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Bringing Permissionless Lending - Making Sense of Euler

Exploring how Euler v2 revolutionizes DeFi lending with modular architecture, ERC-4626 vaults, and permissionless customization, enabling tailored lending markets, seamless interoperability, and more

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This tension is now reaching a breaking point, while DeFi lending like Compound and Aave have built billion-dollar markets around this premise, yet as the crypto market evolves while traditional yields decline, new dynamics emerge through a fundamental shift in value capture and distribution. The rise of liquid staking derivatives, real-world assets (RWA), institutional demand and even memecoin craze creates an unprecedented need for less “paternalistic” financial lending infrastructure, the idea that sophisticated users inevitably craft complex lending strategies that far outpace the rigid parameters of existing protocols, yet their only path to implementing changes runs through slow, politically-charged governance processes.