Euler (EUL)
Unlock Schedule
Euler (EUL) Token Unlock & Vesting Schedule
The unlock chart above provides a clear visual overview of the Euler (EUL) token release schedule, showing when and how tokens enter circulation across investor, team, treasury, and community allocations. Understanding these tokenomics dynamics is critical for evaluating potential supply pressure, inflation impact, and market liquidity over time — key factors that can influence EUL price performance.
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 role
The total EUL token supply is 27,182,818 (a nod to Euler’s number, e). EUL is an ERC‑20 governance token used to vote on upgrades, risk parameters, and treasury actions. It’s also the bidding currency for Fee Flow auctions and can be distributed as user incentives. (docs.euler.finance)
Distribution highlights
The EUL distribution has been adjusted through governance, but the high‑level picture includes allocations to the Euler DAO/treasury and users, the Euler Foundation (ecosystem support and protocol‑owned liquidity), strategic partners (including early incubators and venture backers), and Euler Labs team/advisors subject to vesting. Documentation pages provide up‑to‑date, proposal‑linked breakdowns and treasury wallet references. (docs.euler.finance)
rEUL rewards
To kickstart v2 usage, Euler introduced rEUL, a locked form of EUL that vests over six months on a non‑linear schedule. Users earn rEUL by supplying or borrowing in supported vaults, then unlock EUL over time. Unvested portions can be forfeited and burned if redeemed early, reinforcing long‑term alignment. (docs.euler.finance)
What could influence EUL price?
Because the protocol converts fees into EUL via auctions, more on‑chain activity can translate into additional EUL demand over time. Governance decisions (like burning or distributing treasury EUL), network expansions, and integrations also affect sentiment. While no article can predict markets, it’s useful to understand these drivers when thinking about the EUL price in the context of Euler tokenomics. (docs.euler.finance)
Assumptions
- Genesis date set to 2022-01-01 for vesting start across multiple allocations.
Official docs state vesting for shareholders, partners, incubator, and employees begins 2022-01-01; used as TGE reference for modeling.
- User Distribution over Epochs 1–96 modeled as linear monthly from 2022-03-21 to 2025-12-17.
Per-epoch emissions vary based on governance and market votes; linearization preserves the total allocation (6,795,705 EUL) for charting.
- Employees/advisors aggregated to a single 48-month linear schedule.
Docs only specify co-founder vesting (48 months) and note others have individual agreements; blended schedule used for cumulative unlock modeling.
- rEUL rewards do not add new supply beyond allocations.
rEUL converts 1:1 to EUL with 20% immediate and 80% linear over 6 months; tokens originate from existing allocations (e.g., user distribution/DAO treasury), so no separate allocation created.
- No protocol inflation modeled.
Total supply is fixed for first four years; while up to 2.718% annual inflation may be enabled by governance thereafter, no such change is documented/enacted as of 2025-10-26.
- 1. https://docs-v1.euler.finance/eul/about
- 2. https://docs-v1.euler.finance/eul/distribution
- 3. https://docs-v1.euler.finance/eul/distribution-1
- 4. https://docs.euler.finance/EUL/overview/
- 5. https://docs.euler.finance/EUL/reward-eul
- 6. https://forum.euler.finance/t/reward-eul-reul/1133
- 7. https://docs.euler.finance/euler-dao/treasury
- 8. https://etherscan.io/token/0xd9fcd98c322942075a5c3860693e9f4f03aae07b