Euler's dual-track system. permissionless markets alongside professionally curated vaults. creates an unusually broad range of yield opportunities within a single protocol.

Anyone can spin up a lending market on Euler for any token pair, while curators like Gauntlet, Re7, and Apostro build managed strategies with institutional-grade risk controls on top of the same infrastructure. This means Euler hosts both experimental high-yield positions and conservative multi-market allocations, sometimes for the same asset on the same network. The protocol's cluster vault architecture adds another dimension: these combine multiple lending positions into a single token, offering diversified yield exposure that differs from standard single-market deposits.

Euler is active on Ethereum, Base, and Arbitrum, with each network hosting different subsets of curators and market types. Rate differences between networks can be substantial. a USDC cluster vault on Arbitrum may reflect completely different borrowing dynamics than one on Mainnet.

The variety of curator philosophies and vault architectures makes comparing Euler strategies particularly important, since the headline APY alone doesn't reveal whether you're entering a single concentrated market or a diversified cluster position.

Earnbase tracks 35 strategies on Euler across Arbitrum, Avalanche, BNB, Base, Mainnet, Sonic.