Euler's cost soars by more than 30% following Bithumb's announcement of a listing in the Korean Won market.
In the ever-evolving world of decentralised finance (DeFi), Euler Finance is making waves with its recent developments. The DeFi platform, which saw a substantial increase in its total value locked from $100 million in early 2024 to a current $1.5 billion, is showing no signs of slowing down.
Euler's momentum could potentially see it retesting its July peak at $15.81, according to analysts. However, a decline to the $10.50-$11.00 range is still feasible if profit-taking takes hold. The moving average convergence divergence (MACD) indicates short-term caution, but moving averages over 10, 20, and 30-day windows are in a bullish setup, suggesting a positive outlook for the near future.
The Relative Strength Index (RSI) for EUL stands at 67, slightly below overbought levels, offering a degree of balance to the market. The sharp price spike of EUL has pushed it above the upper Bollinger Band, signaling strong momentum but potential overextension.
Euler's growth trajectory is not limited to its price performance. The platform has been actively engaging in strategic investments and developmental collaborations. Most notably, the BlackRock BUIDL Foundation has partnered with Euler Finance for protocol enhancements and security audits prior to the token listing on Bithumb.
In a bid to attract more users and drive adoption, Euler recently launched EulerEarn, a passive yield strategy platform. The platform offers $50,000 in USD Coin incentives to attract users and stimulate growth.
Moreover, Euler is set to expand its footprint in the DeFi space with the upcoming launch of Ethereum layer 2, Linea's token on Sept. 10. This development is expected to further bolster Euler's position in the DeFi market.
In a move to enhance yield opportunities in DeFi, Euler announced an integration with Pendle on Sept. 2. This partnership is expected to create new avenues for users to earn passive income within the Euler ecosystem.
Euler celebrated its V2 upgrade's one-year anniversary earlier this month, introducing the Euler Vault Kit. This development is aimed at providing users with a more seamless and secure experience within the Euler ecosystem.
As Euler continues to innovate and expand, it remains a platform to watch in the rapidly evolving DeFi landscape. Whether you're a seasoned DeFi investor or new to the space, Euler offers a promising opportunity for passive income and growth.
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