Euler Aims for Recovery in DeFi Lending Post-Hack
Euler Finance is navigating its way back from a significant setback within the DeFi arena. The lending platform recently achieved unprecedented highs in total value locked (TVL) and total borrows, which are essential indicators of activity within DeFi.
Key Points
- Euler nearly went bankrupt following a $200 million hack in March 2023.
- The team opted to reconstruct Euler from the ground up.
- Current performance metrics suggest a strong comeback.
Euler finance hosts considerable assets under management, although it still trails behind leading platforms like Aave. CEO Michael Bentley shared his sentiments about the recovery:
“A lot of people wrote us off and said it would have been totally normal for us to end the project right there.”
Translation: “Many dismissed us and claimed it would have been typical to cease operations at that moment.”
Bentley’s team was determined to reimagine the platform with a customizable borrowing hub approach, contrasting the original with a more general lending solution. Despite setbacks, their new V2 was finally launched in September 2024, after being delayed by security assessments. Bentley remains optimistic about sustaining growth, even in challenging market conditions.
Conclusion
Euler’s pathway to recovery not only reflects resilience but also highlights the importance of adaptability in the evolving crypto landscape.
