ETH
by BSCN
February 22, 2024
The platform is set to launch Euler v2, a more flexible version of its cryptocurrency vault-enabled lending platform, accompanied by a new whitepaper.
Decentralized-finance (DeFi) lending protocol Euler Finance is making a comeback after facing a staggering $200 million exploit last year.
Learning from the challenges of the past, the team behind Euler Finance is set to unveil Euler v2, a reporetdly more flexible iteration of its cryptocurrency vault-enabled lending platform, accompanied by a comprehensive new whitepaper.
Euler v2, like its predecessor, operates on a non-custodial model, allowing users to deposit assets for lending and others to deposit collateral, take out loans, and pay interest to lenders. This revamped version introduces a more versatile system, embracing the Lego-like power principle of DeFi.
The new system integrates crucial building blocks, such as the Euler Vault Kit (EVK) and the Ethereum Vault Connector (EVC), to empower users in a permissionless manner. EVK acts as a toolkit, enabling builders to deploy and chain together customized lending vaults, fostering a decentralized and collaborative ecosystem.
EVC, on the other hand, facilitates the use of vaults as collateral for other vaults, introducing a new level of flexibility in the DeFi space.
The journey for Euler Finance has not been without its hurdles. Last year, the protocol fell victim to an exploit resulting in losses of nearly $200 million across dai (DAI), wrapped bitcoin (WBTC), staked ether (sETH), and USDC.
The smart contract auditor BlockSec identified the attack, revealing that a flash loan was utilized by the attacker in four transactions.
However, in a surprising turn of events, the hacker responsible for the exploit has returned all "recoverable funds." Euler Finance announced that the decentralized lending platform received 10,580 ether (ETH), equivalent to approximately $19 million, from the exploiter's crypto address.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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