DeFi lending protocol Euler v 2 brings higher flexibility to builders of lending markets and permits Ethereum-based vaults for use as collateral for different vaults.
Having suffered an exploit final yr, Euler is inviting a whole bunch of white hats to a code audit competitors previous to going reside in Q2
Decentralized-finance (DeFi) lending protocol Euler Finance has bounced again from final yr’s $200 million exploit with a extra versatile model of its cryptocurrency vault-enabled lending platform: Euler v2.
Like the primary model of the protocol, Euler v2 permits customers, in a non-custodial trend, to deposit property for lending, and different customers to deposit collateral, take out loans and pay curiosity to the lenders.
Following the Lego-like energy precept of DeFi, the brand new system combines constructing blocks like Euler Vault Equipment (EVK), which empowers builders to deploy and chain collectively their very own personalized lending vaults in a permissionless method, and an Ethereum Vault Connector (EVC), which allows vaults for use as collateral for different vaults, the corporate stated in a press launch.
“The Euler Vault equipment is a really summary, agnostic developer’s equipment, for constructing your individual lending markets,” Euler CEO Michael Bentley stated in an interview. “Alongside that the Ethereum Vault Connector is a communications protocol, like TCP-IP is to the web. We’d argue you possibly can in all probability construct any pre-existing lending protocol or any future studying protocol with Eurler v2.”
It’s a plucky response from the Euler, which suffered an exploit in March of 2023, which noticed near $200 million in crypto misplaced from the DeFi platform. The attacker, who used a flash mortgage to steal the funds, later returned them with an apology.
Bentley identified that Euler v2 has been within the pipeline lengthy earlier than the exploit occurred final yr, however there shall be a belt and braces method to safety auditing earlier than the brand new model goes reside round Q2 this yr.
“Euler v1 was a very closely audited lending protocol,” Bentley stated. “However there are a number of additional issues v2 will incorporate previous to launch, one among which is code audit competitors that basically permits probably a whole bunch of white hats to come back in and assessment the code earlier than it goes reside. And even earlier than auditing the code, we invited a complete bunch of safety professionals inside to assessment our practices.”
