Lending · EUL · $0.3B TVL. 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.
"A chain is as strong as its weakest link." The conservative composite takes the weakest dimension and inherits any notching cap, so a single structural weakness cannot be diluted by strength elsewhere.
