Euler, a non-custodial protocol built on Ethereum that enables users to lend and borrow crypto assets, announced a $32 million funding round to diversify the Euler DAO treasury. Led by Haun Ventures, other notable VCs that participated in the raise include Variant, FTX Ventures, Coinbase Ventures, Jump Crypto, Jane Street, and Uniswap Labs Ventures.
Deployed on mainnet last year, Euler offers a new approach to lending and borrowing markets due to its risk management framework that assigns each asset to a particular tier based on a handful of factors. Additionally, Euler has implemented both collateral and borrow factors that enables Euler to account upfront for price action in either direction for borrowed assets. The combination of these features positions Euler to tackle a key industry challenge of providing long-tail asset markets to users while simultaneously mitigating risk.
“When creating Euler, our main goal was to avoid the many necessary steps required to list assets on other protocols while ensuring that the risks associated with this type of lending and borrowing could be addressed properly and mitigated, ” said Michael Bentley, CEO of Euler XYZ and co-founder of Euler. “As Euler begins on a path of progressive decentralization, it’s great that the DAO is able to welcome such an impressive roster of new partners, each of which I’m confident will bring something unique to the DAO’s governance moving forward.”
The funds raised will be allocated towards the diversification of the Euler DAO, which is expected to launch later this month. For protocol users, the launch of the DAO will give them the opportunity to vote on Euler’s development and operations, control Euler’s governance, and determine how Euler’s community treasury is put to use.
“We’re looking forward to supporting Euler as they advance the features of the protocol,” said Katie Haun, Founder of Haun Ventures. “Euler takes a unique approach to addressing the risks associated with lending and borrowing crypto assets that stood out to us as exemplary in DeFi. These kinds of innovative solutions are particularly important since lending and borrowing protocols serve as a key cornerstone of crypto markets.”
To learn more about Euler, visit: https://www.euler.finance/#/
Euler is a capital-efficient permissionless lending protocol that helps users to earn interest on their crypto assets or hedge against volatile markets without the need for a trusted third party. Euler features a number of innovations not seen before in DeFi, including permissionless lending markets, reactive interest rates, protected collateral, MEV-resistant liquidations, multi-collateral stability pools, sub-accounts, risk-adjusted loans, and much more. For more information, visit euler.finance.