Euler V2

Architecturally novel with a deep defense model (lockdown). Most risk concentrates in the EVC ↔ EVault trust boundary.

TVL

$1.0B

30-day Δ

Last scored

2026-04-19

BlackHart Risk Index

755

Scale: 300 — 1000

01 //

Category Breakdown

What drives this score.

The score aggregates six independent assessments of the deployed code. Each category below carries a rationale derived from the current state of the protocol.

Access Control

68 / 100

Lockdown mechanism; permissioned governors per vault

Economic Integrity

65 / 100

EVC + EVault + hooks — multi-contract state machine

External Dependencies

72 / 100

Per-vault oracle selection; EulerRouter

Upgradeability & Governance

78 / 100

4-day timelock; factory governor

Composition Exposure

58 / 100

Vault-as-collateral pattern creates cross-vault edges

Systemic Impact

54 / 100

Shared EVC touches every vault

02 //

Peer Comparison

Other lending protocols.

Comparable protocols in the same category, ranked by BRI.

Protocol	TVL	Grade	BRI	vs. Euler V2
Aave V3 Ethereum	$12.4B	B+	817	+62
Morpho Blue Ethereum	$2.1B	B+	815	+60

03 //

Transparency

Score provenance

Slug: euler-v2
Last updated: 2026-04-19
Chain: Ethereum
Outlook: Improving

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Factual corrections (contract addresses, governance configuration, recent upgrades not yet reflected) can be submitted through the public issue tracker. BlackHart responds within 5 business days.

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Public scores summarize. A BlackHart engagement delivers the private finding detail, fork-validated PoCs, and remediation guidance that the score cannot publish.