized collateral.
Euler integrated Securitize’s DS Protocol earlier this year, allowing tokenized securities to interact with lending markets while preserving investor eligibility requirements and transfer restrictions. Pricing data for VBILL is supplied through RedStone oracles.
The challenge for DeFi protocols, according to Securitize's Ferguson, is balancing crypto’s open infrastructure with the compliance expectations of traditional finance firms.
"As more serious institutional investors are exploring the space, they need to have certain protections and permissions that they’re used to in traditional finance," Ferguson said.
"DeFi Protocols are finally waking up to the fact that if they want to welcome in this capital, they’re going to have to change their ways," he added.
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TLDRVanEck Treasury Product Enters DeFi LendingInstitutions Push Tokenized Assets OnchainEuler Adjusts Its Lending ModelGet 3 Free Stock Ebooks VanEck’s tokenized fund is now live on Euler lending markets through Securitize. Investors can use tokenized U.S. Treasuries as collateral to borrow liquidity onchain. Euler uses Securitize’s DS Protocol to preserve investor eligibility and transfer restrictions. RedStone oracles provide pricing data for VBILL inside Euler’s lending markets. Tokenized U.S. Treasuries have topped $15 billion in assets, according to RWA.xyz data. VanEck’s tokenized fund has moved onto Euler’s lending markets, giving qualified investors a new way to use Treasury-backed assets in DeFi.
Securitize, the issuer and tokenization firm behind VanEck’s VBILL Treasury product, said Thursday that VBILL is now live on Euler.
The integration lets investors place tokenized U.S. Treasuries as collateral on Euler. They can then borrow liquidity onchain while staying within the compliance rules attached to the asset.
The launch adds another example of DeFi platforms adapting their systems for regulated financial products. Euler previously served mainly permissionless crypto lending markets, but it has recently moved toward institutional use cases.
VanEck Treasury Product Enters DeFi Lending Securitize said the new Euler market uses its DS Protocol, which supports rules for investor eligibility and transfer limits. Euler added the protocol earlier this year to help tokenized securities work inside lending markets.
Pricing data for VBILL comes through RedStone oracles, according to Securitize. The oracle feed helps lending markets value the tokenized collateral used by investors.
VBILL gives investors exposure to U.S. Treasury assets in tokenized form. Through Euler, those assets can now support borrowing activity instead of sitting only as yield-bearing holdings.
Graham Ferguson, head of ecosystem at Securitize, told CoinDesk that some protocols now want permissioned assets. He said this was not common in earlier DeFi markets.
Institutions Push Tokenized Assets Onchain The Euler listing comes as large financial firms build more blockchain-based Treasury and money-market products. According to RWA.xyz data cited in the report, tokenized U.S. Treasuries have topped $15 billion in assets.
RWA.xyz data also showed the sector has grown about 150 percent in one year. The growth has drawn asset managers including BlackRock, Franklin Templeton and Janus Henderson into tokenized Treasury products.
Those products mainly target institutions that want onchain collateral tied to yield-bearing assets. The market remains small compared with forecasts from major financial institutions.
Standard Chartered projected that tokenized assets could reach $2 trillion by 2028. BCG and Ripple forecasted a possible $18.9 trillion market by 2033.
Euler Adjusts Its Lending Model Euler currently has more than $320 million in assets on its platform, according to the report. Its recent institutional focus shows how some DeFi lenders are changing their original models.
Aave has also moved into this area through Horizon, its real-world asset platform. Horizon focuses on institutional borrowers and tokenized collateral.
Securitize said DeFi protocols must balance open blockchain systems with compliance demands from traditional finance. Ferguson told CoinDesk that serious institutional investors need protections and permissions they already know.
He added that DeFi protocols must change if they want to bring in this capital. His comments framed the VanEck tokenized fund listing as part of a larger institutional move into onchain lending.
The VBILL integration shows how tokenized securities can enter DeFi without removing compliance controls. Securitize’s DS Protocol keeps transfer and eligibility rules active inside lending markets.
For Euler, the product gives institutional users another type of collateral beyond standard crypto assets. For VanEck and Securitize, the listing places a regulated Treasury product inside active DeFi lending infrastructure.
VanEck’s tokenized treasury fund has started trading on Euler using Securitize’s infrastructure, marking a new milestone in decentralized finance. Through this development, eligible investors can now use US Treasury bills represented as tokens on blockchain as collateral, gaining access to liquidity directly within the DeFi ecosystem.
The VBILL tokenized treasury product, operated by Securitize and developed by VanEck, is now available on the Euler platform. Investors can offer US Treasury bills as on-chain collateral and borrow within a blockchain environment, with Securitize’s proprietary DS Protocol deployed throughout the process.
Glossary: The Securitize DS Protocol is a software standard that automatically checks investor eligibility and transfer restrictions for securities transactions on blockchain. This ensures assets are only transferred between approved parties.
Thanks to this protocol, conditions regarding who can transfer tokenized treasury bills and under what circumstances are strictly defined. This framework is widely regarded as essential for compliance-focused investing. Real-time price feeds are delivered via RedStone oracles, ensuring the accurate valuation of token collateral pledged by investors.
According to Securitize ecosystem lead Graham Ferguson, “Some protocols are now showing interest in permissioned assets. Previously, this was uncommon in the DeFi market.”
Institutions ramp up blockchain adoptionThe listing on Euler comes at a time when major financial institutions are increasingly engaging with blockchain-based treasury and money market products. Data from RWA.xyz shows that assets under management in tokenized US Treasuries have topped $15 billion, growing nearly 150 percent over the past year.
Industry giants such as BlackRock, Franklin Templeton, and Janus Henderson have emerged as leading participants in this expanding market. These products primarily target institutional investors seeking collateral linked to real-world yields. Nonetheless, the current volume of tokenized assets in this space remains modest compared to broader financial sector expectations.
OrganizationTokenized Treasury Assets (2024)RWA.xyz$15 billionStandard Chartered (Projected 2028)$2 trillionBCG & Ripple (Projected 2033)$18.9 trillionEuler and DeFi platforms usher in a new eraCurrently, Euler hosts over $320 million in assets on its platform. In recent times, it has pivoted away from a fully permissionless model to adopt a financial architecture more accessible to institutional users. Similarly, other decentralized finance protocols like Aave have begun transforming by introducing real-world asset-based lending platforms, such as Horizon.
Securitize underscores the need for DeFi protocols to align open blockchain structures with institutional compliance standards. As a result, major fund managers and institutional actors are increasingly seeking permissioned assets that comply with regulatory norms. This shift is prompting DeFi protocols to adapt their systems to attract institutional capital.
Institutional dimension arrives for DeFi with tokenized productsThe addition of VBILL to Euler demonstrates that tokenized securities can flow through decentralized channels without sacrificing regulatory oversight. Securitize’s DS Protocol makes this adaptation possible by automatically managing investor qualification and transfer rules within the system.
Thanks to this collaboration, institutional investors on Euler can now use regulated treasury products, not just typical cryptocurrencies, as collateral. This signals a new bridge for DeFi infrastructure into the world of traditional finance, setting the stage for greater institutional participation.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
VanEck’s tokenized U.S. Treasury fund, VBILL, can now be used as collateral on decentralized lending protocol Euler, expanding the utility of the onchain U.S. Treasuries investment vehicle.
According to an announcement on Thursday, Securitize launched VBILL live on a Euler lending market curated by KPK. Users can now deposit their VBILL tokens to borrow other crypto assets against them and participate in DeFi strategies while still earning the fund’s Treasury yield.
"VBILL's availability on Euler is another step in connecting tokenized Treasury exposure to DeFi infrastructure. The integration reflects how institutional-grade assets and decentralized lending markets are beginning to work together onchain," VanEck Product Manager Jon Casterline said.
The move builds on Securitize’s DS Protocol, which was previously integrated with Euler. The protocol offers a blockchain-based framework designed to issue, manage, and transfer security tokens using a system where compliance needs are enforced onchain.
VBILL, launched in May 2025, is a $61 million fund as of Thursday, across approximately 30 onchain wallet addresses. The fund is returning a 3.38% seven-day APY and charges a 0.20% management fee, according to RWA.xyz.
Securitize previously launched VBILL on an Aave Horizon market. The fund was initially launched across the Avalanche, BNB Chain, Ethereum, and Solana blockchains, with cross-chain interoperability enabled by Wormhole.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
VanEck VBILL is now live on DeFi lending platform Euler, letting investors use tokenized Treasuries as onchain collateral.
Summary
VanEck’s tokenized Treasury fund VBILL is now usable as collateral on Euler’s lending markets. The fund is issued by Securitize, with pricing supplied through RedStone oracles. Securitize says DeFi protocols are redesigning their platforms to host regulated, institutional assets. VanEck VBILL, the asset manager’s tokenized US Treasury fund, has gone live on decentralised lending platform Euler. Investors can now post the fund as onchain collateral.
The move signals how DeFi protocols are retooling for Wall Street. Securitize, the tokenization firm behind the fund, said the product is now active on Euler lending markets, with pricing data supplied through RedStone oracles.
What the Euler integration enables Euler integrated Securitize’s DS Protocol earlier this year, allowing tokenized securities to interact with lending markets while preserving investor eligibility and transfer restrictions. That framework lets VBILL function as collateral without breaking the fund’s compliance controls.
“As more serious institutional investors are exploring the space, they need to have certain” protections in place, said Graham Ferguson, Securitize’s head of ecosystem, framing the challenge as balancing crypto’s open infrastructure with traditional compliance demands.
The integration extends VBILL’s reach in DeFi. The fund already expanded onto Aave’s institutional Horizon market in November, where institutions can borrow stablecoins against their holdings.
VBILL is now live on @eulerfinance.
Tokenized U.S. Treasuries can now be used within the Euler ecosystem as onchain collateral.
This marks another step in bringing institutional-grade assets into DeFi. pic.twitter.com/Ewel7I383f
— Securitize (@Securitize) May 28, 2026 Why tokenized Treasuries keep growing VBILL sits in the fastest-scaling corner of the tokenization market. Tokenized US Treasuries lead the real-world asset sector on yield stability and regulatory clarity, factors that make them attractive for institutional adoption.
The broader race is accelerating. BlackRock recently filed a second Securitize-powered tokenized fund with the SEC, treating tokenized funds as a repeatable product line.
Standard Chartered, BCG and Ripple have suggested the tokenized asset market could scale into the trillions over the next decade, pressuring DeFi to balance openness with compliance.
For the first time, an on-chain fixed-rate borrowing market is being anchored to a transparent benchmark rate.
Curated by KPK, the new ETH markets on Euler set their borrowing rate each cycle using the Treehouse Ethereum Staking Rate (TESR), Treehouse’s on-chain benchmark for Ethereum staking yields under the Decentralized Offered Rates (DOR) framework.
This marks an important step forward for DeFi fixed income: moving from purely variable-rate markets toward benchmark-driven primitives that are transparent, predictable, and accessible on-chain.
DeFi’s First Fixed-Rate Market, Powered by TESR Now live on Euler, the tETH/WETH and wstETH/WETH markets let users deposit tETH or wstETH as collateral and borrow WETH at a fixed rate for the duration of each monthly cycle.
Once a cycle begins, the borrow rate is anchored and locked to the TESR 30-day consensus.
There are no mid-cycle rate changes, no sudden repricing, and no unexpected shifts in borrowing rates during the term. At the end of each cycle, the market references the latest TESR reading before setting the rate for the next cycle.
This creates a more predictable borrowing experience for users who want to manage leverage, duration, and yield strategies without being exposed to constant variable-rate movements.
Borrow WETH at a fixed rate on Euler using tETH or wstETH as collateral.
Why Fixed Rates Matter Most DeFi lending markets today are variable-rate by design.
While variable rates work for flexible borrowing, they introduce uncertainty. Borrowers cannot reliably forecast their cost of capital. A sudden rate spike can compress returns, disrupt strategies, or erase the expected profit from an entire cycle.
This is one of the biggest missing pieces in DeFi credit markets.
In traditional finance, fixed income markets are built around rate benchmarks. These benchmarks give lenders, borrowers, institutions, and structured products a common reference point for pricing capital across different durations.
DeFi has historically lacked this foundation.
Without credible, transparent, and widely usable benchmark rates:
Fixed-rate markets have struggled to scaleLiquidity has remained fragmentedPricing has been difficult to standardizeMany fixed-rate products have remained short-lived The TESR-anchored Euler market offers a new path forward.
What is TESR? TESR, or the Treehouse Ethereum Staking Rate, is the first benchmark under Treehouse’s Decentralized Offered Rates (DOR) framework.
TESR is designed to serve as a transparent reference rate for Ethereum staking yields. Under the DOR consensus-based framework, institutional panelists submit daily 30-day forward forecasts for ETH staking yields. These submissions form a consensus benchmark rate that is transparent, auditable, and resistant to manipulation.
By anchoring fixed-rate markets to TESR, DeFi protocols can price products against a rate that reflects forward-looking expectations for ETH staking yields, rather than relying solely on market utilization or isolated liquidity conditions.
This allows fixed-rate markets to become more standardized, more composable, and more aligned with the way mature credit markets operate.
View the Treehouse Ethereum Staking Rate (TESR) here.
Curated by KPK The market is curated by KPK, one of DeFi’s leading vault curators.
KPK curates vaults across Morpho, Euler, and Gearbox, bringing institutional-grade risk frameworks and structured collateral management to DeFi lending. Their role here extends that same discipline to ETH credit on Euler.
Through its ETH Yield Term vault, KPK supplies WETH liquidity into the Euler market, enabling borrowers to access fixed-rate capital backed by tETH or wstETH collateral.
The decision to build this market around TESR reflects a broader shift in DeFi. Fixed income products need credible benchmarks, professional curation, and transparent infrastructure in order to scale.
From Institutional Desks to Public DeFi Markets TESR has already begun gaining adoption beyond Treehouse.
Through FalconX, the first TESR-referenced institutional ETH staking rate forwards was launched in September 2025, bringing benchmark-based fixed-income products to institutional trading desks.
Now, that same benchmark powers an open on-chain market accessible to anyone through Euler.
TESR is moving from institutional use cases into public DeFi infrastructure, demonstrating how DOR benchmarks can support both professional counterparties and permissionless markets.
Why This Matters for DeFi Every mature credit market depends on credible benchmark rates.
Traditional finance has used benchmarks such as LIBOR, SOFR, treasury curves, and other reference rates to price loans, derivatives, swaps, bonds, and structured credit products. These benchmarks create a shared foundation for capital markets by giving participants a common reference point.
DeFi has not had an equivalent foundation.
Most on-chain lending markets are still driven by variable utilization curves. While powerful, these models are not enough to support the full development of fixed income markets. To build more advanced credit products, DeFi needs benchmark rates that are transparent, resilient, and composable.
By bringing benchmark rates on-chain, DOR enables protocols, curators, market makers, and institutions to build financial products that can reference standardized rates directly within DeFi.
The Euler market enabled by TESR is an early example of what that infrastructure can unlock.
Building the Fixed Income Layer of Digital Assets Treehouse is building the fixed income layer of digital assets.
That vision requires more than yield products. It requires benchmark infrastructure that markets can trust and build on top of.
With TESR now powering a fixed-rate borrowing market on Euler, DeFi has taken a step closer to the kind of benchmark-driven market structure that underpins traditional fixed income.
DeFi has never had a fixed-rate borrowing market anchored to a credible, backtested, and transparent on-chain benchmark.
Until now. 🌳
Frequently Asked Questions (FAQs) Q: What collateral does the market accept?
A: tETH and wstETH.
Q: What asset can I borrow?
A: WETH.
Q: How is the borrow rate set?
A: At the start of each cycle, the rate is derived from the TESR 30-D consensus published on-chain by DOR. The formula bounds the borrow rate to a 2.05–2.50% APY band, keeping the rate predictable and within a defined range every cycle.
Q: How long is each cycle?
A: Each cycle runs for the length of the calendar month. The fixed borrow rate applies for all but the final day. On the last day, the borrow rate rises to 50% to incentivize repayment before the cycle closes.
Q: What happens at the end of a cycle?
A: A fresh TESR 30-D reading is pulled from DOR. The rate resets, and a new cycle begins
Q: What is the repayment window?
A: The final day of each cycle. The borrow rate rises to 50% during this window to incentivize timely repayment before the next cycle begins. This does not force liquidations. Users are recommended to repay before this date to avoid the elevated rate.
Q: What happens if I don’t repay during the repayment window?
A: If repayment is not made before the cycle closes, the position rolls into the next cycle automatically. The borrow rate refreshes to the new TESR 30-D rate for the upcoming month.
About Treehouse 🌳
Treehouse, a digital assets infrastructure firm and the decentralized arm of the parent company Treehouse Labs, is at the forefront of revolutionizing the decentralized fixed income market. Treehouse Protocol introduces innovative fixed income products and primitives across chains through tAssets, liquid staking tokens that empowers its users to participate in the convergence of on-chain interest rates while retaining the flexibility to engage in DeFi activities.
Treehouse Protocol is also pioneering the Decentralized Offered Rates (DOR) consensus mechanism for benchmark rate setting, enabling a range of fixed income products and primitives into digital assets. Treehouse is dedicated to creating safer and more predictable return alternatives for both individual investors and institutions.
For the first time, an on-chain fixed-rate borrowing market is being anchored to a transparent benchmark rate.
Curated by KPK, the new ETH markets on Euler set their borrowing rate each cycle using the Treehouse Ethereum Staking Rate (TESR), Treehouse’s on-chain benchmark for Ethereum staking yields under the Decentralized Offered Rates (DOR) framework.
This marks an important step forward for DeFi fixed income: moving from purely variable-rate markets toward benchmark-driven primitives that are transparent, predictable, and accessible on-chain.
DeFi’s First Fixed-Rate Market, Powered by TESR Now live on Euler, the tETH/WETH and wstETH/WETH markets let users deposit tETH or wstETH as collateral and borrow WETH at a fixed rate for the duration of each monthly cycle.
Once a cycle begins, the borrow rate is anchored and locked to the TESR 30-day consensus.
There are no mid-cycle rate changes, no sudden repricing, and no unexpected shifts in borrowing rates during the term. At the end of each cycle, the market references the latest TESR reading before setting the rate for the next cycle.
This creates a more predictable borrowing experience for users who want to manage leverage, duration, and yield strategies without being exposed to constant variable-rate movements.
Borrow WETH at a fixed rate on Euler using tETH or wstETH as collateral.
Why Fixed Rates Matter Most DeFi lending markets today are variable-rate by design.
While variable rates work for flexible borrowing, they introduce uncertainty. Borrowers cannot reliably forecast their cost of capital. A sudden rate spike can compress returns, disrupt strategies, or erase the expected profit from an entire cycle.
This is one of the biggest missing pieces in DeFi credit markets.
In traditional finance, fixed income markets are built around rate benchmarks. These benchmarks give lenders, borrowers, institutions, and structured products a common reference point for pricing capital across different durations.
DeFi has historically lacked this foundation.
Without credible, transparent, and widely usable benchmark rates:
Fixed-rate markets have struggled to scaleLiquidity has remained fragmentedPricing has been difficult to standardizeMany fixed-rate products have remained short-lived The TESR-anchored Euler market offers a new path forward.
What is TESR? TESR, or the Treehouse Ethereum Staking Rate, is the first benchmark under Treehouse’s Decentralized Offered Rates (DOR) framework.
TESR is designed to serve as a transparent reference rate for Ethereum staking yields. Under the DOR consensus-based framework, institutional panelists submit daily 30-day forward forecasts for ETH staking yields. These submissions form a consensus benchmark rate that is transparent, auditable, and resistant to manipulation.
By anchoring fixed-rate markets to TESR, DeFi protocols can price products against a rate that reflects forward-looking expectations for ETH staking yields, rather than relying solely on market utilization or isolated liquidity conditions.
This allows fixed-rate markets to become more standardized, more composable, and more aligned with the way mature credit markets operate.
View the Treehouse Ethereum Staking Rate (TESR) here.
Curated by KPK The market is curated by KPK, one of DeFi’s leading vault curators.
KPK curates vaults across Morpho, Euler, and Gearbox, bringing institutional-grade risk frameworks and structured collateral management to DeFi lending. Their role here extends that same discipline to ETH credit on Euler.
Through its ETH Yield Term vault, KPK supplies WETH liquidity into the Euler market, enabling borrowers to access fixed-rate capital backed by tETH or wstETH collateral.
The decision to build this market around TESR reflects a broader shift in DeFi. Fixed income products need credible benchmarks, professional curation, and transparent infrastructure in order to scale.
From Institutional Desks to Public DeFi Markets TESR has already begun gaining adoption beyond Treehouse.
Through FalconX, the first TESR-referenced institutional ETH staking rate forwards was launched in September 2025, bringing benchmark-based fixed-income products to institutional trading desks.
Now, that same benchmark powers an open on-chain market accessible to anyone through Euler.
TESR is moving from institutional use cases into public DeFi infrastructure, demonstrating how DOR benchmarks can support both professional counterparties and permissionless markets.
Why This Matters for DeFi Every mature credit market depends on credible benchmark rates.
Traditional finance has used benchmarks such as LIBOR, SOFR, treasury curves, and other reference rates to price loans, derivatives, swaps, bonds, and structured credit products. These benchmarks create a shared foundation for capital markets by giving participants a common reference point.
DeFi has not had an equivalent foundation.
Most on-chain lending markets are still driven by variable utilization curves. While powerful, these models are not enough to support the full development of fixed income markets. To build more advanced credit products, DeFi needs benchmark rates that are transparent, resilient, and composable.
By bringing benchmark rates on-chain, DOR enables protocols, curators, market makers, and institutions to build financial products that can reference standardized rates directly within DeFi.
The Euler market enabled by TESR is an early example of what that infrastructure can unlock.
Building the Fixed Income Layer of Digital Assets Treehouse is building the fixed income layer of digital assets.
That vision requires more than yield products. It requires benchmark infrastructure that markets can trust and build on top of.
With TESR now powering a fixed-rate borrowing market on Euler, DeFi has taken a step closer to the kind of benchmark-driven market structure that underpins traditional fixed income.
DeFi has never had a fixed-rate borrowing market anchored to a credible, backtested, and transparent on-chain benchmark.
Until now. 🌳
Frequently Asked Questions (FAQs) Q: What collateral does the market accept?
A: tETH and wstETH.
Q: What asset can I borrow?
A: WETH.
Q: How is the borrow rate set?
A: At the start of each cycle, the rate is derived from the TESR 30-D consensus published on-chain by DOR. The formula bounds the borrow rate to a 2.05–2.50% APY band, keeping the rate predictable and within a defined range every cycle.
Q: How long is each cycle?
A: Each cycle runs for the length of the calendar month. The fixed borrow rate applies for all but the final day. On the last day, the borrow rate rises to 50% to incentivize repayment before the cycle closes.
Q: What happens at the end of a cycle?
A: A fresh TESR 30-D reading is pulled from DOR. The rate resets, and a new cycle begins
Q: What is the repayment window?
A: The final day of each cycle. The borrow rate rises to 50% during this window to incentivize timely repayment before the next cycle begins. This does not force liquidations. Users are recommended to repay before this date to avoid the elevated rate.
Q: What happens if I don’t repay during the repayment window?
A: If repayment is not made before the cycle closes, the position rolls into the next cycle automatically. The borrow rate refreshes to the new TESR 30-D rate for the upcoming month.
About Treehouse 🌳
Treehouse, a digital assets infrastructure firm and the decentralized arm of the parent company Treehouse Labs, is at the forefront of revolutionizing the decentralized fixed income market. Treehouse Protocol introduces innovative fixed income products and primitives across chains through tAssets, liquid staking tokens that empowers its users to participate in the convergence of on-chain interest rates while retaining the flexibility to engage in DeFi activities.
Treehouse Protocol is also pioneering the Decentralized Offered Rates (DOR) consensus mechanism for benchmark rate setting, enabling a range of fixed income products and primitives into digital assets. Treehouse is dedicated to creating safer and more predictable return alternatives for both individual investors and institutions.
The VIX Fear Index for the US stock market stands at 18.63 today, with fear sentiment intensifying in the crypto market.
According to Cboe data, the U.S. stock market's VIX Fear Index stands at 18.63 as of today, down 0.86 points from the prior reading of 19.49, marking a decline of approximately 4.41%. Separately, per Alternative data, the Crypto Fear & Greed Index is at 12 today (compared to 17 yesterday), indicating intensifying extreme fear sentiment.
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Bank of Japan (BOJ) Policy Board member Naoki Tamura stated that if upside risks to price growth intensify further, the BOJ should not hesitate to accelerate the pace of interest rate hikes or raise rates by a larger margin. He projected that the BOJ will implement interest rate hikes every few months until its policy rate reaches the neutral level of around 2%. (Golden Ten)
3 minutes ago
Crypto token M plunged over 80% in a short period, hitting a low near $0.5.
According to HTX market data, the token M saw a sharp short-term price plunge, with its decline once exceeding 80% and hitting a low of around $0.5, and is now trading at $0.54.
3 minutes ago
Blockchain data infrastructure firm Cambrian has closed a $6 million funding round, jointly led by Franklin Templeton and Polychain Capital.
Blockchain data infrastructure project Cambrian has closed a $6 million seed round, co-led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, and other investors. The project previously raised a $5.9 million pre-seed round led by a16z Crypto Startup Accelerator, bringing its total funding to $11.9 million. Cambrian currently provides institutional investors and AI Agents with real-time and historical data APIs covering on-chain yields, risks, lending markets, and trading activities, and plans to further build a verifiable data oracle network. Official data shows it has indexed over $4.5 billion in lending TVL, tracks more than 320,000 DEX liquidity pools, and currently supports Base and Solana, with plans to expand to additional ecosystems including Ethereum. The funds will be used to expand on-chain data coverage, accelerate oracle network development, and team recruitment.
3 minutes ago
Whale 0xbilly pulled off another "buy high, sell low" move, exiting with a $220,000 loss in a single day.
According to EmberCN’s monitoring, whale address 0xbilly liquidated 2,409 ETH in the early hours of today when ETH fell to around $1,569.5, worth approximately $3.78 million, with a total loss of roughly $220,000. Notably, this batch of ETH was purchased just one day ago for about 4 million USDC, at an average price of approximately $1,660.2. The address also previously bought 7,768.5 ETH at a high of $2,254 in March this year, valued at around $17.51 million, and exited via stop-loss four days later, incurring a loss of roughly $800,000.
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Two whales opened a short position worth approximately $90 million on the S&P 500.
According to monitoring by Onchain Lens, two whale addresses are building short positions on the S&P 500, with a combined position of approximately $90 million. Details are as follows: Whale address "0x469" has opened 6,500 S&P 500 short positions, using 20x leverage, valued at around $48 million, with a liquidation price of $8,413.66. Whale address "0x4ff" has opened 5,686.66 S&P 500 short positions, using 7x leverage, valued at around $42 million, with a liquidation price of $8,358.13.
Someone out there has $73,000 in ETH just sitting in a wallet, waiting to be claimed. They’ve been pinged about it. They haven’t responded. And they’re not alone.
Euler Finance recently notified a user via onchain messaging that 32.3 ETH from the protocol’s 2023 hack recovery remains unclaimed. The wallet in question has been completely inactive since April 2023.
The backstory: a $197 million hack with a surprisingly happy ending On March 13, 2023, Euler Finance’s V1 protocol was hit with one of the largest exploits of the year. Roughly $197 million in assets, including DAI, USDC, WBTC, and stETH, were drained in the attack.
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The hacker, who identified themselves as “Jacob,” actually returned the stolen funds. By April 4, 2023, the assets were fully recovered, with the total value reportedly reaching around $240 million when accounting for price appreciation during the negotiation period.
To redistribute the recovered funds, Euler set up a Merkle-tree-based claim contract called EulerClaims. If you were affected by the hack, you could verify your eligibility and withdraw your share of the recovered assets. The contract was designed to work with both standard wallets (externally owned addresses, or EOAs) and multisignature wallets.
149 ETH still unclaimed across 1,636 addresses According to data from Forgotten ETH, a tracker that monitors unclaimed assets on Ethereum, approximately 149.13 ETH remains unclaimed across 1,636 eligible addresses from Euler’s recovery distribution. At current prices, that’s a meaningful chunk of value scattered across wallets whose owners have apparently moved on, lost access, or simply never noticed.
The 32.3 ETH wallet that prompted Euler’s recent notification represents the single largest unclaimed balance in the recovery pool. At roughly $73,000, the notification was sent via an onchain Input Data Message (IDM), which is essentially a note embedded in a transaction that the wallet owner would see if they checked their address on a block explorer like Etherscan. The wallet has shown zero activity for nearly two years.
The EulerClaims contract remains open with no reported pauses or deadlines, which means eligible users can still claim their funds whenever they decide to show up.
What this means for investors For anyone who interacted with Euler Finance’s V1 protocol before March 2023, the practical takeaway is simple: check your eligibility. Tools like Forgotten ETH exist specifically to surface these kinds of overlooked assets. The claims contract is still live, and there’s no indication it’s closing anytime soon. That said, “no indication” is not the same as “guaranteed forever,” so procrastination carries its own quiet risk.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Unlink is integrating with Euler to bring transaction privacy to institutional lending.
The integration routes capital into Euler vaults through @unlink_xyz’s privacy layer, a smart contract deployed to existing chains supported by Euler.
Institutions will be able to supply, borrow, and manage positions while reducing the public link between their wallet and the vaults they use, the activity they take, and the size of those positions.
Onchain lending is public by defaultPutting capital onchain can expose more than a transaction. It can reveal which vaults a desk supplies into, how much capital sits in each, and how those allocations change over time.
Given an address, an outside observer can infer strategy from public transaction history. Position sizes can signal conviction. Reallocations can show how a desk is changing its view. For institutions managing meaningful size, that visibility can be a reason not to participate.
Unlink reduces that exposure by routing activity through a privacy layer.
Organizations can hold accounts, move tokens, and interact with smart contracts while keeping balances and transaction history out of the normal public transaction path.
With Euler, that model is being applied to onchain lending for the first time.
What this will enableInstitutions will be able to supply to and borrow from Euler vaults without making vault selection public.
Position sizes and rebalancing activity can pass through Unlink’s privacy layer instead of being exposed through the normal public transaction path. The integration uses Unlink’s existing contract-interaction flow, with no new chain and no bridge.
Builders will be able to offer private access to Euler vaults through the Unlink SDK, in either non-custodial or custodial form.
Why EulerEuler’s vault architecture is becoming a natural fit for institutional lending infrastructure because it lets teams create isolated markets with explicit parameters for collateral, pricing, interest rates, and liquidation. Unlink can add privacy around user activity without changing how the market works underneath.
The vault remains a standard Euler vault, with its own rules and risk parameters. Only the visibility of the interaction changes.
The same architecture gives institutions configurable lending markets, isolated vaults, and a privacy layer around market activity.
A model for private onchain creditThe same structure can extend across markets built on Euler vaults. Each vault is an isolated contract with a standard interface, so privacy layers, treasury systems, and institutional front ends can connect to Euler markets without rebuilding the integration for each vault.
Euler provides the lending venue, with vault-level parameters for collateral, pricing, interest rates, and liquidation. Unlink provides the privacy layer, so builders can offer shielded access to onchain credit markets without creating a separate lending stack.
Where institutional lending goes nextOnchain lending gives institutions markets where settlement, collateral rules, oracle choices, interest rates, and liquidation logic can be inspected directly. Market infrastructure can be public and verifiable. Account activity does not need to reveal every allocation decision.
Institutional credit needs that separation. Firms should be able to evaluate the rules of a market without publishing their own strategy every time they allocate, rebalance, borrow, or withdraw.
Euler provides configurable lending markets with clear vault-level rules. Unlink adds transaction privacy around how institutional capital moves into those markets.
Together, they make onchain lending more usable for institutions that need programmable credit markets without making every position part of the public strategy graph.
This article is informational only and is not financial, legal, tax, or investment advice. Euler provides lending infrastructure. Euler does not manage, sponsor, advise, or distribute the underlying assets or funds. Eligibility to access or transfer tokenized assets may be restricted, and DeFi markets involve risks including smart contract, oracle, liquidation, liquidity, collateral asset, stablecoin, regulatory, and total loss risk.
The crypto market prepares for an alarming bearish wave as certain altcoins stand primed to face massive token unlocks in the coming week. As per latest data from the Token Unlocks App, Aptos (APT), EigenLayer (EIGEN), Optimism (OP), Neon (NEON), Cardano (ADA), Xai (XAI), Mode (MODE), Ethena (ENA), io.net (IO), Hashflow (HFT), Moonbeam (GLMR), Euler (EUL), Iinch (1INCH), and Forta (FORT) remain poised to face increased supply ahead. This supply surge has raised alarming concerns over the future price action of the abovementioned 14 tokens.
14 Crypto Set To Witness Token Unlocks Ahead Per Token Unlocks data, APT, EIGEN, OP, NEON, ADA, XAI, MODE, ENA, IO, HFT, GLMR, EUL, 1INCH, and FORT are set to witness a massive $213 million worth of token unlocks combined. As such, traders need to be wary of investing in these coins as they risk facing downward pressure once the token unlocks occur.
1. Aptos (APT) The crypto Aptos is set to face a cliff unlock of 11.31 million APT, worth $101.22 million, on October 11, the coming week. The massive unlock is equivalent to 2.25% of the coin’s circulating supply. This looming supply surge has raised severe concerns among market participants over the future price run of the token. However, APT price today rested at $8.95, up nearly 1% over the past day. Its intraday low and high were recorded as $8.76 and $9.29, respectively.
2. EigenLayer (EIGEN) The cryptocurrency EigenLayer readies for a cliff unlock of 9.93 million EIGEN, worth $33.67 million, as of October 8. The unlock is equivalent to 5.32% of the coin’s circulating supply, posing a risk to the price. Meanwhile, EIGEN price today traded at $3.39, down 0.59% in the past 24 hours. The coin’s intraday low and high were $3.32 and $3.70, respectively.
3. Optimism (OP) Optimism prepares for an unlock of 12.47 million OP, worth $20.33 million, as of October 10. This unlock is equal to 0.99% of the coin’s circulating supply. OP price today traded at $1.62, up over 4% in the past 24 hours. The coin’s intraday low and high were recorded as $1.54 and $1.63, respectively.
4. Neon (NEON) Simultaneously, data indicated that the crypto Neon is readying for an unlock of 53.91 million NEON, worth $19.66 million, on October 7. The unlock is equivalent to a whopping 93.43% of the total circulating supply, raising alarming concerns among investors. Nevertheless, NEON price today soared nearly 10% to $0.3652. The coin’s intraday low and high were $0.3323 and $0.3647, respectively.
5. Cardano (ADA) Cardano stands primed to witness an unlock of 37.06 million ADA, worth $13.11 million, on October 7. The unlock totals 0.10% of the crypto’s circulating supply. ADA price today gained roughly 1% to reach $0.354. Its 24-hour low and high were registered as $0.3489 and $0.3556, respectively.
6. Xai (XAI) Similarly, Xai stands strong to face an unlock of 35.88 million XAI, worth $7.62 million, on October 9 next week. The unlock totals 6.20% of the token’s circulating supply. XAI price pumped remarkably, nearly 13% in the last 24 hours to $0.212. The coin’s intraday low and high were recorded as $0.187 and $0.2131, respectively.
7. Mode (MODE) MODE is primed to experience an unlock of 500 million MODE, worth $5.64 million, on October 7. This unlock weighs equal to 38.46% of the coin’s circulating supply. MODE price traded at $0.01127 today, up marginally by 0.15% in the past 24 hours. The coin’s 24-hour low and high were registered as $0.01122 and $0.0113, respectively.
8. Ethena (ENA) The crypto Ethena readies for a cliff unlock of 12.86 million tokens, worth $3.87 million, as of October 9. The unlock totals 0.47% of the coin’s circulating supply. Besides, ENA price today gained over 4% to trade at $0.3005. The coin’s intraday low and high were recorded as $0.2844 and $0.3208, respectively.
9. io.net (IO) io.net is set to face a cliff and a linear unlock of 2.11 million and 767.12K IO, respectively, on October 11. The unlock, worth $5.20 million, is equivalent to 3.2% of the coin’s circulating supply. IO price today traded at $1.81, up nearly 6% in the past 24 hours. The coin’s intraday low and high were recorded as $1.67 and $1.84, respectively.
10. Hashflow (HFT) Hashflow remains poised to experience an unlock of 13.85 million HFT, with 13.62 million coins as cliff and 221.4K coins as liner unlocks, on October 7. The unlock reflects 3.04% of the crypto’s total circulating supply. HFT price today jumped over 5% to reach $0.1485. The coin’s 24-hour low and high were $0.1402 and $0.1495, respectively.
11. Euler (EUL) Euler readies for an unlock of 41.17K EUL in cliff and 27.29K EUL in linear, worth $208.79K, as of October 11. This unlock collectively is equivalent to 0.37% of the coin’s circulating supply. EUL price traded at $3.05 today, up nearly 1% in the past 24 hours. The crypto’s intraday low and high were registered as $3 and $3.07, respectively.
12. Moonbeam (GLMR) Moonbeam is standing strong to face the unlock of 3.04 million GLMR, worth $493.53K, on October 11. The unlock is worth 0.34% of the token’s circulating supply. GLMR price today spiked over 1% to trade at $0.162. The coin’s intraday low and high were recorded as $0.1584 and $0.1641, respectively.
13. 1inch (1INCH) 1inch is similarly primed to witness an unlock of 246.43K 1INCH, worth $63.79K, on October 10. This unlock is equivalent to a marginal 0.02% of the total circulating supply. 1INCH price today pumped over 2% to reach $0.2578. The coin’s intraday low and high were recorded as $0.2499 and $0.2608, respectively.
14. Forta (FORT) Forta is bracing for a linear unlock of 2.61 million FORT and a cliff unlock of 50K coins as of October 6. This unlock weighs equal to 0.57% of the coin’s circulating supply. FORT price today is down by 0.5% and is resting at $0.1152. The coin’s intraday low and peak were $0.1151 and $0.1192, respectively.
Altogether, token unlocks pose a severe threat to prices, abiding by the law of supply and demand as supply increases. Notably, the unlocks are a phenomenon where previously locked tokens are periodically released into the market.
Major crypto platforms, Coinbase and Robinhood, have expanded their offerings with new altcoin listings, signaling continued growth in the digital asset market.
Coinbase has added support for Mamo (MAMO), Euler (EUL), Succinct (PROVE), and Towns Protocol (TOWNS). Meanwhile, Robinhood has introduced trading for Bonk (BONK), Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and Stellar (XLM) on Robinhood Legend.
Coinbase Announces 4 New Altcoin ListingsIn a series of consecutive posts on X (formerly Twitter), Coinbase announced that it will add trading support for the four altcoins. The exchange added that MAMO and EUL trading is scheduled to commence on or after 9 AM Pacific Time (PT).
The launch of the EUL-USD and MAMO-USD trading pair will be rolled out in phases as the necessary supply is secured, said Coinbase.
In addition, the largest US-based exchange also revealed the listing of two new altcoins: PROVE and TOWNS under the ‘Experimental Label.’ The altcoins are now available to trade on the website and the iOS and Android apps.
These two new-entry tokens have also secured listings on Binance with the ‘seed tag’ applied. Moreover, South Korea’s largest crypto exchanges, Upbit and Bithumb, have also added PROVE to their spot trading platforms, reflecting growing interest across exchanges.
Market data indicates significant price movements since the announcements. MAMO rose from $0.153 to $0.188, a 22.88% increase. At the time of writing, it was trading at $0.172 at press time, up 15.07% since the announcement.
EUL saw a modest uptick of 11.12% from $10.97 to $12.19. Nonetheless, the altcoin shed most of its gains and traded at $11.06 at press time.
MAMO, EUL, PROVE, AND TOWNS Price Performance. Source: TradingViewPROVE has maintained an upward trajectory since its debut. Its value has appreciated by 94.12%. TOWNS’ journey has been more volatile, maintaining gains of 6.8% since launching.
Besides the 4 altcoins, Coinbase added dYdX (COSMOSDYDX) to its listing roadmap, indicating a strategic focus on expanding its altcoin ecosystem.
“The launch of trading for these assets is contingent on market-making support, and sufficient technical infrastructure. We will announce the launch of trading separately once these conditions have been met,” the announcement said.
Robinhood Lists BONK, PENGU, PNUT, and XLMMeanwhile, Robinhood announced the addition of 4 altcoins to its Robinhood Legend platform, as per an official X post.
“BONK, PENGU, PNUT, and XLM are now available to trade on our advanced trading platform Robinhood Legend,” Robinhood said.
Despite the listings, the market response has been muted. All four tokens experienced declines following the announcement, with BONK dropping 3.95%, PENGU falling 2.76%, PNUT decreasing 1.10%, and XLM slipping 2.17%.
BONK, PENGU, PNUT, and XLM Price Performance. Source: TradingViewNonetheless, the declines are part of a broader market correction. BeInCrypto Markets data showed that the total market capitalization fell 1.64% over the past day.
