Euler V2 · Ethereum

USDE (EVK Vault eUSDe-6)

Overview

The Euler V2 USDE on Ethereum is a single-asset lending position where suppliers earn variable interest on stablecoin deposits through the EVK Vault eUSDe-6 mechanism. The protocol generates yield by matching depositors with borrowers seeking USDE liquidity. Total APY stands at 0.28%, with no additional reward layer. Over the past week, the rate has increased by 0.15%, while over the last month it has declined by 4.42%, placing the current rate below the 30-day mean of 1.34%. TVL is $560K, with no recent change noted. The primary exposure here is depeg risk on the underlying stablecoin USDE. Given its lending nature and single-asset focus, liquidity depth remains a key factor for this pool's performance.

Composed 2026-05-20 from the structured data above. See methodology for the full pipeline.

Risk profile

• Smart contract risk

  Funds are deposited into a smart contract. A bug or exploit in the contract could lead to total loss. Audits reduce, but do not eliminate, this risk. Check the protocol page for audit history.

• Depeg risk

  The pool is built on stablecoins. A depeg of any underlying asset would impact returns and principal.

• Yield variability

  Current APY is 0.76%; 30-day mean is 1.64%. Yields can change as TVL and incentive emissions change.

• DefiLlama yield prediction

  DefiLlama's model classifies this pool's yield as "Stable/Up" with 93% confidence based on historical patterns.

These notes are derived from the pool's structured data, not editorial advice. See our methodology.