BNB Alpha is airdropping! Each person will receive 5 Euler tokens, and you can claim it with 200 points.

BNB Alpha surprises with the launch of Euler Finance (EUL). Users holding 200 Alpha points can claim 5 EUL tokens for free, first come first served with a decreasing threshold of 15 points every hour. This DeFi lending protocol has a market capitalization of over 100 million USD and utilizes a modular vault structure and permissionless market creation. It has just launched a high-yield market for the RLUSD stablecoin in collaboration with Sentora.

Euler Token Airdrop Launch BNB Alpha: 200 Points Exchange for 5 EUL

On October 10, the BNB Alpha platform suddenly announced an exciting news for the community: Euler Finance (EUL) is officially launched, along with the Euler token airdrop event. According to the official announcement, users holding at least 200 BNB Alpha points can claim 5 EUL token airdrops, which is a completely free benefit opportunity, requiring no additional purchase or investment, as long as you are active enough on the BNB platform and have accumulated enough points.

The mechanism design of this Euler Token airdrop is quite clever. First, it uses a "first come, first served" distribution method, which creates a sense of urgency and encourages eligible users to act quickly. If you meet the 200 points threshold and apply promptly, you can ensure that you receive the full 5 EUL. Secondly, if there are still remaining quotas after the event has been running for a while, the points threshold will automatically decrease by 15 points every hour. This means that users who originally had only 185 points may qualify after an hour, and this dynamic adjustment ensures that the airdrop can be distributed to the maximum extent.

However, claiming the Euler Token airdrop is not completely without cost. Users need to consume 15 BNB Alpha points to confirm the claim, and this design may be intended to prevent witch attacks (multi-account brushing) and ensure that only truly active users participate. For users with sufficient points, exchanging 15 points for the 5 EUL, which may be worth much more than this cost, is a worthwhile transaction. But for users who just reach the 200-point threshold, points will drop to 185 after the claim, and they need to weigh whether it is worth it.

Time limitation is also a key factor. Users need to confirm their claim on the Alpha activity page within 24 hours, otherwise it will be considered as giving up the airdrop. This 24-hour window requires users to stay alert and act promptly. For those who do not frequently check BNB Alpha notifications or the activity page, they may miss this opportunity. This design is not only to ensure that the airdrop is truly allocated to active users, but it may also be to create a sense of "limited-time rush" in the market psychology.

From a technical perspective, the BNB Alpha special reminder states that only limit orders will be supported two hours before the event starts, and market orders will be available two hours later. This restriction is in place to protect users from extreme price fluctuations during the initial period of low liquidity. Additionally, since EUL is based on Ethereum's ERC-20 token, the Ethereum network may experience congestion during peak times, resulting in transaction failures or delays. Users encountering transaction failures should retry during periods of lower Gas fees, rather than blindly increasing Gas fees in a panic.

According to the current market price of EUL (around 5-6 USD), the value of 5 EUL Tokens is approximately 25-30 USD. While not a huge amount, this return is quite good for free airdropped tokens. More importantly, if the price of EUL rises in the future, the value of these tokens could increase significantly. For active users of BNB Alpha, this is an opportunity that is hard to refuse, with the only requirement being to pay attention to the event in a timely manner and complete the claiming process.

What is Euler Finance: The Modular Revolution of DeFi Lending

To understand the value of the Euler token airdrop, one must first understand the Euler Finance project itself. Euler is a decentralized lending protocol, but it fundamentally differs from traditional lending platforms like Aave and Compound. Its core innovation lies in the modular and permissionless market creation mechanism, which makes Euler an important innovator in the DeFi lending space.

Traditional lending protocols usually adopt a "whitelist" model, where only assets approved by governance voting can be added to the platform for lending. The advantage of this model is that it can control risks and prevent low-quality or fraudulent tokens from entering the system. However, the downside is that it limits flexibility, as many long-tail assets with real lending needs cannot gain support. The application process is often lengthy and politicized, requiring persuasion of the community and large voter holders, which poses a significant barrier for small projects.

Euler fundamentally transforms this model. It allows anyone to create independent crypto asset lending markets without centralized approval or governance votes. This permissionless flexibility supports both mainstream tokens (such as ETH, USDC) and "long-tail" assets (such as lesser-known tokens with real communities). This enables Euler to serve market demands that traditional lending protocols overlook, achieving niche strategies while controlling the risks of individual markets through risk isolation.

The modular design of Euler is another key innovation. Users can connect various independent lending markets together to create complex DeFi products. For example, leveraged yield farming strategies can combine multiple markets: depositing assets as collateral in Market A, borrowing assets in Market B, and then depositing the borrowed assets in Market C to earn yield. This composability significantly expands the possibilities of DeFi, allowing users to customize financial strategies based on their risk preferences and yield goals. This flexibility is fundamental to positioning Euler as a "DeFi super application."

Technical Innovation and Ethereum Vault Connector Standards

Euler's technological innovations are not limited to business models but are also reflected in multiple technical details. First is the use of on-chain pricing mechanisms, as the protocol relies on decentralized price oracles to accurately assess asset values, rather than depending on a single source or easily manipulated price feeds. This diversified pricing approach enhances the security and accuracy of the system.

Secondly, there is the anti-MEV liquidation mechanism. MEV (Maximal Extractable Value) refers to the behavior of miners or validators obtaining extra profits by reordering, inserting, or censoring transactions, which is particularly common in DeFi liquidation processes. Users' collateral may be liquidated at unfair prices, allowing liquidators and miners to profit while users incur additional losses. Euler's anti-MEV liquidation mechanism has designed a special liquidation process that reduces the space for such predatory behavior and better protects the interests of borrowers.

The third important innovation is the Ethereum Vault Connector (EVC). This standardized protocol defines how vaults compliant with the ERC-4626 standard interact with each other. ERC-4626 is the standard interface for tokenized vaults on Ethereum, widely adopted in yield aggregators and lending protocols. Euler's EVC takes it a step further, allowing assets in one vault to be used as collateral for loans in another vault.

The value of this cross-vault composability is immense. It reduces the fragmentation of DeFi and improves capital efficiency. Users no longer need to frequently move funds between different protocols; they can implement complex strategies within a unified framework. For example, users can directly use the yield tokens in the Yearn Finance vault as collateral for lending on Euler, without the need to first redeem, convert, and then deposit. This seamless interoperability is an important direction for the development of DeFi, and Euler is at the forefront in this regard.

EUL Token Economics: The Combination of Governance Rights and Deflationary Mechanisms

EUL, as the native governance Token of Euler Finance, is cleverly designed to combine governance functions and economic incentives. First, EUL holders have voting rights over key parameters of the protocol, including risk parameter settings (such as collateral ratios, liquidation thresholds), fee structure adjustments (such as interest sharing collected by the protocol), and protocol upgrade decisions (such as new feature development and security improvements). This governance power makes EUL holders the actual owners and decision-makers of the protocol, rather than mere speculative Token holders.

What makes EUL's fee flow mechanism even more unique is that users can bid EUL to obtain a portion of the fee income generated by the protocol (calculated in USDC). The way this mechanism works is that the protocol collects fees from lending activities, which accumulate in the form of USDC. Auctions are held regularly, where users can bid with EUL to purchase these fee incomes. The EUL used in successful bids will be burned, permanently removing it from the circulating supply.

This design creates real demand for EUL and deflationary pressure. If the lending activities of the Euler protocol are active, generating significant fee income, then the incentive to bid for this income is strong. Users are willing to exchange EUL for USDC income, and in this process, EUL is destroyed, reducing the supply. From an economic perspective, a decrease in supply, with demand unchanged, will drive up prices. This deflationary mechanism provides long-term value support for EUL, unlike many pure governance tokens that lack the ability to capture intrinsic value.

In addition, Euler has designed the rEUL (Revenue EUL) mechanism. Users can lock EUL to stake as rEUL, which enhances their competitiveness and the proportion of rewards they receive in fee allocation auctions. The locking mechanism reduces the circulating supply in the market while aligning the incentives of holders with the long-term growth of the protocol. Those who genuinely believe in Euler's long-term development will choose to lock, while short-term speculators tend to maintain liquidity. This natural screening mechanism helps form a more stable and long-term oriented holder base.

From the perspective of participants in the Euler Token airdrop, the 5 EUL received may not be a large amount, but if one understands the design of token economics, it could be seen as a long-term holding opportunity. If the Euler protocol successfully attracts more lending activities, the fee flow mechanism will continue to burn EUL, driving the price up. Staking the free EUL received as rEUL also allows participation in fee distribution, generating additional passive income. This strategy may be more valuable than simply holding or selling immediately.

Sentora-Euler RLUSD Market: A New Choice for High-Yield Stablecoins

A recent important development for Euler Finance is the launch of the RLUSD market in collaboration with Sentora, which provides the latest context for understanding the value of the Euler Token airdrop. At the beginning of September, Sentora launched a brand new Ripple stablecoin (RLUSD) market within the Euler protocol, which claims to offer the highest stablecoin yield on Ethereum. This is one of the first vaults where RLUSD was directly launched in a DeFi protocol, stemming from the strategic alliance established between Sentora, Ripple, and Euler.

RLUSD is a stablecoin issued by Ripple that is pegged to the US dollar at a 1:1 ratio. Since its launch on-chain, Sentora has been actively promoting its adoption in the DeFi space. Currently, the total value locked (TVL) of RLUSD has reached 700 million USD. Although this scale is not comparable to USDT or USDC among stablecoins, it is already quite significant for a relatively new stablecoin. Aave and Curve have always been the cornerstones of RLUSD's on-chain applications, and the launch of the Euler-Sentora market represents an important milestone for RLUSD's expansion into new protocols and ecosystems.

The Sentora-Euler RLUSD market is designed as the Euler EVK (Euler Vault Kit), supported by four underlying vaults, each representing a type of deposit asset. Users can deposit USDC, sUSDe (the staking Token of Ethena), and PT-sUSDe (the principal Token of Pendle) to borrow RLUSD. This multi-asset collateral design increases flexibility, allowing users with different risk appetites to choose different collateral. The market also allows depositors to borrow USDC and may support other assets in the future, further expanding use cases.

The key attraction lies in the fact that the market has received a substantial amount of RLUSD incentives. These incentives are typically offered to liquidity providers in the form of additional Token rewards, which are expected to translate into highly attractive yields. In the current environment where DeFi yields are generally declining, markets that can provide above-average stablecoin yields will attract significant capital. This not only brings new liquidity to RLUSD but also increases the total locked value and trading volume for the Euler protocol, which could ultimately enhance the value of EUL through the fee flow mechanism.

This cooperation case demonstrates Euler's strategic positioning. By establishing partnerships with key participants such as Ripple (issuing RLUSD) and Sentora (providing Decentralized Finance solutions), Euler is positioning itself as the preferred infrastructure for the next generation of stablecoins and innovative DeFi products. If this strategy is successful, Euler could become a bridge connecting traditional financial institutions (like Ripple) and decentralized finance, creating long-term value for the protocol and EUL Token. These strategic developments are worth closely monitoring for users who receive EUL for free through the Euler token airdrop.