The 51st phase of HODLer airdrop project launched on Binance ——Euler (EUL) @binance @binancezh Euler is not just a lending protocol, but aims to become a super app in the DeFi world that can lend, borrow, earn, and trade directly within the app, all in one place. 1、 What does Euler do Euler's positioning can be understood as a modular lending supermarket. Anyone can open their own vault and use any ERC-20 asset as collateral. Interest rates, oracle machines, and clearing rules can all be customized without the need for centralized governance approval. Interestingly, each vault can also communicate with each other. For example, if you mortgage assets in one vault, you can borrow money from another vault, which is its EVC, Ethereum Vault Connector. In addition, its Euler Swap integrates DEX and lending together, The assets stored by users not only earn interest, but also automatically participate in trading liquidity, This greatly improves the utilization rate of funds. 2、 What is different from other lending platforms? The biggest difference of Euler is decentralization+modularity. Aave and Compound are both centralized approval for new assets, while Euler is completely open. Anyone can join as long as the asset has a WETH trading pair. And it uses a Dutch style clearing mechanism, which is not easy to be maliciously cleared by large investors. More importantly, its design makes capital efficiency higher. The assets deposited can simultaneously: When mortgaging Provide trading liquidity Earn transaction fees and interest This is much more flexible than a simple lending agreement. 3、 Tokens and Ecology The total amount of EUL tokens is 27.18 million, and the circulation has exceeded 95%. There are three main uses: Governance Voting Auction handling fee, agreement income will be auctioned and exchanged for EUL User incentives Binance's airdrop this time is EUL, which accounts for about 2% of the total supply, People holding BNB can obtain it by participating in capital preservation and coin earning products. Euler is currently deployed on over a dozen chains, including Ethereum, BNB, Base, Arbitrarum, Avalanche, etc. It also integrates oracle machines such as Chainlink, Pyth, and Redstone, making it one of the representative projects of multi chain DeFi. 4、 Financing and team background Very solid in terms of financing: Seed wheel 1.5M Round A 8M (2021) B-round 32M (2022) Investors include Wintermute, MEV Capital, Re7 Labs, etc, It also integrates sbBUIDL by Securitize supported by BlackRock, It indicates that it is not only playing DeFi, but also paving the way towards RWA. From a positioning perspective, Euler is more like a DeFi financial operating system. What it wants to do is not just a lending market, but to make all assets, transactions, and income strategies interconnected. At present, the annual revenue of the agreement is 26 million US dollars. Based on an average DeFi PE of 12-15, the theoretical valuation is in the range of 300-400 million US dollars. If RWA runs smoothly and institutional cooperation continues to expand, it is not impossible for FDV to reach 1 billion US dollars.