On October 13, Binance announced a new project on its HODLer Airdrops portal - Euler (EUL). This is the exchange's 51st project on the portal created to reward users retroactively based on historical snapshots of their BNB holdings.
According to the exchange's notes, users who subscribed their BNB to Simple Earn (Flexible and/or Locked) and/or On-Chain Yields products starting on October 4th at 00:00 (UTC) until October 6th at 23:59 (UTC) are eligible for this airdrop.
What is Euler (EUL)?
Euler calls itself a "DeFi super app" - the project is a modular lending platform on Ethereum that allows users to deploy and chain together customized lending markets in a permissionless manner.
The project was created with the aim of revolutionizing the way in which users interact with DeFi.
Core Components and Project Features
Euler includes two main elements:
- Euler Vault Kit (EVK)
- Ethereum Vault Connector (EVC)
These allow builders to deploy and chain customized lending vaults, providing users with the following features:
- Permissionless activity - Meaning that anyone can participate without approval, fostering an open and inclusive financial ecosystem, an aspect essential for true decentralization
- Flexibility - With a modularity that ensures users can tailor lending and borrowing experiences to meet certain needs, including earning interest on crypto or hedging against market volatilty
- Innovation - Positioning the project as a key player in the blockchain and crypto industry
- Security and interoperability - The Ethereum integration allows strong security and interoperability with other dApps
- Scalability and adaptability - New modules can be developed and integrated into the existing framework
- User-orientation - Euler's decentralized governance model ensures the platform evolves in a way that reflects the needs and interests of users
What is EUL?
EUL is the project's token with a total supply of 27.18 million tokens and a circulating supply of 19.8 million tokens.
Euler places a strong emphasis on community governance, and EUL token holders can:
- take part in decision-making processes
- Influence the development and direction of the platform
The Binance HODLer Airdrops EUL rewards are 543,657 EUL, representing 2% of the total token supply, according to the official notes of the exchange.
Binance revealed that it will list the project later today.
Binance's EUL Listing Details
The crypto exchange will list EUL on October 13, at 14:30 (UTC), and it will open trading for the following pairs:
- EUL/USDC
- EUL/USDT
- EUL/FDUSD
- EUL/BNB
- EUL/TRY
Binance will list EUL with a Seed Tag applied to signal potential high volatilty for the project. It's also important to note that users can already start depositing EUL on the exchange.
Users can already trade EUL on Binance Alpha - the platform created by the exchange to showcase early-stage projects that have growth potential in Web3.
After Binance's announcement today, EUL price spiked.
EUL Price Trajectory on October 13
At the moment of writing this article, EUL is trading above $11, up by more than 29% in the past 24 hours.
EUL's 24-hour trading volume is over $15.6 million, up by more than 219%.
