Surge in Euler (EUL) Value
A surge in the value of Euler (EUL), an altcoin within the Ethereum ecosystem, has been witnessed following its recent endorsement by Coinbase, one of the leading cryptocurrency exchanges in the United States. In their latest communication, Coinbase revealed that it is now facilitating support for Euler, a platform designed for lending and borrowing, allowing users to perform various transactions involving EUL on its mobile applications for both iOS and Android.
Price Boost Following Announcement
As a direct consequence of this announcement, Euler’s price experienced a notable boost, climbing from a low of $11.02 on August 6 to a noteworthy high of $12.17 by the following day. At present, the altcoin has steadied, holding a trading price of $11.77, which marks a 5.7% increase from the previous 24-hour period.
About Euler and Its Protocol
Euler itself is characterized as a modular decentralized finance platform, distinctly allowing for the creation of lending vaults by any user, thanks to its use of the ERC-4626 token protocol. This is an enhancement of the widely-utilized ERC-20 standard, specifically designed to cater to yield-earning vault tokens.
Central to the Euler protocol are its vaults, which play a crucial role in facilitating lending and borrowing engagements. The Euler Vault Kit (EVK) represents a specific type of vault within this framework, functioning as passive lending pools. Unlike typical ERC-4626 vaults that generate returns through active investment maneuvers, these EVK vaults accrue yield by lending assets to users, thereby enabling them to borrow funds against their deposited ERC-20 tokens.
