Euler Finance, a decentralized lending protocol, has made a dramatic return following a devastating hack in March 2023 that saw $197 million pilfered from the platform. The platform’s resurgence began with a strategic overhaul, including the launch of Euler v2, fresh audits of the system, and key partnerships with prominent industry players. By the end of April 2025, Euler’s Total Value Locked (TVL) had rocketed to $1.5 billion, a remarkable turnaround that showcases the platform’s resilience and ability to rebuild trust within the DeFi community. Euler Finance’s Resilient Comeback 2023 was a dark chapter in the history of Euler Finance. During that year, hackers took advantage of a few vulnerabilities in the Euler Finance code and made off with $197 million. The hack sent shockwaves through the DeFi space—was Euler ever going to get back to where it was? It was a good question. The answer, in my opinion, is yes—and the first step in that direction was the launch of Euler v2 in September 2024. Euler reborn: TVL сlimbs to $1.5B In March 2023, hackers stole $197M from the @eulerfinance lending protocol. Euler’s strong comeback began with the launch of Euler v2, followed by fresh audits, @gauntlet_xyz joining as risk manager, and backing from @wintermute_t . Since v2… pic.twitter.com/aSq4JFiaSu — CryptoRank.io (@CryptoRank_io) April 25, 2025 Euler version 2 brought forth a wealth of new capabilities—improved security, better user interfaces, and optimizations that pretty much made the whole platform run better. From those updates, it was able to regain the confidence of its previous users and even add new participants to the mix. The v2 upgrade also marked a turn in the road that led to a series of strategic moves that made Euler what it is today. In addition to making technical upgrades, Euler Finance brought in outside auditors to ensure that any remaining vulnerabilities in the protocol had been eliminated and that its security was now sufficiently strong to prevent any future hacks. Audits like this one are a standard and important part of the assurance process in the blockchain space, and they played a crucial role in signaling to the community that the Euler platform was now safe to use. Even after this audit was completed, Euler Finance further increased its security assurances by bringing in the risk management firm Gauntlet to do ongoing risk assessments of the protocol. Strategic Partnerships and Growing Network Apart from technical improvements and risk management upgrades, Euler Finance obtained backing from a prominent crypto liquidity provider, Wintermute. Not only did Wintermute provide some much-needed financial backing, but its participation in the Euler project also helped to significantly boost the platform’s liquidity—an absolutely vital factor for the successful operation of any lending protocol. Euler Finance further widened its reach by integrating with many blockchains. Since it launched Euler v2, the protocol now serves a set of networks in addition to Ethereum. This set includes Avalanche (AVAX), Berachain, and several other ecosystems. By using a multi-chain strategy, Euler has been able to reach more diverse sets of users and serve a more diverse set of blockchain ecosystems. Consequently, Euler’s market share has grown fairly significantly over the last year. One of Euler’s revival’s standout accomplishments has been the remarkable growth of its TVL. Since the release of v2, Euler’s TVL has skyrocketed from a modest $4.5 million to an impressive $1.44 billion, with close to $1 billion of that locked on Ethereum. The protocol’s ability to corral such a goodly amount of capital, even in light of the past security problems it faced, speaks loud and clear about its greatly enhanced functionality and the strong demand for decentralized lending services. A Bright Future Ahead for Euler Finance Euler Finance’s astounding revival is a testament to the platform’s durability and the resilience of the broader DeFi ecosystem. By tackling security issues directly, beefing up its product, and securing key partnerships, Euler has not only bounced back from the hack but also emerged as one of the leading DeFi lending platforms right now. With a protocol TVL of $1.5 billion, it is once again a trusted part of the DeFi community. With Euler v2 now fully functioning and a solid platform established, the prospects for growth in the next few years look good. Attracting new users seems a safe bet, as the expansion to multiple blockchains will likely continue to pull in fresh traffic. And attracting new users is pretty much Job #1 for Gauntlet, which ensures that risk management remains a priority as Euler scales. For investors and users in the DeFi space, Euler Finance offers a compelling option in the realm of decentralized lending and borrowing. Its strong security, innovative features, and growing multi-chain presence make it a protocol to watch as the DeFi landscape continues to evolve. In terms of total value locked, Euler appears to be expanding its market presence quite nicely. Total value locked has generally been a reliable metric for assessing the market footprint of any particular DeFi protocol. As services like Euler continue to attract more liquidity and seem to be fortifying trust among users, they are also driving decentralized finance further into the mainstream. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. 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