EU
Euler V2 is a modular lending platform built around the Euler Vault Kit — a framework for permissionless, customizable lending vaults that share a common security model. Anyone can deploy a market with their own collateral, oracle, and risk parameters, and lend against any other vault on the network.
The design treats lending as a graph of vaults rather than a single monolithic protocol, similar in spirit to Morpho Blue but with greater per-vault expressivity. Euler returned with V2 after the original Euler exploit and full recovery; EUL is the governance token.