Euler Finance adds support for Shiba Inu.
Euler is a non-custodial protocol on Ethereum that allows users to lend and borrow crypto assets. Euler announced support for Shiba Inu, where users can now borrow or lend tokens and earn interest.
$SHIB was activated on Euler! Users can now borrow or lend tokens and earn interest.
Welcome to our community @Shibtoken! #ShibArmy pic.twitter.com/HQE9y49tfB— Euler (@eulerfinance) January 10, 2022
To borrow and lend on the Euler app, you need to click on Transaction to deposit. Select your asset from the dropdown. Approve. Deposit. When other users borrow, you will start earning interest. The app also allows users to hedge their position; Users can consider borrowing and shorting if they see an excellent arb opportunity. The app provides feeless flash loans through transaction builder.
Euler rolled out its main net launch and released smart contracts on Github, with four audits in Dec 2021. Euler Finance’s main net was launched after 15 months of development. The platform allows for permissionless lending and boasts several features that may help it stand out in a competitive lending space.
The company also launched ‘Euler’s Oracle Risk Grading System,’ which ranks markets’ A’ to ‘F’ based on the manipulated risk of their Uniswap V3 price oracle. Euler Finance token also has its native token ‘EUL’ listed on coinmarketcap.