Lending · EUL · $0.25B TVL. Screen grades as of November 12, 2026: Solvency BB, Legitimacy A, Growth B. 2023 exploit ($197M) fully repaid — exemplary response; v2 growing from small base.
| Input / Grade | July 27, 2026 | November 12, 2026 |
|---|---|---|
| TVL | $0.3B | $0.25B |
| 12-month TVL change | +15% | -76% |
| Worst 90-day drawdown | 30% | 36% |
| Drawdown scored | 30% (90-day only, v1.0) | 76% (worse of 90-day and 12-month, v1.1) |
| Solvency (credit grade) | BBB · 62 | BB · 49.5 |
| Growth | BB · 48 | B · 30.5 |
TVL figures: DefiLlama, parent-level listing. The July 27, 2026 TVL was an analyst estimate and may have used a narrower definition, so part of the TVL difference can be definitional. Only these three inputs were refreshed in the re-screen; sustainability, unlocks, risk, audits, team, delivery, governance, category share and momentum were left as the July 27, 2026 estimates.
Solvency screens at BB (49.5 / 100), previously BBB in the July 27, 2026 screen. The worst 90-day TVL drawdown is 36% and 12-month TVL change is -76%. TVL stability is scored on the 12-month decline of 76%, because it is worse than the latest 90 days. Sustainability ratio (1.5x), unlock pressure (5%) and risk quality (6 / 10) are carried over from July 27, 2026.
Legitimacy screens at A (71 / 100). No Legitimacy input was refreshed in the November 12, 2026 re-screen, so the grade is unchanged from July 27, 2026.
Growth screens at B (30.5 / 100), previously BB in the July 27, 2026 screen. TVL is $0.25B, -76% over twelve months (it was +15% at the previous screen). Category share (1.5%) and momentum (6 / 10) are carried over from July 27, 2026.
The credit grade is Solvency BB. Legitimacy is A and the Growth outlook is B; the weakest axis is Growth. These grades use TVL data as of November 12, 2026 and qualitative inputs from July 27, 2026.
The credit grade answers one question: can Euler survive stress and pay its users back. Legitimacy (A) and the Growth outlook (B) are published beside it and are never averaged into it. Weakest axis: Growth.
| Protocol | Solvency | Legitimacy | Growth |
|---|---|---|---|
| Euler (this page) | BB | A | B |
| Aave | A | AA | BB |
| Morpho | A | AA | A |
| JustLend | A | BB | BBB |
| Spark | A | A | BB |
| Kamino | BBB | BBB | B |
| Compound | BBB | A | B |
| Venus | A | BB | CCC |
| Suilend | BB | BB | CCC |
| Benqi | BB | BBB | CCC |
| NAVI | B | BB | CCC |
| Moonwell | BB | BBB | CCC |
Euler is the screen's redemption case. The March 2023 flash-loan exploit drained $197M — one of the largest in DeFi history — and the attacker returned essentially all of it after negotiation. The protocol then spent two years rebuilding into Euler v2, a modular lending kit, and is now one of only three protocols in the universe with positive twelve-month TVL growth.
Solvency screens at BBB. Fee coverage (~1.5x) from a small base, the shallowest drawdown in the small-cap cohort (30%), and moderate unlocks. The 6/10 risk score is where 2023 remains recorded — but the framework distinguishes sharply between an exploit that was made whole and one that was not, and Euler's full repayment is why this appears as a risk-score deduction rather than a notching cap.
Legitimacy screens at A, and the exploit response is a positive contributor rather than merely a survived event. Disclosure was immediate, negotiation successful, users made whole, and the rebuild included formal verification and a substantially expanded audit program. This is the Legitimacy axis measuring exactly what it was designed to measure: how a team behaves when everything goes wrong.
Growth screens at BB with the second-best momentum in the screen: +15% TVL, 6/10 momentum, from a tiny 1.5% share. The v2 modular architecture is attracting curators and vault builders.
Composite BB, trajectory positive from a very small base. The screen's read: proven crisis behavior plus a credible second act. Among the most interesting full-rating candidates precisely because its worst event is already in the record.
