Let's talk about the design philosophy of the Euler lending protocol.

They developed a toolkit called Euler Vault Kit(EVK) — you can think of it as "Lego blocks," allowing anyone to build their own lending markets and customize risk parameters. Each vault(保险库) operates independently, meaning a failure in one pool won't affect others, and risks are tightly contained within their respective small ecosystems.

The more interesting part is the V2 version launched last year: it connects these independent vaults through the EVC(Ethereum Vault Connector). For example, assets collateralized in Vault A can be used to borrow in Vault B — facilitating cross-vault operations while each vault maintains its own risk boundaries. This design ensures flexibility without risking contagion like traditional liquidity pools.

The $EUL token is the governance tool for this ecosystem, allowing holders to participate in protocol decisions. Modular architecture combined with risk isolation makes it a somewhat unique approach in the DeFi lending space.