Euler Finance releases Euler v2, strengthening security and introducing modular vaults

Euler Finance has launched Euler v2, a power builder package for deploying ERC-4626 vaults designed to enhance security and flexibility in the decentralized finance (DeFi) space, following a lightning loan attack in March 2023. The modular design of Euler v2 allows users to create marketplaces with different risk parameters and collateral, and supports non-fungible tokens (NFTs) and tokenized real-world assets (RWAs). The release has been audited by 12 cyber security firms and features a $1.25 million bug bounty campaign. CEO Michael Bentley said that although Euler v1 suffered a $195 million attack, all user funds were eventually recovered, marking a significant improvement in the security of the protocol.