🎟️Voucher Tokens on EuclidSwap: Your Most Asked Questions, Answered

Over 60,000 of you have jumped into the EuclidSwap testnet — and there’s one question we keep seeing:

What are voucher tokens, and why did I receive them?

If that’s you, you’re in the right place! Before we start, let’s remind you of related content to help understand voucher tokens better. We have a detailed guide here, and the below video:

This guide breaks down:

• What voucher tokens are
• Why you might receive them instead of native tokens
• How to use, withdraw, and understand them
• And what’s going on with escrow limits

Let’s dive in.

🎟️What Are Voucher Tokens?

Voucher tokens are Euclid-native representations of regular tokens — think of them as 1:1 mirrors of the real thing, but internal to the Euclid system.
So if you hold a 100 USDC-voucher, it’s worth exactly the same as 100 USDC… but only within Euclid.

They behave like the real token for swapping and interacting inside the protocol, but you can’t use them outside of Euclid until you withdraw them.

Why Use Vouchers?

Voucher tokens unlock some major advantages:

⚡ Lightning-Fast Swaps

Because they don’t rely on external liquidity pools, vouchers settle fast. No waiting for bridges. No bottlenecks. No slow finality.

🔀 Cross-Chain Flexibility

Vouchers exist on any chain — even if the native token doesn’t. You can hold ETH vouchers on Injective, even if there’s no ETH pool there. That’s the power of Unified Liquidity.

Why Did I Get Vouchers Instead of Native Tokens?

There are a few reasons why Euclid might give you vouchers:

1. Not Enough Liquidity on the Output Chain

If the destination chain doesn’t have enough liquidity for your swap, Euclid gives you as much as it can in native tokens, then makes up the rest with vouchers. This way, your swap doesn’t fail — you get 100% of your value, split between real and voucher tokens.

Example:
You’re swapping 1000 EUCL from Base to ETH on Monad. Monad only has 2.87 ETH in escrow — but you’re owed 7.36 ETH.

So you get:

• 2.87 ETH (native on Monad)
• 4.49 ETH (voucher on Base)

In swaps, the vouchers are ALWAYS received on the input chain. In this case, the vouchers would be received on Base.

2. You Set a Native Token Limit

If you specify a limit on how many native tokens you want to receive, and your swap output exceeds that amount, the excess will be delivered as voucher tokens.

Example:
You swap and are due 1491 USDC. You set a limit of 500. You’ll receive:

• 500 USDC (native)
• 991 USDC (voucher)

3. A MultiDEX Swap Partially Fails

Sometimes, a cross-chain route hits a hiccup — liquidity disappears mid-swap. Rather than cancelling the whole transaction, Euclid mints vouchers to cover the missing piece, preserving your funds.

How Do Withdrawals Work?

Withdrawing voucher tokens turns them back into regular tokens. But there’s one catch: you can only withdraw to a chain that has enough escrow.

What’s an Escrow?

An escrow is a pool of native tokens held on a specific chain, reserved for voucher redemptions.

If Chain A has 1,000 USDC in escrow, that’s the max amount of USDC vouchers that can be redeemed on that chain.

Escrow ≠ Voucher Limit

Vouchers aren’t limited by escrow — you can hold 10,000 USDC vouchers on a chain with just 1,000 USDC in escrow. But when you try to withdraw, the protocol will check the available escrow.

Not enough? You’ll need to:

• Withdraw a smaller amount
• Or choose another chain that has more escrow for that token

Voucher tokens aren’t a workaround — they’re a feature.
They give you the speed, flexibility, and reach that’s only possible with Unified Liquidity. Understanding how they work gives you more control, and more options, across the entire multichain ecosystem.

Have questions? Drop them in our Telegram channel.

Euclid Protocol’s vision is to bring users back to the fundamentals of DeFi — empowering users with transparency, accessibility, and control over their financial activities — making DeFi great again!

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