[Gauntlet] Offboarding Low Demand Tokens from Euler Prime and Euler Yield

Euler DAO Markets
1

Summary

This proposal recommends offboarding the following 9 assets from Euler Prime due to low demand: syrupUSDC, cbETH, RLUSD, sUSDe, wM, USDS, rETH, USDe, sUSDS

Similarly, we recommend offboarding 9 assets from Euler Yield due to low demand: sUSDe, USD0++, sfrxUSD, wM, mUSD, PT-USDe-5FEB2026, USD1, PT-sUSDE-5FEB2026, PT-cUSDO-28MAY2026

Finally, we we recommend offboarding 5 PT tokens from Euler Yield that have already expired: PT-cUSD0-20NOV2025, PT-alUSD-11DEC025, PT-tUSDe-18DEC2025, PT-USDe-27NOV2025, PT-sUSDE-27NOV2025

Supply

Euler Prime

Asset Total Supply ($)
syrupUSDC 68,315.74
cbETH 47,987.53
RLUSD 43,569.95
sUSDe 5,185.26
wM 2,536.32
USDS 553.20
rETH 139.53
USDe 67.08
sUSDS 26.27

Euler Yield

Asset Total Supply ($)
sUSDe 108,558.83
PT-cUSDO-20NOV2025 84,359.31
USD0++ 80,173.61
PT-tUSDe-18DEC2025 15,535.71
PT-alUSD-11DEC2025 7,613.64
sfrxUSD 5,096.03
wM 3,257.40
mUSD 60.99
PT-USDe-27NOV2025 0.09
PT-USDe-5FEB2026 0.00
USD1 0.00
PT-sUSDE-5FEB2026 0.00
PT-sUSDE-27NOV2025 0.00
PT-cUSDO-28MAY2026 0.00

Offboarding Process

We recommend the following offboarding process:

  • Set supply caps to 100K
  • Ramp down LTVs to 0 over 30 days
  • Inform users about the offboarding on public channels
  • Once the ramping period is over, remove the vaults from the UI

Next Steps

  • We welcome community feedback
2

rETH & cbETH are extremely high quality collateral that represent large amount of TVL on Spark & AAVE. The minimal current demand on Euler Prime is likely due to the instability of the WETH borrow rate compared to alternative options.

Removing the option to use such solid collateral entirely in the future will dissuade certain users from choosing Euler and actively harm the growth of the protocol for a negligible safety benefit.

It is incredibly short term thinking.

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