DeFi

Euler

Block

when

Security

Nearly 18 months after a major security breach, Euler Finance has unveiled its new credit layer. The decentralized finance protocol introduced Euler v2, a toolkit designed for the creation of ERC-4626 vaults.&nbsp; 
According to CEO Michael Bentley, this new version supports various lending and risk management strategies. 
Euler v2 allows users to establish lending pairs that are either risk-isolated or cross-collateralized. Additionally, it supports both passive lending setups and those with fixed parameters.&nbsp; 
“Our goal with Euler v2 was to enhance flexibility and provide our users with tools that cater to diverse risk tolerances,” Bentley explained. 
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 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeSKl2a9jZIStp8d-PPHKmU8wGEgAcLMshw3DtSuyGngasL7nvKel8rGgznneFRLoL9bdKwOuM1ZnnVsq86Amvr3be4gOjmyDzvZd5-QyfIbU1pEmbFXyRrZWs73bQ1jlksmyzr54Wnrh9M9u2p5LXG7ask?key=lOrwupB_hk736m5Sy06CXQ" alt="Euler v2">
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 Source: <a href="https://x.com/eulerfinance/status/1831331401821770006" target="_blank" rel="noreferrer noopener nofollow">Twitter&nbsp;</a>
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This new system not only accommodates traditional digital assets but also non-fungible tokens (NFTs), real-world assets tokenized on the blockchain, and synthetically created assets.&nbsp; 
This broad asset support is part of Euler’s strategy to diversify investment and lending opportunities within its ecosystem. 
Moreover, Euler v2 has undergone extensive auditing. It boasts reviews from 12 different cybersecurity firms, amassing a total of 31 audit reports. “We have made significant investments in security to reassure our users and safeguard the platform,” Bentley remarked.&nbsp; 
Despite these precautions, Euler encourages users to personally assess the risks of individual vaults. 
The launch follows an incident in March 2023, when Euler v1 suffered a flash loan attack resulting in a temporary loss of $195 million. The attacker exploited a loophole to manipulate market values but ultimately returned the funds. This incident highlighted the vulnerabilities and complexities of DeFi protocols. 
“Euler v1 was well-audited, but the attack showed that we could still improve. Our team’s response post-attack was swift, ensuring all affected assets were returned to users,” Bentley stated. The protocol has since prioritized enhancing its security frameworks and user education on risk management. 
As of now, Euler holds approximately $3.5 million in total value locked, with about $343,000 in borrowed funds. Over recent years, the protocol has secured more than $40 million in funding from various backers.&nbsp; 
These investments underscore confidence in Euler’s long-term potential to lead in the DeFi space. 
Euler Finance is positioning itself at the forefront of decentralized finance security and innovation. With the rollout of Euler v2, the protocol aims to set new standards in flexibility and safety for its users. Moving forward, Euler continues to focus on strengthening its infrastructure and expanding its user base. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/31/terra-resumes-block-production-after-6m-security-breach/" target="_blank" rel="noreferrer noopener">Terra Resumes Block Production After $6M Security Breach</a> 
</blockquote>

Euler Finance Launches New Credit Layer After Past Security Breach

The Crypto Times

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