Euler Q1 and a Retrospective: The Protocol Works. Here's What Did Not.

A candid retrospective from Euler Labs leadership: the smart contract infrastructure is sound but the organization around it failed, even after the protocol grew to $4 billion in deposits within a year of V2’s launch. New leadership is resetting around a single lending-infrastructure identity, setting protocol fees to zero, building proper APIs and backends, sunsetting DAO-managed markets, and deprecating low-activity chains.