A 2025 protocol update from Euler. Euler operates across 10+ chains, with lending markets generating fee revenue continuously as borrowers pay interest. Those fees are periodically auctioned to the public. Auctions are settled in $EUL. Bidders exchange $EUL for the auctioned assets, and the tokens paid accumulate in the Euler DAO treasury. The Euler DAO governs how accumulated tokens may be used, including burning, distribution to stakers, or allocation toward ecosystem growth. In 2025, 484 auctions completed across 11 chains. Auctions generated $2.42M in protocol fees and resulted in 321K $EUL paid by bidders. Relative to TVL, Euler generates comparatively high fee revenue among lending protocols.