Quick overview
- Euler (EUL) experienced a 90% price surge following its listing on Upbit, driven by increased trading volumes and interest in its DeFi lending technology.
- The launch of Euler V2 has transformed its platform into a credit infrastructure, attracting institutional users with customizable lending options.
- Euler’s focus on real-world assets (RWAs) and partnerships, including with BlackRock, positions it for long-term growth in the DeFi space.
- The protocol’s governance is actively proposing enhancements to drive ecosystem growth, while security measures have been significantly improved since a previous hack.
Euler (EUL) enters a pivotal week after its Upbit listing sparked a 90% rally. Here’s why DeFi growth and institutional adoption could drive the next move. With the last week of July upon us, Euler (EUL) stands out as one of the DeFi token winners. Earlier this month, the token shot up nearly 90% over the weekend as volumes skyrocketed after a listing on Upbit and increasing interest in its DeFi lending tech from institutional users.
Although there has been some selling of profits after the uptrend, the longer-term narrative around EUL has now largely shifted from speculative trading to protocol growth and usage, RWAs and programmable lending. This week could prove to be a key one to see whether high trading volumes result in increased protocol usage.
Upbit Listing Sends Trading Volumes Soaring
The largest event of the recent period for Euler came on 26 July, when the Upbit exchange listed EUL for KRW trading. Upbit is the biggest exchange in South Korea. This listing expanded potential access for Korean retail users, and the effect was seen on the token immediately. After the event was announced, the token saw the following:
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Price rose from around $1.20 to almost $2.75
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Daily volume grew from approximately $4 million to over $220 million
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Market capitalization reached just over $70 million
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The token gained almost 90% within 24 hours
Upbit listings have previously seen big price increases due to the retail hype cycle, and Euler has exhibited a classic reaction in this regard.
Euler V2 Is Aiming For Institutional DeFi
The most significant event so far for Euler this year, aside from the recent rally, has been the launch of Euler V2 that has turned its traditional DeFi lending platform into credit infrastructure. Its ecosystem now includes:
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Euler Vault Kit (EVK)
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Ethereum Vault Connector (EVC)
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Euler Earn
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Curator-managed lending markets
Unlike standard DeFi lenders, which share a single pool, users can create their own collateral and liquidation mechanics and design custom credit lines via Euler. This capability has made the platform attractive to many users, especially institutional ones.
It Keeps Bringing In Real World Assets
The longer-term thesis for Euler has mostly relied on the growth of RWAs, and the platform supports assets from the sBUIDL tokenised bond from BlackRock. According to industry information, the BlackRock BUIDL is currently holding over $900 million in assets.
In general, tokenised real-world assets have grown to over $30 billion across public blockchains during 2026, according to industry data. There are now many partnerships and integrations around Euler, including with Securitize, Hyperliquid HyperEVM, HSK Chain, Unlink and more.
Token Supply Removes Dilution Risk
Euler’s token distribution model remains compelling relative to numerous other recent entrants into the DeFi sector.
The latest metrics stand as follows:
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Total supply cap: 27.18 million EUL tokens
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Circulating tokens: 27.18 million EUL
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Tokens unlocked: 100 percent
The token schedule has no significant unlocks scheduled, removing the dilution risk that can impact numerous newer assets.
EUL is still utilised for three primary uses:
Governance Focuses on Ecosystem Growth
The protocol’s governance group remains active, proposing recent ideas including:
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Setting protocol fees to 0
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Curator rewards enhancement
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Developer tooling (APIs, SDKs, and other products)
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User-facing product enhancements
The team is convinced that adoption of the platform and its TVL would help fuel revenue streams in future.
Security Remains a Priority
Since its hack in 2023, the protocol has made great strides in improving its security protocols. Recent third party analysis of Euler’s security shows:
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Security: 95%
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Smart-contract security rating: 100 percent
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Testing score: 97 percent
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Oracle security score: 100 percent
And the protocol continues to expand its bug bounty scheme as well as implementing additional security measures from institutional partners.
Technical Analysis: Bulls Eye Another Break Above $2.74
For the technical set-up, Euler is still clearly bullish, despite the token cooling down since its explosive upswing. Euler has been holding above $2.39, which places it above the 50 EMA ($1.55) and the 200 EMA ($1.17), confirming that the longer-term trend remains in place.
The consolidation following such a rapid price rise looks like consolidation and not a sign of reversal. However, with RSI hovering around 72, the indicator is showing strong momentum but also short-term overbought levels, which could lead to sideways action.
Looking ahead, $2.33 is the key level to watch, with Euler bulls able to maintain the market above this level and target $2.74 again. If a breakout occurs, there is scope for Euler to go to $2.94 and $3.18. The bulls are on the back foot, however, if Euler falls below $2.33, which could bring in selling pressure that could see the EUL price fall towards $2.07 and $1.86.
Euler Outlook
The Euler protocol enters the week in much better shape than it did at the beginning of this year. The Upbit listing provides further liquidity; the protocol, Euler V2, is gaining the attention of institutions; and tokenised RWA adoption continues to support its position as one of the next generations of DeFi.
While it’s likely the asset will move with more volatility in the short term given the recent price action, the longer-term investment thesis for the protocol is increasingly based on its adoption rather than its exchange listings. If TVL and institutional activity on the platform and RWA integrations continue to grow through the second half of 2026, then it could become one of the most important lending protocols in DeFi.
Arslan Ali Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Ali Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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