Euler (EUL) Tokenomics, Unlock Schedule and Vesting Chart

Feedback

Professional AI Headshots from Your Selfie Studio-quality headshots for your CV, LinkedIn & company profile — ready in 15 minutes.

Create Your Headshots

Euler (EUL) Token Unlock & Vesting Schedule

As of October 30, 2026, 24.03 million EUL have been released. The schedule is ongoing, with no final release date.

The chart shows gross modeled releases of every allocation: vesting unlocks, new issuance and reserve distributions, each allocation counted once. These have different meanings; a scheduled release is not evidence that tokens entered circulation or were sold. Review the coverage, sources and assumptions below.

Each color segment in the chart corresponds to a specific allocation group described in the Allocations section below. Underlying assumptions and data models used to reconstruct this schedule are explained in detail under Assumptions, while broader utility insights and token use cases are covered in Tokenomics & Utility.

Tokenomics & Utility

Supply and distribution

Euler’s documentation lists a supply of 27,182,818 EUL, a number chosen in reference to the mathematical constant e. Its published allocation places about 34% with the DAO, protocol users, and ecosystem initiatives; about 39.5% with strategic partners; and about 26.5% with Euler Labs founders and other contributors. The Foundation’s roughly 3.7% allocation came from the DAO group, so adding it to those figures would count the same tokens twice. These allocation figures describe the project’s documented distribution, rather than a live account balance. (docs.euler.finance)

The Ethereum token contract also allows an authorized administrator to issue additional EUL under a rule limiting issuance to 2.718% of total supply no more than once every 365 days. New tokens issued through that function go to the contract’s designated treasury address. (docs.euler.finance)

Voting, rewards, and fees

EUL holders can take part in DAO votes on matters such as protocol changes and treasury use. Euler uses public discussion and voting systems, while an approved decision may require a separate on-chain transaction to take effect. EUL also supports user incentives. In selected campaigns, participants receive rEUL, a reward form that unlocks into EUL over six months. One-fifth becomes redeemable immediately after a reward lock begins, and the rest unlocks gradually. (docs.euler.finance)

EUL has a further use in Fee Flow, an auction system designed to exchange collected protocol fee assets for EUL payments. Fee Flow is inactive, and Euler’s protocol fees are set to zero; future DAO decisions could change that setting. Individual vault operators may set separate vault-level fees. (docs.euler.finance)

Assumptions

Euler minted its reported 27.18 million EUL on December 30, 2021; investor and incubator allocations have documented linear unlocks beginning in January 2022. User rewards, contributor grants and treasury spending also release existing tokens, but amendments, individual agreements and discretionary decisions leave substantial amounts without reliable payment dates. The chart can show the initial mint, sourced investor vesting, the early-user distribution and a documented reward campaign; it should not turn undated budgets into monthly payments. Future minting is contractually possible only through the applicable governance and contract controls, so no future issuance is projected.

Governance-contingent treasury mint: Releases depend on future governance or treasury decisions.
Euler Labs founders, employees, advisers and consultants: The sources give the amount but no release dates.
Euler Labs supplementary contributor grant: Releases depend on recipients claiming tokens or on grants being awarded.
Euler DAO treasury: Releases depend on future governance or treasury decisions.
Protocol user rewards and incentives: The original schedule was changed and the new timing is not yet published.
rEUL reward redemption vesting: Releases depend on recipients claiming tokens or on grants being awarded.
Euler Foundation ecosystem allocation: Releases depend on future governance or treasury decisions.
Euler Foundation EUL operating budget: The sources give the amount but no release dates.
Foundation 2025 liquidity and strategic reserve: Releases depend on future governance or treasury decisions.
2025 bridge investor token locks: The sources give the amount but no release dates.

Sources (12)

Total Supply N/A

Unlocked Supply 24.03M

Unlock Progress —

Genesis Date Dec 30, 2021

Fully Unlocked Ongoing

Allocations 17

Marketcap Rank (#) 703

Price ($) 1.07 -9.49% (7d)

24h Volume ($) 1.3M +219.64% (7d)

Marketcap ($) 27M

Fully Diluted Value ($) 29M

Circulating Supply 88% HIGH

Perpetuals: 1 market on Binance · $1.8M open interest

Spot

Perp


EUL/USDT	1.2M	26K/45K
EUL/TRY	159K	12K/10K
EUL/USD	145K	15K/21K
EUL/USDT	139K	18K/18K
EUL/USD	96K	23K/22K
EUL/USDT	59K	15K/13K
EUL/USDC	48K	23K/18K
EUL/EUR	31K	10K/9.4K
EUL/USDT	2.8K	1.1K/51
EUL/WETH	531	116/116
EUL/WETH	169	315/314

Allocations

Initial EUL mint TBD

27,182,818.285 tokens · 8 parts

Parts of this allocation with their own release dates are charted as their own allocations; the chart shows the rest here.

Not yet scheduled: 3,148,065.26 tokens of its parts have no release date yet. The chart shows them as TBD from today, not as unlocked.

Cliff: Dec 30, 2021 — 100.00% of allocation · 27,182,818.285 tokens

Sources: EUL contract creation and initial mintEUL contract-creation transaction

Governance-contingent treasury mint

N/A tokens

Timing not yet established (Jan 1, 2026 - open): amount unknown

Sources: DAO treasury and new issuanceEUL: About and initial four-year allocationEuler Token Transparency Filing, June 18, 2026Euler EUL token and contract

rEUL reward redemption vesting

N/A tokens

Timing not yet established (Nov 4, 2024 - open): amount unknown

Sources: Reward EUL vesting and forfeitureEuler Rewards Update

2025 bridge investor token locks

378,000 tokens

Timing not yet established (April 2026 - open): 105,000 tokens

Timing not yet established (June 2026 - open): 81,000 tokens

Timing not yet established (July 2026 - open): 92,000 tokens

Timing not yet established (September 2026 - open): 100,000 tokens

Sources: Euler Token Transparency Filing, June 18, 2026

Last Updated: 2026-09-30 19:27:29 UTC

Description

#703

Euler is a protocol that allows users to lend and borrow crypto assets on Ethereum. It uses asset tiers, interest rate models and MEV-resistant liquidations to optimise capital efficiency.

Sector:	Lending
Blockchain:	Ethereum

2022