Euler Finance is a second-generation DeFi lending protocol designed specifically for permissionless lending and borrowing of long-tail crypto assets. Asset tiers, reactive interest rates, risk-adjusted borrow factors, Dutch-auction liquidations, protected collateral, and batch transactions are just a few of the novel DeFi features developed by Euler. On Euler, anyone with an ETH liquidity pair on the Uniswap V3 decentralized exchange can create a money market for any crypto asset.