At a glance
Euler V2 ↗ and MarginFi ↗ sit in different corners of the lending landscape. Euler V2 is a modular, multi-chain protocol that relaunched in 2024 after a full recovery from a 2023 exploit. It holds $1B in TVL across Ethereum, Base, Swell, and BOB. MarginFi is a Solana-native money market with $0.4B TVL, built around global cross-collateral pools and risk tiers. The core split is EVM vs Solana, with Euler offering custom vault creation and MarginFi focusing on pooled cross-collateral efficiency.
Key differences
Chain support is the most immediate difference. Euler V2 runs on four chains: Ethereum, Base, Swell, and BOB. MarginFi operates exclusively on Solana. If you need to lend or borrow assets outside the Solana ecosystem, Euler is the only option.
TVL tells a similar story. Euler has $1B in total value locked, compared to $0.4B for MarginFi. While TVL doesn’t guarantee safety, deeper liquidity generally means less slippage and more predictable rates.
Architecture diverges sharply. Euler V2 uses the Euler Vault Kit (EVK), which lets anyone deploy custom lending vaults with configurable parameters and EVC connectors. This modular approach supports isolated and cross-collateral markets. MarginFi employs global cross-collateral pools where assets are grouped into risk tiers. Collateral from one asset can back loans for multiple others, optimizing capital efficiency but creating systemic dependencies.
Audits and track record also separate the two. Euler V2 was audited by Spearbit, Certora, and ChainSecurity after its 2024 relaunch. The original Euler protocol suffered a $200M+ exploit in 2023, but all users were eventually made whole. MarginFi has been audited by Ottersec and Halborn and has no known exploits since its 2022 launch. Euler’s audit roster is longer and includes multiple top-tier firms, but the incident history tempers that advantage.
Security and track record
Euler V2’s security story is defined by the 2023 exploit and subsequent recovery. The team repaid all users and rebuilt the protocol with new audits from Spearbit, Certora, and ChainSecurity. The relaunch as Euler V2 in 2024 was accompanied by a formal verification effort and a modular design that limits the blast radius of any single vault. MarginFi has a shorter but cleaner history: launched in 2022, no exploits disclosed, and two audits—Ottersec and Halborn. The audit count is lower, but the absence of incidents means it hasn’t been battle-tested in the same way. Both protocols have active DAOs and governance tokens (EUL for Euler, MFI for MarginFi), which adds a layer of risk from potential governance attacks, though no such incidents have occurred.
Fees and costs
Our facts blob does not include current fee schedules for either protocol. Lending rates on Euler V2 depend on the specific vault, while MarginFi rates vary by risk tier and asset. Both likely charge a small spread or protocol fee, but you’ll need to check their official documentation or dashboards for real-time numbers. Generally, Solana-based platforms like MarginFi may offer lower transaction costs due to the network’s high throughput and low fees, but this does not directly affect lending spreads.
Which should you choose
Pick Euler V2 if you need cross-chain access (Ethereum, Base, Swell, BOB), value modular vault customization, and want the security of multiple top-tier audits despite a past incident. Its $1B TVL and EVK flexibility make it suitable for developers building custom lending products.
Pick MarginFi if you are a Solana native looking for a clean, exploits-free money market with cross-collateral efficiency. The $0.4B TVL is adequate for most retail needs, and the risk-tiered pool model is capital-efficient, provided you stay within Solana’s ecosystem.
Verdict
Context-dependent. Euler V2 wins on multi-chain support, TVL, and audit count, but MarginFi’s Solana focus and clean record make it the clear choice for users on that chain. The decision comes down to which blockchain you use. If you operate on both, Euler V2’s modular design offers more flexibility.