Upbit's Revised Euler (EUL) Token Circulation Plan: A Deep Dive into Tokenomics and Market Implications

The recent announcement by Upbit, South Korea's leading cryptocurrency exchange, regarding adjustments to the Euler (EUL) token circulation plan has sparked significant interest among investors and DeFi enthusiasts. This move, initiated at the request of the Euler project's development team, underscores a strategic effort to refine tokenomics and align with evolving market dynamics. As the EUL token prepares for broader adoption, understanding the implications of these changes is critical for assessing its long-term value proposition.

Supply Adjustments and Initial Circulation

Euler's total supply is capped at 27,182,818 EUL tokens, with approximately 72.9% (19,809,653 tokens) entering circulation upon its October 13, 2025, Binance listing. This initial release was accompanied by a 2% airdrop (543,657 EUL) to BNB holders participating in Binance's Simple Earn and On-Chain Yields programs, according to the same report. The remaining supply is allocated for future incentives, marketing, and ecosystem growth, with 67,957 EUL reserved for post-listing campaigns and an additional 271,828 EUL earmarked for promotional efforts six months later, as detailed in that coverage.

Upbit's revised plan, while not disclosing exact numerical adjustments, suggests modifications to the release schedule of new tokens and stakeholder allocations, Upbit's update. Such changes could slow or accelerate token availability, directly influencing supply dynamics. For instance, a delayed release might enhance scarcity, potentially driving up demand, while an accelerated schedule could dilute value. Investors must monitor how these adjustments interact with Euler's existing supply framework.

Distribution Mechanisms and Incentive Structures

A key component of the revised plan is the proposed update to EUL's distribution mechanism outlined in eIP 24. This proposal introduces a 3-month trial distributing 15,000 EUL per epoch to lenders in USDC, USDT, and WETH markets, alongside 32,000 EUL per epoch for borrowers. Additionally, 8,000 EUL per epoch will be allocated to 40 assets with Chainlink oracles and WETH, based on gauge votes. These changes aim to broaden participation while capping monthly emissions to prevent large holders from dominating the ecosystem.

Upbit's role as an intermediary in implementing these adjustments is pivotal. By aligning its trading environment with Euler's updated tokenomics, the exchange enhances EUL's accessibility through new trading pairs like EUL/BTC and EUL/USDT. This expansion not only boosts liquidity but also signals institutional confidence in the token's utility.

Market Expansion and Use Cases

Euler's multi-chain strategy-supporting BNB Smart Chain, Ethereum, Base, and Arbitrum-further diversifies its use cases, as reported by CryptoNinjas. Binance's integration of EUL across Savings, One-Click Buy, and Leveraged Tokens, coupled with 1–75x perpetual futures contracts, highlights the token's growing utility in both DeFi and traditional trading ecosystems, as detailed in the Binance integration. Upbit's addition of EUL to its BTC and USDT markets in September 2025, reported by Coinotag, reinforces this trend, positioning EUL as a versatile asset for global investors.

Valuation Impact and Investor Considerations

The revised circulation plan's impact on EUL's valuation hinges on supply-demand dynamics. A slower token release could increase scarcity, potentially elevating the price, while an accelerated schedule might pressure it. Additionally, the eIP 24 incentives may drive user participation, enhancing the protocol's activity and, by extension, EUL's demand.

However, investors must remain cautious. The lack of granular details from Upbit and the Euler team means the full implications of the revised plan remain speculative, as noted in Upbit's update. Market sentiment will also play a role; increased liquidity from Binance and Upbit listings could stabilize volatility, but sudden changes in supply or regulatory scrutiny could introduce risks.

Conclusion

Upbit's revised EUL token circulation plan represents a strategic recalibration of Euler's tokenomics, with potential benefits for long-term sustainability and market adoption. While the exact numerical adjustments remain unclear, the broader trends-such as expanded distribution mechanisms, multi-chain support, and enhanced liquidity-signal a positive trajectory. Investors are advised to closely monitor official announcements from both Upbit and the Euler project team to navigate this evolving landscape effectively.