Euler (EUL): The Rising DeFi Altcoin Supported by Coinbase
Euler (EUL), an Ethereum-based decentralized finance (DeFi) altcoin, is making waves in the crypto world after receiving backing from a leading US-based exchange platform, Coinbase.
Coinbase recently announced its support for Euler (EUL), a lending and borrowing protocol built on the Ethereum blockchain. The exchange platform stated that customers can now access EUL on Coinbase’s website and mobile apps, allowing them to buy, sell, convert, send, receive, or store these assets with ease.
Following the news of Coinbase’s endorsement, the price of EUL experienced a significant surge. The altcoin’s value rose from a low of $11.02 on August 6th to a peak of $12.17 within just a day. Although the price has since stabilized, it is currently trading at $11.77, reflecting a 5.7% increase over the past 24 hours.
Euler’s official website describes it as a modular DeFi platform that enables permissionless vault creation. Users can create lending vaults for specific assets using the ERC-4626 token protocol, an extension of the widely-used ERC-20 standard that includes yield-bearing vault tokens.
Vaults are integral to the Euler protocol, serving as the foundation for all lending and borrowing activities. The EVK (Euler Vault Kit) vaults, which are extended ERC-4626 vaults, act as passive lending pools. Unlike standard ERC-4626 vaults that generate yield through active investment strategies, EVK vaults generate yield by lending assets to borrowers. These vaults accept ERC-20 token deposits and allow users to borrow against their collateral.
This move by Coinbase to support Euler is a testament to the growing popularity and importance of DeFi projects in the cryptocurrency space. As more investors and users recognize the potential of decentralized finance platforms like Euler, we can expect to see further growth and adoption in the coming months.
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