DeFi startup Euler Finance has made a strong comeback with the launch of Euler v2, a revamped version of its lending platform that brings greater flexibility to builders of lending markets. The new system combines the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC) to enable users to create customized lending vaults and use them as collateral for other vaults. This marks a significant improvement for Euler Finance, which suffered an exploit last year resulting in a loss of around $200 million. To ensure the security of Euler v2, the company is conducting a code audit competition involving hundreds of white hat hackers before the platform goes live in Q2 of this year.
Overview of Euler Finance’s comeback after an exploit
DeFi lending protocol Euler Finance has made a strong comeback after suffering a $200 million exploit in March 2023. The platform has now released Euler v2, a more flexible version of its lending platform that incorporates enhanced security measures and innovative features. Euler Finance has taken proactive measures to ensure the security of the new version, including inviting white hat hackers to participate in a code audit competition. Euler v2 is expected to be launched in Q2 this year.
Introduction to Euler v2 lending protocol
Euler v2 is a decentralized finance lending protocol that allows users to deposit assets for lending and borrow funds by providing collateral. The protocol operates in a non-custodial manner, giving users full control over their assets. The main objective of Euler v2 is to provide greater flexibility to users and builders of lending markets, allowing them to customize and deploy their own lending vaults. By combining the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC), Euler v2 enables the use of vaults as collateral for other vaults.
Features of Euler v2
One of the key features of Euler v2 is the Euler Vault Kit (EVK), which provides builders with an abstract and agnostic developer’s kit for creating customized lending markets. This empowers developers to create their own lending protocols with ease. Additionally, Euler v2 introduces the Ethereum Vault Connector (EVC), a communication protocol that facilitates the use of vaults as collateral for other vaults. This feature greatly enhances the interoperability and flexibility of the lending platform.
Explanation of Euler Vault Kit (EVK)
The Euler Vault Kit (EVK) is a powerful toolkit that allows developers to create and deploy their own lending markets on the Euler v2 protocol. EVK provides an abstract framework that simplifies the process of building customized lending vaults. Developers can utilize EVK to create lending protocols that suit their specific requirements and integrate them seamlessly within the Euler v2 ecosystem. EVK empowers developers to innovate and create unique lending solutions that drive the growth of DeFi.
Explanation of Ethereum Vault Connector (EVC)
The Ethereum Vault Connector (EVC) is a communication protocol that enables vaults on the Euler v2 platform to be used as collateral for other vaults. This feature enhances the flexibility and efficiency of the lending protocol by allowing users to maximize the utilization of their assets. The EVC protocol establishes a seamless connection between different lending vaults, enabling users to collateralize their positions and access additional liquidity. This innovative feature sets Euler v2 apart from other lending protocols in the DeFi space.
Precautions taken for security auditing
In light of the previous exploit, Euler Finance has prioritized security in the development of Euler v2. The protocol has undergone rigorous security audits to identify vulnerabilities and ensure the integrity of the code. However, to further enhance security, Euler Finance has organized a code audit competition, inviting white hat hackers and security professionals to review the code and identify any potential weaknesses. This comprehensive approach to security highlights Euler Finance’s commitment to building a robust and secure lending platform.
Code audit competition
Euler Finance has initiated a code audit competition to invite white hat hackers and security professionals to review the code of Euler v2. This competition is aimed at identifying any potential vulnerabilities or weaknesses in the code before the protocol goes live. By involving external experts in the auditing process, Euler Finance aims to ensure the highest level of security for its users. The code audit competition demonstrates Euler Finance’s dedication to transparency and proactive security measures.
Inviting white hats to review the code
In addition to the code audit competition, Euler Finance has invited white hat hackers and security professionals to review the code of Euler v2. By engaging with the wider security community, Euler Finance aims to harness the collective expertise and knowledge to identify and address any potential security threats. This collaborative approach helps to build trust and confidence among users and ensures that the protocol meets the highest standards of security.
Timeline for the launch of Euler v2
Euler Finance plans to launch Euler v2 in Q2 of this year. The exact timeline for the launch will depend on the completion of the code audit competition and the implementation of any necessary security enhancements. Euler Finance is committed to ensuring the stability and security of the protocol before its official release. Users can expect a well-tested and audited lending platform that offers enhanced flexibility and security features.
Conclusion
Euler Finance’s comeback after the exploit demonstrates its resilience and commitment to providing a secure and innovative lending platform. Euler v2 introduces powerful features such as the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC), enabling users to customize lending markets and use vaults as collateral. The protocol has prioritized security by conducting code audits and inviting white hat hackers to review the code. Euler Finance’s proactive approach and dedication to security make Euler v2 a promising lending protocol in the DeFi space. With its upcoming launch in Q2, Euler Finance aims to provide users with a secure and flexible platform that empowers builders and borrowers alike.
