Tech
Euler Protocol Launches v2 After $200M Exploit
Euler Protocol has launched its v2 following a significant $200M exploit. Discover the new features, security enhancements, and the team’s commitment to restoring trust in the platform as they navigate this challenging phase.
Thursday, Sept. 5
Euler, Victim of $200M+ Exploit in 2023, Makes a Comeback with ‘V2’
Euler, a decentralized finance (DeFi) lending protocol that faced a staggering exploit exceeding $200 million earlier this year, has announced its revival with the introduction of Euler v2. This new version is described as “a meta-lending protocol that opens the door to unlimited use cases for on-chain credit.” The development team elaborates that this upgraded protocol will empower developers to create highly customizable borrowing and lending vaults that can operate in both permissioned and permissionless modes.
As the decentralized finance landscape continues to expand and more users seek secure and efficient mechanisms to manage credit on-chain, Euler v2 is poised to play a crucial role in scaling the crypto lending market. The protocol aims to establish itself as a fundamental component of the evolving global financial ecosystem.
In February, CoinDesk reported that the project conducted a code audit competition earlier this year to thoroughly assess the integrity and security of the new version.
Protocol Village is a recurring feature in The Protocol, our weekly newsletter that delves into the technology underpinning the crypto space, one block at a time. Sign up here to receive it directly in your inbox every Wednesday. Project teams are encouraged to submit updates here. To explore previous editions of Protocol Village, please go here.