Euler v2 (Hyperliquid L1)
Takes as collateral: bitcoin and ether
One of 8 deployments of Euler v2 · also on Arbitrum, Avalanche, Base, BSC, Ethereum, Monad, Unichain
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 5.7% 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).
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 →
Listed, not researched in full. This venue is read only through an aggregator, and its 30-day book peaked at $764,129 over the last 90 days, under the $5m research floor. Its rate and book are published as for any venue; its criteria are not researched. What the floor is →
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_utilisationsourceEuler v2 on Hyperliquid (chain 999) — 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. |
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| Term structure | open_endedsourceEuler v2 vaults on Hyperliquid (chain 999) — borrow()/repay() carry no maturity; a position persists until repaid or liquidated. |
| Rate certainty | variablesourceEuler v2 vaults on Hyperliquid (chain 999) — each vault accrues at the rate its interestRateModel() returns for the vault's cash and borrows (7 distinct model contract(s) among vaults with debt, read 2026-09-30); nothing is fixed at origination. ⚠ 1 vault(s) with debt are FULLY DRAWN (cash under 0.1% of borrows — nothing to borrow, nothing a lender can withdraw), about $17,925 of dollar debt: eUSD₮0-3 $17,925. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceEuler v2 on Hyperliquid (chain 999), vault factory 0xcF5552580fD364cdBBFcB5Ae345f75674c59273A — every vault names its own oracle() and unitOfAccount(). Read 2026-09-30: 13 vaults carry debt and name 3 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. |
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| Default & liquidation | thresholdsourceEuler v2 on Hyperliquid (chain 999) (EVC 0xceAA7cdCD7dDBee8601127a9Abb17A974d613db4) — 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 (1 distinct governor(s) among vaults with debt, 0 vault(s) with none, read 2026-09-30). |
| Custody & backing | protocol_custodialsourceEuler v2 on Hyperliquid (chain 999), vault factory 0xcF5552580fD364cdBBFcB5Ae345f75674c59273A — each vault contract holds its own asset; a depositor holds the vault's shares, and pledges them as collateral through the EVC 0xceAA7cdCD7dDBee8601127a9Abb17A974d613db4. |
| Recourse | non_recoursesourceEuler v2 on Hyperliquid (chain 999) — 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 | 6 months observedsourceDerived from the first aggregator observation this dataset holds for the venue (defi_rates_llama, 2026-03-11; 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 (2): UBTCsourceEuler v2 on Hyperliquid (chain 999), vault factory 0xcF5552580fD364cdBBFcB5Ae345f75674c59273A — 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. 58 vaults from the factory, 13 carrying debt, read 2026-09-30. Bitcoin vaults holding 0.01 BTC or more: eUBTC-3 (UBTC) 0x8A4545827DF5446Ba120B904e5306e58acCA4E89 — 2.25 supplied, 0.0175 lent out; eUBTC-4 (UBTC) 0x61Cb3b093b7125D593CCfa135C6e4E9D52D2e697 — 0.0983 supplied, 0.0843 lent out. Bitcoin as COLLATERAL: 4 dollar vault(s) with debt grant an LTV to one of those vaults, about $613,889 of debt between them — the largest eUSDC-4 ($300,274, LTV 73% to borrow, 88% to liquidate), eUSDC-3 ($244,875, LTV 70% to borrow, 85% to liquidate), eUSD₮0-2 ($50,815, LTV 70% to borrow, 85% to liquidate). ⚠ Each of those vaults accepts other collateral too, so this is debt that CAN be bitcoin-backed, not debt that is. ⚠ 1 vault(s) with debt are FULLY DRAWN (cash under 0.1% of borrows — nothing to borrow, nothing a lender can withdraw), about $17,925 of dollar debt: eUSD₮0-3 $17,925. |
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| 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). 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. 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 obtainable from an aggregator — composition is loan-level and requires event ingestion, which is not planned for this venue. |
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_custodialEuler v2 on Hyperliquid (chain 999), vault factory 0xcF5552580fD364cdBBFcB5Ae345f75674c59273A — each vault contract holds its own asset; a depositor holds the vault's shares, and pledges them as collateral through the EVC 0xceAA7cdCD7dDBee8601127a9Abb17A974d613db4. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 999 incompletewhether 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- UBTC established · direct_wrapped · identified by symbolUBTC established · issuer Unit · consortium · holders [Unit, Hyperliquid, Infinite Field]Held by a 2-of-3 MPC threshold signature among three named Guardians — Unit, Hyperliquid and Infinite Field — each holding a key share in a secure enclave. Classed consortium, as FBTC is: the coins move when two NAMED institutions sign, which is who could fail; tBTC's threshold-signature class is reserved for an anonymous rotating group.
source
issuer_docdocs.hyperunit.xyz/architecture/security ('a 2-of-3 MPC threshold signature scheme (TSS), requiring a majority of Guardians to sign'); docs.hyperunit.xyz/architecture/components ('Initial Guardian Network Participants': Unit, Hyperliquid, Infinite Field)
- UBTC established · direct_wrapped · identified by symbol
source
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) | 80.7% the pool's dollar reserves: borrowed over supplied across 4 reserve(s), latest day — the whole pool, not its bitcoin book defi_rates_llama, quantity-gated |
|---|---|
| Intermediation margin | +1.91 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) | 30d 11.24% · 90d 8.62% dollar loans, debt-weighted over the days observed (0 / 22 / 82 of 7 / 30 / 90); continuously compounded defi_rates_llama — the 30-day window's rows, gates and floor (098) |
| Rate volatility (30/90d) | 30d 5.40 pts · 90d 3.53 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 | +6.34 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 | +7.10 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 | unknown (below the research floor) — 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. This venue is below the research floor — its book has not reached $5m on any day of the last 90 — so it is not researched |
| 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) |
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
Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/euler_v2_hyperliquid_l1 |
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| MCP | get_venue({ venue_id: "euler_v2_hyperliquid_l1" }) get_venue({ venue_id: "euler_v2_hyperliquid_l1", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp