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Kind of intrigued by this $250 parcel for sale in San Francisco. The catch is it’s in the middle of the bay and entirely underwater.

Unless you have a small position, you are very likely much better off getting liquidated on Euler on days like today compared to other major lending protocols. Numbers below 👇 That's because on Euler a quasi-Dutch auction ensures that the bonus for liquidators is only ever as big as is needed to make a liquidation profitable. And there are zero protocol fees for liquidation. This results in decreasing liquidation bonuses as the size of a liquidated position grows, because there is usually a fixed cost to liquidate, which becomes small relative to the size of the position as borrowing increases. This trend can clearly be seen on the last 5 liquidations on $ETH/USD pairs on Euler ordered by collateral amount : - 0.008 ETH => 17.66% bonus - 0.69 ETH => 1.75% bonus - 20.035 ETH => 0.16% bonus - 20.66 ETH => 0.25% bonus - 37.19 ETH => 0.15% bonus The smallest liquidation bonus I could find on Euler for an ETH long was for: - 1460.67 ETH => 0.04% bonus See how this compares to other protocols: - Aave Core market has 5% bonus for WETH. - Morpho doesn't have any ETH/USD long pools at all on mainnet interestingly (is this right!? I couldn't see any on mainnet, which is very strange if true), but on their biggest pool on Base it is 4.38%. - Fluid has a more efficient liquidation mechanism, but even they have a 1% bonus. Even for modest position sizes, therefore, Euler is around an order of magnitude, or even greater, more efficient than other protocols. Smaller bonuses for liquidators are not just good for borrowers, especially when they are leveraged (meaning a multiplied bonus comes off their principle = fully rekt if not on Euler). They also help protect lenders against bad debt. The more of a borrower's collateral gets wasted paying liquidation bonuses, the less there is to over-collateralise their position.

$1b total deposits on Euler. One yard on Euler.

700m

Predictions for 2025: - Euler will be well over $1B of TVL. Its most active markets will be original and interesting designs that are Only Possible on Euler. - Capital markets will recognize Aave, Morpho, and Euler as the major lending platforms on EVM.