2025 Crypto Hidden Gems: Week #16

We scored many projects this week.

Token Metrics Research
April 16, 2025

Here are a few you should know about:

Euler
Farcaster
Saros
Sky Protocol

Please remember that some of these projects still need our code review process. Still, we want to call them out here because they preliminarily caught our eye based on our fundamental analysis process.

Euler - 73.33%

Website | X(Twitter)

Sector - DeFi
Status - Active

Euler is a decentralized finance (DeFi) lending protocol on Ethereum designed to enable permissionless lending and borrowing of diverse crypto assets. It addresses the limitations of traditional DeFi platforms like Aave and Compound, which restrict illiquid or volatile assets through governance approvals.

By leveraging the Euler Vault Kit (EVK) and Ethereum Vault Connector (EVC), Euler allows users to create customizable, non-custodial lending markets for any token with a WETH trading pair on Uniswap v3, enabling flexibility and capital efficiency.

Euler’s modular architecture empowers developers to build tailored financial products, solving the problem of unmet demand for long-tail asset markets. Euler’s vision is to create a high-performance, inclusive DeFi ecosystem that maximizes utility for lenders, borrowers, and traders while maintaining Ethereum’s robust security and interoperability.

Features

Permissionless Lending Markets: Users can list any token with a Uniswap v3 WETH pair, bypassing governance approvals, enabling rapid market creation for niche assets.

Euler Vault Kit (EVK): A modular framework allowing developers to design and deploy customized lending vaults, supporting diverse financial products like stablecoins or margin trading.

Ethereum Vault Connector (EVC): An open-source interoperability layer that connects vaults, allowing existing deposits to serve as collateral across the ecosystem, enhancing composability.

Rehypothecation: Enables lenders to lend out collateral while using it as collateral, optimizing liquidity and capital efficiency for users.

Sub-Accounts: Up to 256 sub-accounts can be supported per Ethereum account, allowing users to manage multiple positions efficiently and mitigate isolation-tier borrowing restrictions.

Token

$EUL is the native token of the Euler protocol. The token is used in Fee Flow auctions, used as platform rewards, and represents voting power to effect change over the Euler protocol code or the Euler DAO treasury.

The total supply of $EUL is 27,182,818. Of these, 34% is allocated to Euler DAO, protocol users, or used to fund various ecosystem growth initiatives. 3.7% is allocated to the Euler Foundation, a legal entity representing the interests of the Euler DAO. 39.5% is allocated to various cohorts of strategic growth partners, who helped support the Euler protocol's development in various ways. 26.5% is with project founders and other contributors for the protocol's development.

Investors

Euler has raised $40.8M across three different funding rounds. The first one was a $800k Seed round in December 2020, led by Lemniscap and featuring CMT Digital, Divergence Ventures, and others. The second was a $8M Series A round in August 2021, led by Paradigm and featuring previous round investors. The third and the latest one was a $32M round in June 2022, led by Huan Ventures, and it saw participation from Coinbase Ventures, Jump Crypto, Jane Street Capital, and Uniswap Labs Ventures.

Where to Buy the Token?

$EUL trades on centralized exchanges like HTX, MEXC, CoinEx, KuCoin, and Kraken, as well as decentralized exchanges like Uniswap and Balancer.

Farcaster - 64.58%

Website | X(Twitter)

Sector - SocialFi
Status - Active

Farcaster is a decentralized social networking protocol built on Ethereum and Optimism. It is designed to create a permissionless, user-owned social graph that addresses the limitations of centralized platforms like X or Reddit, where data control and censorship restrict user freedom.

By leveraging an onchain-offchain hybrid architecture, Farcaster stores identities and core data on Ethereum and Optimism for security. At the same time, offchain hubs manage high-throughput interactions like posts (“casts”) and follows.

Farcaster’s vision is to enable sufficiently decentralized social networks where users control their data and developers can build diverse applications without gatekeeping. Farcaster solves the problem of platform lock-in by allowing users to migrate their social graphs across clients like Warpcast, fostering an open ecosystem for innovative social experiences with Ethereum’s cryptographic integrity.