Epochs
Learn more about the phases of the EUL Distribution Programme
Introduction
The EUL Distribution Programme has two phases. Epoch 0, in which governance tokens were distributed to early protocol users retroactively; and Epoch 1-96, in which governance tokens are distributed on an ongoing basis to active users of the protocol.
Epoch 0
Epoch 0 covers the 3 month period from 26/11/2021 to 21/03/2022 during which Euler protocol was in a soft-launch mode. Users were experimenting with the protocol in a risk-minimised manner.
Implementation
Lenders and borrowers using the protocol during this period were allocated a share of 1% of the total supply of EUL as a one-off retroactive distribution.
The distribution took place as follows:
A snapshot of all users on the protocol was taken at block 14,430,000.
A total of 271,828 EUL (1% of the total supply) was distributed to anyone interacting with the protocol upto that point.
The distribution amount per address was calculated as follows:
2/3 of the issuance was distributed proportionally based on the time-weighted* average USD value of the deposits and borrows in the mentioned time frame.
1/3 of the total issuance is distributed evenly amongst all the unique addresses that interacted with the protocol in the mentioned time frame.
*For simplicity, the accrued interest on deposits and borrows was neglected.
In conclusion, 3407 unique addresses received at least 26.59 EUL tokens plus an individual amount proportional to the time-weighted average USD value of their deposits and borrows. See here for the final allocations.
Epochs 1-96
Epochs 1-96 cover the period from 21/03/2022 to 17/12/2025 during which Euler will progressively decentralise.
Initial Implementation
Borrowers using the protocol during this period will be allocated EUL via a rolling merkle distribution. The amount distributed each epoch will follow a non-linear schedule (see below).
Within each market, borrowers will receive an EUL distribution proportional to their time-weighted borrowing on that market. The amount of EUL allocated to each market every epoch will be determined by EUL token holders (see Gauges).
Users will be able to claim their EUL governance tokens after an epoch has completed by using the 'Claim' button at https://app.euler.finance/.
Updates
The DAO voted to alter the initial EUL Distribution Programme. Beginning epoch 18, the DAO began allocating a fixed amount of 40,000 EUL each epoch to the Gauges to be voted on each epoch by existing EUL token holders, with an additional 15,000 EUL allocated evenly to lenders of USDC, USDT, and WETH for a trial period of 6 epochs.
Creation of an Euler boosted USDC/DAI/USDT pool that is allocated 5,000 EUL as voting incentives every two weeks. This would run for a trial period of three months.
Proposal to change distribution as follows:
9,000 EUL per epoch to stakers of WETH market.
5,000 EUL per epoch to stakers of USDC market.
1,000 EUL per epoch to stakers of USDT market.
8,000 EUL per epoch via gauges to borrowers on each of USDC, WETH, and WStETH
8,000 EUL per epoch shared proportionally among assets with Chainlink oracle
Schedule
The following table outlines the block numbers for previous and forthcoming epochs.
0
14,430,000
271,828.18
1
14,530,000
36,915.69
2
14,630,000
37,673.39
3
14,730,000
38,531.30
4
14,830,000
39,501.78
5
14,930,000
40,598.43
6
15,030,000
41,836.14
7
15,130,000
43,231.14
8
15,230,000
44,800.97
9
15,330,000
46,564.39
10
15,430,000
48,541.27
11
15,530,000
50,752.38
12
15,630,000
53,219.03
13
15,730,000
55,962.62
14
15,830,000
59,004.03
15
15,930,000
62,362.78
16
16,030,000
66,056.03
17
16,130,000
70,097.30
18
16,230,000
eIP24
19
16,330,000
55000
20
16,430,000
55000
21
16,530,000
55000
22
16,630,000
55000
23
16,730,000
55000
24
16,830,000
eIP29 & eIP51
25
16,930,000
52000
26
17,030,000
52000
27
17,130,000
52000
28
17,230,000
52000
29
17,330,000
47000
30
17,430,000
47000
31
17,530,000
47000
32
17,630,000
47000
33
17,730,000
47000
34
17,830,000
47000
35
17,930,000
47000
36
18,030,000
47000
37
18,130,000
47000
38
18,230,000
47000
39
18,330,000
47000
40
18,430,000
47000
41
18,530,000
47000
42
18,630,000
47000
43
18,730,000
47000
44
18,830,000
47000
45
18,930,000
47000
46
19,030,000
47000
47
19,130,000
47000
48
19,230,000
47000
49
19,330,000
47000
50
19,430,000
47000
51
19,530,000
47000
52
19,630,000
47000
53
19,730,000
47000
54
19,830,000
47000
55
19,930,000
47000
56
20,030,000
47000
57
20,130,000
47000
58
20,230,000
47000
59
20,330,000
47000
60
20,430,000
47000
61
20,530,000
47000
62
20,630,000
47000
63
20,730,000
47000
64
20,830,000
47000
65
20,930,000
47000
66
21,030,000
47000
67
21,130,000
47000
68
21,230,000
47000
69
21,330,000
47000
70
21,430,000
47000
71
21,530,000
47000
72
21,630,000
47000
73
21,730,000
47000
74
21,830,000
47000
75
21,930,000
47000
76
22,030,000
47000
77
22,130,000
47000
78
22,230,000
47000
79
22,330,000
47000
80
22,430,000
47000
81
22,530,000
47000
82
22,630,000
47000
83
22,730,000
47000
84
22,830,000
47000
85
22,930,000
47000
86
23,030,000
47000
87
23,130,000
47000
88
23,230,000
47000
89
23,330,000
47000
90
23,430,000
47000
91
23,530,000
47000
92
23,630,000
47000
93
23,730,000
47000
94
23,830,000
47000
95
23,930,000
47000
96
24,030,000
47000
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