Executive Summary
Euler rebuilt from a $200M exploit, shipped v2, and grew TVL from $4.5M to $2.2B+ in under a year, and generates ~$35M in annualized fees but still trades at a 0.7x P/F ratio while lending peers command 3-9x. Fully unlocked supply, an automated buyback engine (Fee Flow), BlackRock’s sBUIDL as the first permissionless DeFi integration, and a new CEO pivoting toward institutional credit markets make $EUL one of the most asymmetric setups in DeFi today. The market is pricing a dead protocol. The data shows something different.
Introduction