Euler (EUL), an Ethereum-based DeFi lending and borrowing platform, is celebrating a price boost after being listed on Coinbase, a major US cryptocurrency exchange.
Coinbase Listing Fuels EUL’s Rise
Coinbase announced its support for EUL, allowing users to buy, sell, and trade the token on its platform and mobile apps. This news sent EUL’s price climbing. Within a day, the price jumped from a low of $11.02 to a high of $12.17. While it’s settled slightly since then, it’s still up around 5.7% over the last 24 hours, currently trading at approximately $11.77.
What is Euler (EUL)?
Euler is a modular DeFi platform that lets anyone create a lending vault for specific assets. It uses the ERC-4626 token protocol, a newer standard built on top of the familiar ERC-20. These vaults are the core of Euler’s lending and borrowing system. One type, called EVK (Euler Vault Kit) vaults, act as passive lending pools. They earn interest by lending deposited assets to borrowers. Users can deposit ERC-20 tokens into these vaults and borrow against their deposited collateral.