The DeFi lending protocol Euler v 2 affords extra flexibility for credit score market builders and permits Ethereum-based vaults for use as collateral for different vaults.
After struggling an exploit final 12 months, Euler invitations a whole bunch of white hats to a code audit competitors earlier than it goes stay in Q2
Decentralized finance (DeFi) lending protocol Euler Finance has recovered from final 12 months’s $200 million exploit with a extra versatile model of its cryptocurrency vault lending platform: Euler v2.
Like the primary model of the protocol, Euler v2 permits customers, in a non-custodial method, to deposit belongings 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 such because the Euler Vault Package (EVK), which permits builders to deploy and join their very own customized credit score vaults in a permissionless method, and an Ethereum Vault Connector (EVC), which permits safes for use as collateral for different safes, the corporate stated in a press launch.
“The Euler Vault equipment is a really summary, agnostic developer equipment for constructing your personal credit score markets,” Euler CEO Michael Bentley stated in an interview. “As well as, the Ethereum Vault Connector is a communication protocol, identical to TCP-IP is with the web. We might say you could possibly most likely construct any current lending protocol or any future studying protocol with Eurler v2.”
It’s a brave response from the Euler who suffered an exploit in March 2023 that noticed almost $200 million value of crypto misplaced from the DeFi platform. The attacker, who used a flash mortgage to steal the cash, she later returned with an apology.
Bentley identified that Euler v2 was within the pipeline lengthy earlier than the exploit occurred final 12 months, however there will probably be a belt-and-braces method to safety audits earlier than the brand new model goes stay across the second quarter of this 12 months.
“Euler v1 was a really closely managed lending protocol,” Bentley stated. “However there are just a few extra issues that v2 will construct in earlier than launch, together with the code audit competitors, which might probably permit a whole bunch of white hats to return in and assessment the code earlier than it goes stay. And even earlier than we audited the code, we invited an entire group of safety professionals to assessment our practices.”