Euler Labs (@eulerfinance): Bringing CoW Protocol Solver Execution to Euler

Bringing CoW Protocol Solver Execution to Euler Euler has integrated CoW Protocol as a swap route for cross-asset position actions on Ethereum mainnet. The integration brings solver-based execution into three Euler workflows: Opening multiply positions Swapping collateral inside an existing position Repaying debt from collateral, including partial and full closes Many lending actions contain a trade. A user may borrow one asset, swap it into another, and supply the received asset as collateral. A borrower may rotate collateral while keeping debt open. A user closing a position may sell collateral to repay debt. In each case, execution quality affects the final position. Price impact, route availability, settlement behavior, and gas costs can determine whether the position adjustment lands as expected. CoW Protocol adds an intent-based execution route for these embedded swaps. Users submit signed intents, solvers compete to execute them, and settlement happens through CoW Protocol’s batch auction system. Any surplus above the user’s signed limit is returned to the user. Euler applies the lending-side action through purpose-built wrappers. CoW Protocol handles the market execution leg. Euler handles the position state change. What the Integration Supports Open Multiply Positions Borrowed assets can be swapped through CoW Protocol before being supplied as collateral. The flow combines Euler’s borrow and supply logic with a solver-settled swap. The user reviews the steps, signs the required messages, and submits the CoW Protocol order. After settlement, the Euler wrapper applies the position change. Swap Collateral Inside a Position Borrowers can swap collateral from one Euler vault into another while keeping the borrow position open. This gives users a direct way to adjust collateral composition without manually unwinding and rebuilding the position across separate interfaces. Repay Debt From Collateral Borrowers can sell collateral through CoW Protocol to repay debt, including partial and full close flows. For target debt repayment, the integration can construct orders around the desired debt reduction rather than simply selling a fixed amount of collateral. The swap determines how much debt can be repaid, and Euler applies the repayment after settlement. How It Works Euler requests swap quotes as part of the position flow. If a CoW Protocol route is selected, Euler prepares two linked pieces: the CoW Protocol order for the swap leg and the Euler position action to execute after settlement. The Ethereum Vault Connector lets users authorize specific operations through signed EVC permits. These permits allow the Euler wrapper to execute the approved position action after CoW Protocol settlement, without giving solvers open-ended control over the user’s account. CoW Protocol routes appear as gasless in Euler because settlement happens through CoW Protocol’s order flow rather than a user-submitted swap transaction. Users still review the full sequence before submission, including any approvals or signatures required for the Euler position action. After submission, Euler tracks the order inside the position flow. CoW Protocol orders can remain open while solvers compete, fill later, expire, or be cancelled, so the interface shows order progress rather than treating submission as an instant transaction. Security Review The CoW Protocol and Euler integration contracts were reviewed through Cantina and yAudit. The reviews covered the wrapper logic connecting CoW Protocol settlement with Euler position actions. Reports: Cantina Security Report yAudit Report A Stronger Execution Layer for Euler Positions Cross-asset position management depends on the quality of the swap inside the action. A collateral rotation, multiply transaction, or debt repayment can be sensitive to price impact, MEV, route availability, and settlement timing. CoW Protocol routes these swaps through an intent-based order flow where solvers compete on execution and settlement happens in batches. That changes the user experience. The borrower is not leaving Euler to make a separate market trade, then returning to update a position. The swap and the lending update are prepared as one coordinated flow. Euler keeps the lending logic inside purpose-built wrappers. CoW Protocol handles the market execution leg. Together, they give borrowers a cleaner path from intent, to settlement, to position update. This is informational only and is not financial, legal, tax, or investment advice. Availability may vary by jurisdiction. DeFi markets involve risks including smart contract, oracle, liquidation, liquidity, collateral asset, stablecoin, regulatory, and total loss risk. Market parameters may change, and borrow positions may be automatically liquidated if collateral value or risk parameters move against them. Review market parameters before interacting. Euler provides infrastructure and does not manage third-party vaults or assets.