Euler v2
Euler v2 runs 3 onchain markets we track for borrowing stablecoins against wrapped Bitcoin (LBTC, SolvBTC, and cbBTC) across Ethereum. It is a permissionless set of smart contracts, no application, no credit check, no custodian. Every rate below is variable and moves with pool utilization. Market data verified July 13, 2026. We have tracked daily rates here since June 24, 2026.
Lowest rate
4.27%
variable
Markets
3
Networks
1
Total TVL
$83.4M
Structure
Configurable
About Euler v2
Euler v2 is a modular lending protocol assembled from isolated vaults, supporting a wide range of Bitcoin collateral including LBTC, SolvBTC, cbBTC, and wBTC. Each market is configured independently, so risk is contained per vault. LBTC is issued by Lombard Finance.
Markets
Every Euler v2 market we track, sorted by lowest variable borrow rate. Click any market for collateral, LTV, liquidation, and audit detail. Rates are variable point-in-time snapshots.
3 markets
Collateral & rehypothecation
Accepted collateral across Euler v2 markets: LBTC, SolvBTC, and cbBTC. These are wrapped or tokenized Bitcoin, not native BTC. Rehypothecation: Configurable. Euler v2 is built from isolated vaults, but each vault can either escrow your collateral or rehypothecate it, so whether deposited collateral is re-lent depends on the specific vault you borrow from. Verify the vault's configuration with the protocol.
Euler v2 is a modular protocol where collateral treatment is configurable per vault: some Bitcoin collateral vaults are escrow (collateral not lent), others are interest-bearing (collateral rehypothecated). The largest, mainstream vaults our rate tracks — Euler Prime cbBTC and LBTC — are interest-bearing with borrowing enabled, so on the common path your BTC can be re-lent; a borrower can pick the specific vault to control this. Verified 2026-07-03.
Liquidation
Liquidation on Euler v2 is automatic and onchain. If your loan-to-value ratio crosses a market's liquidation threshold, the protocol sells part of your collateral to repay debt, without notice and without a human margin call. Keep a buffer below the maximum LTV for each market and monitor your position, since interest accrual and Bitcoin price moves can both push you toward the threshold.
Per-market liquidation thresholds and max LTV are listed in each market card above (for example, max LTV 82% with liquidation at 86% on the first market).
Audits & security
Audit status we recorded for Euler v2: Audited (Spearbit, Certora, ChainSecurity — multiple). An audit reduces but does not remove smart-contract risk. Permissionless protocols can still contain bugs or be exploited, and an exploit can put deposited collateral at risk. Treat audit status as one input, not a guarantee, and verify the current audit and bug-bounty posture on the protocol directly.
Supported wallets
You interact with Euler v2 from a self-custody wallet you control; we never ask you to connect a wallet here. Wallets recorded across these markets:
Frequently asked
What Bitcoin can I use as collateral on Euler v2?
Across the Euler v2 markets we track you can post LBTC, SolvBTC, and cbBTC as collateral. These are wrapped or tokenized representations of Bitcoin that live on the underlying network, not native BTC. Each market is matched to a specific collateral token and stablecoin, so confirm the exact token on the protocol before depositing.
Are Euler v2 markets isolated or pooled?
Euler v2 is configurable: it is built from isolated vaults, but each vault can either escrow your collateral (not lent out) or rehypothecate it, so whether your Bitcoin is re-lent depends on the specific vault you borrow from. Check the vault's configuration on Euler v2 before depositing.
How are Euler v2 borrow rates set?
Every Euler v2 borrow rate is variable. Rates are determined algorithmically by each pool's utilization, the share of supplied liquidity that is currently borrowed, and they move continuously as borrowers enter and exit. The lowest variable rate we recorded across Euler v2 markets was 4.27%, a point-in-time snapshot, not a fixed or promotional rate. There is no fixed-rate option; the on-protocol interface shows the live rate.
How does liquidation work on Euler v2?
Euler v2 liquidations are automatic and onchain. If your loan-to-value ratio crosses the market's liquidation threshold, because the borrowed balance grew with interest or the collateral's price fell, a portion of your collateral is sold by the protocol to repay debt, without notice and without recourse. There is no grace period or margin call from a human. Keep a buffer below the maximum LTV and monitor your position.
Which networks does Euler v2 operate on?
The Euler v2 markets we track run on Ethereum. The network determines which wrapped-Bitcoin tokens are available, gas costs, and which wallets you can connect. Bridging Bitcoin to the right network and token is a prerequisite before you can borrow.
Is Euler v2 custodial?
No. Euler v2 is a permissionless set of smart contracts, not a custodian, broker, or regulated lender. Your collateral is held by the protocol's contracts onchain rather than by a company, and there is no application or credit check. That also means there is no counterparty to call if something goes wrong; the smart-contract risk is yours to assess.
DeFi lending protocols are permissionless smart contracts, not regulated entities. Rates are variable and change continuously with pool utilization; the rate shown is a point-in-time snapshot. Your Bitcoin collateral is held on-chain — by the protocol's smart contracts, not a custodian — and can be liquidated automatically if your loan-to-value ratio crosses a liquidation threshold, without notice and without recourse. Smart contracts can contain bugs or be exploited. Some protocols rehypothecate deposited collateral. We are a publisher, not a DeFi protocol operator, broker, or investment adviser; nothing here is a recommendation to use any protocol. Verify all terms directly with each protocol before acting.
borrowonbitcoin.com is a publisher, not a DeFi protocol operator, broker, or investment adviser. We may receive compensation from some protocols when you visit them through our site; affiliate links are labeled. Compensation never changes a protocol's order, position, or the data we publish. Listing a protocol is not an endorsement of that protocol or of DeFi lending. DeFi lending carries smart-contract, liquidation, and variable-rate risks; verify all terms with each protocol before acting.