Market › Algorithmic › Euler v2 › Ethereum

Euler v2 (Ethereum)

Takes as collateral: bitcoin and ether

euler_v2_ethereum · on-chain pool · operated by Euler DAO · ingesting

One of 8 deployments of Euler v2 · also on Arbitrum, Avalanche, Base, BSC, Hyperliquid L1, Monad, Unichain

Secured by

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

7.38 BTC

partial

7.4% of Euler v2

<0.1% of the market

Dollar debt against bitcoin

$36.6m

whole pool, not its bitcoin book

Aggregate LTV

collecting (not read yet)

Borrow rate (USD loans)

10.25%

+1.10 pts vs Euler v2

Lend rate (USD loans)

6.63%

−0.57 pts vs Euler v2

Liquidation threshold

70.0%–95.0% LTV

threshold, not a price

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

BTC collateral — the supplied amount of the venue's pegged-bitcoin reserves as each pool reports it — what is deposited, not what is pledged against a loan.
Dollar debt against bitcoin — the whole pool's lending against every collateral it takes (bitcoin is 1.1% of the pool's collateral) — not debt against bitcoin, and no dollar of it is assigned to bitcoin without an account-level read.
Liquidation threshold — the loan-to-value at which the venue liquidates a bitcoin position, not a price: no bitcoin book is read at this venue to turn it into one (a pool's debt has no collateral of its own until its accounts are read).

BTC collateral of Euler v2 — Euler v2 (Ethereum) 7.4%

BTC collateral of Algorithmic — Euler v2 <0.1%

Dollar debt against bitcoin of the market — Algorithmic 13%, 14% of its bitcoin collateral

Loan duration is not a venue figure on an on-chain pool: these markets are open-term, and a position runs until it is repaid or liquidated. A fixed term exists only where the venue writes one — the custodial desks (cefi_credit_rates.term_days) and Gavel's auction, which is fixed-rate and fixed-term by construction.

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. It runs contracts, so the absence is this dataset’s, not the venue’s.

Price

What does credit cost here, and how is the price formed?

Rate formation	algorithmic_utilisation source Euler v2 on Ethereum (chain 1) — each vault names an interestRateModel() evaluated on its cash and borrows: a function of utilisation, algorithmic_utilisation. The curve each model implements was not read, and a governor can replace the model.
Term structure	open_ended source Euler v2 vaults on Ethereum (chain 1) — borrow()/repay() carry no maturity; a position persists until repaid or liquidated.
Rate certainty	variable source Euler v2 vaults on Ethereum (chain 1) — each vault accrues at the rate its interestRateModel() returns for the vault's cash and borrows (72 distinct model contract(s) among vaults with debt, read 2026-09-30); nothing is fixed at origination. ⚠ 13 vault(s) with debt are FULLY DRAWN (cash under 0.1% of borrows — nothing to borrow, nothing a lender can withdraw), about $22,004,156 of dollar debt: eUSDC-64 $14,389,898, eUSDC-47 $4,484,253, eUSDC-58 $1,446,739, eUSDC-95 $1,198,779, and 9 more.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	multiple source Euler v2 on Ethereum (chain 1), vault factory 0x29a56a1b8214D9Cf7c5561811750D5cBDb45CC8e — every vault names its own oracle() and unitOfAccount(). Read 2026-09-30: 111 vaults carry debt and name 63 distinct oracle contract(s). There is no venue-wide oracle; a borrower depends on the one its borrowing vault names, which prices every collateral vault that vault accepts.
Default & liquidation	threshold source Euler v2 on Ethereum (chain 1) (EVC 0x0C9a3dd6b8F28529d72d7f9cE918D493519EE383) — an account can be liquidated once its liability exceeds its collateral valued at each collateral vault's LTVLiquidation(collateral), a per-vault, per-collateral threshold set by that vault's governor (38 distinct governor(s) among vaults with debt, 0 vault(s) with none, read 2026-09-30).
Custody & backing	protocol_custodial source Euler v2 on Ethereum (chain 1), vault factory 0x29a56a1b8214D9Cf7c5561811750D5cBDb45CC8e — each vault contract holds its own asset; a depositor holds the vault's shares, and pledges them as collateral through the EVC 0x0C9a3dd6b8F28529d72d7f9cE918D493519EE383.
Recourse	non_recourse source Euler v2 on Ethereum (chain 1) — liability is bounded by the collateral vault shares an account has pledged; no function pursues a borrower beyond them. Debt left after a liquidation can be socialised across the lending vault's depositors; whether a given vault has that turned off is a per-vault setting and was not read.
Track record	24 months observed source Derived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2024-09-25; the registry holds no first_date for it). This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before the aggregator began listing it reads short here. The observer is the aggregator, not the venue's own contracts. Not typed, and not a claim about the venue's longevity.

Composition

Who and what makes up this market?

Collateral accepted	BTC vaults (7): xBTC, WBTC, cbBTC source Euler v2 on Ethereum (chain 1), vault factory 0x29a56a1b8214D9Cf7c5561811750D5cBDb45CC8e — getProxyListSlice(), then asset(), cash(), totalBorrows() and LTVList() per vault (registry/resolution/2026-09/euler.json). ⚠ NOT A POOL: one vault per asset, each accepting other vaults' shares as collateral at its own LTV. 889 vaults from the factory, 111 carrying debt, read 2026-09-30. Bitcoin vaults holding 0.01 BTC or more: exBTC-1 (xBTC) 0xbBc4BC013F1C9Ed674098A6d156C02C0a21a285C — 87.1 supplied, 0 lent out; eWBTC-9 (WBTC) 0x038dd0Eb275B7DE3B07884f1Fa106eD6423C45F2 — 71.1 supplied, 71.1 lent out, FULLY DRAWN; eWBTC-3 (WBTC) 0x998D761eC1BAdaCeb064624cc3A1d37A46C88bA4 — 6.71 supplied, 1.29 lent out; eWBTC-13 (WBTC) 0xCee57C0F5060063F6875CFF54225F814Db604150 — 0.637 supplied, 0 lent out; ecbBTC-3 (cbBTC) 0x056f3a2E41d2778D3a0c0714439c53af2987718E — 0.577 supplied, 0.217 lent out; and 2 smaller. Bitcoin as COLLATERAL: 3 dollar vault(s) with debt grant an LTV to one of those vaults, about $2,559,277 of debt between them — the largest eUSDC-2 ($2,020,880, LTV 84% to borrow, 86% to liquidate), eUSDT-2 ($274,552, LTV 84% to borrow, 86% to liquidate), eUSDC-98 ($263,844, LTV 84% to borrow, 86% to liquidate). ⚠ Each of those vaults accepts other collateral too, so this is debt that CAN be bitcoin-backed, not debt that is. ⚠ 13 vault(s) with debt are FULLY DRAWN (cash under 0.1% of borrows — nothing to borrow, nothing a lender can withdraw), about $22,004,156 of dollar debt: eUSDC-64 $14,389,898, eUSDC-47 $4,484,253, eUSDC-58 $1,446,739, eUSDC-95 $1,198,779, and 9 more.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: partial — Observed through the aggregator (DefiLlama) for 71% of the 30-day debt and the venue's own contracts (scripts/direct-reads.mjs) for 29%. The aggregator's rows are each pool's published borrow and supply rates as it reports them — not a read of the venue's own contracts, and not checked against one. The contract reads are daily, at a recorded block. As of 2026-10-01. quantity: partial — Observed through the aggregator (DefiLlama): bitcoin collateral is the supplied amount of each pegged-bitcoin reserve, converted at the day's bitcoin reference, and debt is the borrowed amount per pool or vault. Neither is a read of the venue's own contracts. As of 2026-10-01. composition: none — Not observed: composition is loan-level, and neither the aggregator nor a daily contract read of pool or vault totals gives it. As of 2026-10-01.

What the loans are denominated in

Not yet established for this venue — which is not the same as dollars.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodial
Euler v2 on Ethereum (chain 1), vault factory 0x29a56a1b8214D9Cf7c5561811750D5cBDb45CC8e — each vault contract holds its own asset; a depositor holds the vault's shares, and pledges them as collateral through the EVC 0x0C9a3dd6b8F28529d72d7f9cE918D493519EE383.
representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02
deployment · chain 1 incomplete
whether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address
- cbBTC established · direct_wrapped · identified by symbol
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- eBTC established · yield_bearing · identified by symbol
  EBTC undisclosed · issuer ether.fi · non-custodial · holders [] · holder_unknown_share partial
  WAS resolves_to LBTC alone. Corrected 2026-10-08: ether.fi documents eBTC as a vault token (Veda BoringVault 0x657e8C867D8B37dCC18fA4Caead9C45EB088C642), "backed by LBTC … Users are able to deposit LBTC & WBTC". Press adds cbBTC (secondary, so not listed). The vault holds wrappers, not bitcoin, and publishes no split, so the row is left unresolved rather than apportioned (the SolvBTC rule).
  source
  issuer_doc
  etherfi.gitbook.io/etherfi/products/staking/ebtc.md (read 2026-10-08)
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- LBTC established · yield_bearing · identified by symbol
  LBTC established · issuer Lombard · consortium · holders [Anchorage Digital Bank, Kraken Institutional]
  WAS 'Lombard'. Lombard is the protocol. Its documentation places the BTC in Lombard-owned, segregated, bankruptcy-remote accounts at Anchorage Digital Bank, with the active allocation at Kraken Institutional and Anchorage; Bitwise holds trading authority only. Mint, burn and bridge require majority consensus of a 14-member Security Consortium. No public split between the two custodians, so the pair is carried whole.
  source
  issuer_doc
  docs.lombard.finance/use/lbtc; anchorage.com 'Lombard Builds LBTC's Institutional Structure on Anchorage Digital'
- SolvBTC established · yield_bearing · identified by symbol
  SOLVBTC undisclosed · issuer Solv Protocol · consortium · holders [] · holder_unknown_share partial
  WAS custodian 'Solv', layer 1. Both wrong. The reserve is "native BTC, BTCB (Binance's wrapped Bitcoin), and cbBTC" — so an unpublished fraction of this is bitcoin ALREADY counted under Binance and Coinbase, and counting Solv as its own holder double-counts it. Native mainnet BTC is held under FROST threshold signatures plus partner regulated custodians, unnamed. No published split, so the whole row is unresolved rather than apportioned.
  source
  issuer_doc
  docs.solv.finance/key-products/solvbtc and.../reserves
  BTCB established · issuer Binance · custodial · holders [Binance]
  Reserve address published (3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb); multi-sig cold storage.
  source
  issuer_doc
  binance.com 'Introducing Bitcoin-pegged Token on BNB Chain'; binance.com/en/proof-of-reserves
  CBBTC established · issuer Coinbase · custodial · holders [Coinbase]
  source
  issuer_doc
  coinbase.com/cbbtc — 'backed 1:1 and held in custody by Coinbase', cold storage
- tBTC established · direct_wrapped · identified by symbol
  TBTC established · issuer Threshold Network · threshold-signature · holders []
  No holder by construction: a 51-of-100 threshold signing group with operators rotated bi-weekly and no single party ever holding a full key. The empty holder list is the correct answer, not a gap.
  source
  issuer_doc
  docs.threshold.network/applications/tbtc-v2
- WBTC established · direct_wrapped · identified by symbol
  WBTC established · issuer BitGo · custodial · holders [BitGo]
  Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
  source
  issuer_doc
  BitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- xBTC established · direct_wrapped · identified by symbol
  XBTC established · issuer OKX · custodial · holders [OKX]
  OKX's wrapped bitcoin on Sui, Solana, Aptos and X Layer. OKX states each xBTC is backed 1:1 by bitcoin it holds in custody, shown in its proof of reserves. The exchange is both issuer and holder; the legal entity holding the coins is not named in the material read.
  source
  issuer_doc
  okx.com/learn/what-is-xbtc; okx.com/xbtc; okx.com/help/okx-officially-launches-the-multi-chain-wrapped-token-xbtc (read 2026-09-30)

Recourse: non_recourse

source

attribute · recourse

Euler v2 on Ethereum (chain 1) — liability is bounded by the collateral vault shares an account has pledged; no function pursues a borrower beyond them. Debt left after a liquidation can be socialised across the lending vault's depositors; whether a given vault has that turned off is a per-vault setting and was not read.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	74.1% the pool's dollar reserves: borrowed over supplied across 31 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated
Intermediation margin	+3.62 pts · derived the pool's borrow rate minus its supply rate on the same dollar reserves — what the venue keeps, plus the cost of idle supply borrow rate minus lend rate, both as above
Trailing realised average (7/30/90d)	7d 10.38% · 30d 10.25% · 90d 4.80% dollar loans, debt-weighted over the days observed (7 / 30 / 90 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098)
Rate volatility (30/90d)	30d 0.38 pts · 90d 3.10 pts the standard deviation of the daily debt-weighted borrow rate, in percentage points — not annualised the daily rate above
Spread to the pair aggregate	+5.35 pts vs Algorithmic · derived this venue's borrow rate minus its class's (4.90%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates
Spread to matched Treasuries	+6.11 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. An open-term loan has no maturity of its own, so the bill stands for a 30-day window macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15)
Origination flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Repayment flow	collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only
Aggregate and distributional LTV	collecting (not read yet) — a pool's debt has no collateral of its own; the LTV of its bitcoin-only borrowers needs an account-level read, which this venue does not have yet
Residence distribution	collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed
Liquidation incidence	collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account
Top-10 concentration share	collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues)

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Surveyed — no listable route. Probed for a first-party MCP endpoint; none answered. surveyed 2026-08-30

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/euler_v2_ethereum
MCP	get_venue({ venue_id: "euler_v2_ethereum" }) get_venue({ venue_id: "euler_v2_ethereum", include: ["axes", "headline"] })

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