Disclosure: This forum thread is solely a place of discussion revolving around the future of Euler protocol to gather feedback from the community. This will not be moving to a vote or act as a signaling mechanism.
Now that redemptions are nearly complete due to the tremendous work of the Euler Labs team and countless other contributors, it is important for the Euler DAO community to look toward the future. We can use this opportunity to restart/reshape the protocol to fit the desires of the community and decide what we want the next version of the Euler Protocol to look like.
As a potential redeployment will take time, this is a good opportunity for the community to have an open discussion regarding the future of Euler protocol.
Euler Labs has publicly mentioned they had previously been working on Euler V2, which contained innovations including support for collateralizing long-tail assets, custom collateral factors between pairs of price-correlated assets, and in-built stablecoins. They also mentioned that they had previously researched and developed technology for lending protocols, DEXs, and stablecoins as well as discussed the possibility of moving away from the dependence on Uniswap V3 for activating new markets and into new forms of permissionless markets.
These as well as any other ideas that the Euler DAO community can come up with are all possible futures for the protocol. It is important that we discuss and share what we as a community would like the new Euler protocol to look like.
Here is an initial set of questions to spark the discussion around a potential relaunch. Feel free to answer these questions or bring up other topics. Any constructive feedback is appreciated.
- What did you think were the best parts of Euler?
- What new features would you like to see added to Euler?
- What would encourage you to return to using Euler again?
- What would you like to see happen with a relaunch?
- What features could the relaunch offer that would attract the most users?
- What needs to happen during the relaunch to win back the trust of the community?
Restarting too quickly can be extremely dangerous. Restarting after a hack can attract other hackers looking to steal funds. Rushing a restart could lead to a second hack. For example, PancakeBunny a DeFi protocol that once had over $7 Billion in TVL was hacked for $45 million. In an attempt to recover from this Bunny accelerated their roadmap to add all new features that were expected to take a year and launched them within a month to add “significant new value” post-hack. However, their rush to relaunch led to an immediate second hack which the protocol was never able to recover from. This should serve as a learning example for the Euler community to be patient and allow time for Euler Labs and others to research, build, and conduct audits before a relaunch.
The Euler Labs team has worked extremely hard over the past weeks and is likely exhausted after their tireless efforts to help get everyone’s money returned. We should be understanding that they might need a break to recover from these stressful times. This well-deserved rest, along with the time it takes to implement new changes and conduct audits means this process will not happen overnight.
This is not a vote or in any way a binding reflection of what the future of Euler will look like. This thread simply serves as a space for DAO members to express their views on what they would like to see the future of Euler to look like.
(All of this is public information)
- New DEX with new median oracle
- New UI
- PnL charts, leaderboard etc
- Custom collateral factors between pairs of price-correlated assets
- Multichain deployment
- Previously planned deployment to BnB chain and Base as well as discussions to deploy to multiple layer 2s
- Treasury diversification
- Lessen exposure to US institutions, exposure to US dollars, exposure to fiat alone (vs adding high-grade or sovereign debt investments).
- In-built stablecoins.
- Over collateralized stablecoins like DAI, GHO, etc but with a few Euler twists
- Support for collateralizing long-tail assets
- Different form of permissionless markets
- New oracles