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@AngleProtocol deep-dive written and researched by @0xZoomer
Angle Protocol: Capital-Efficient, Over-Collateralized, and Liquid Decentralized Stablecoin Protocol.
Angle Core Concepts
Tokenomics
The Future of Angle
Angle Protocol’s purpose is to build decentralized stablecoins. The lack of a Euro-pegged stablecoin lead the team to create their first product, the Angle Euro. agEUR gained popularity and is currently the second largest Euro-pegged stablecoin behind EuroTether (EURT). Users of Angle protocol can mint agEUR by exchanging collateral such as USDC.
The goal for Angle is to create many highly liquid Forex stablecoins, with agGBP and agCHF being likely future additions. These stable assets can then be swapped with no slippage. The Angle ecosystem will allow exposure to many foreign currencies on-chain, and bring them into Defi over the coming months. The growing usage of Angle’s stable assets will continue to drive protocol revenue through minting/burning fees as well as returns made from lending out a percentage of protocol reserves.
Mcap: $27,889,509
TVL: $239,351,015
Mcap/TVL: 0.1168 (Convex Finance for reference is 0.1089)
FDV: $385,485,316
Ticker: $ANGLE
Circulating Supply: 72,349,081
Total Supply: 1,000,000,000
Inflation: Liquidity mining rewards take up 40% of total token supply and are expected to be distributed non-linearly across an estimated 10 years. Early Backers (10%) and the Core Team (18%) are subject to a 3 year linear vesting schedule.
Angle has adopted the popular vote escrow vesting system popularized by Curve. This creates a system in which both the protocol and users benefit. Currently 50% of protocol fees are rewarded to veANGLE stakers.
agEUR is overcollateralized and is backed by $230m across 4 pools - DAI, FEI, FRAX, and USDC.
agEUR Collateral Ratio has been steadily rising over the last few months. (up from 132% to a current 156%)
Hedging agents: protects the protocol against collateral volatility. Angle provides leverage long positions on the agEUR-stablecoin pairs with up to 99x leverage. Users earn high APY%, but take on the risk of a leveraged position. Also, hedging agents do not have to pay funding rates while holding positions.
Standard Liquidity Providers: LPs earn APY% on their supplied assets via 2 sources. LPs collect a % of transaction fees and receive yield generated from the treasury reserves being loaned. Angle is currently offering relatively high yield, which can be boosted further through veANGLE.
Multichain: The Angle token and agEUR are working on expanding across multiple chains. All multichain contracts can be found here.
Foreign currency pegged stablecoins are under-represented, and demand will rise as more individuals enter Defi. Angle has created a solid model for the creation of decentralized, overcollateralized, and liquid stable assets. As demand rises, protocol revenue will continue to be distributed to LP’s and veANGLE stakers. Increasing TVL will lead gauge votes to hold more value, in turn bringing value back to the Angle token. With solid backers such as A16Z, and a team that is community focused and quite responsive in Discord, I see long term success highly likely for Angle Protocol.
@AngleProtocol deep-dive written and researched by @0xZoomer
Angle Protocol: Capital-Efficient, Over-Collateralized, and Liquid Decentralized Stablecoin Protocol.
Angle Core Concepts
Tokenomics
The Future of Angle
Angle Protocol’s purpose is to build decentralized stablecoins. The lack of a Euro-pegged stablecoin lead the team to create their first product, the Angle Euro. agEUR gained popularity and is currently the second largest Euro-pegged stablecoin behind EuroTether (EURT). Users of Angle protocol can mint agEUR by exchanging collateral such as USDC.
The goal for Angle is to create many highly liquid Forex stablecoins, with agGBP and agCHF being likely future additions. These stable assets can then be swapped with no slippage. The Angle ecosystem will allow exposure to many foreign currencies on-chain, and bring them into Defi over the coming months. The growing usage of Angle’s stable assets will continue to drive protocol revenue through minting/burning fees as well as returns made from lending out a percentage of protocol reserves.
Mcap: $27,889,509
TVL: $239,351,015
Mcap/TVL: 0.1168 (Convex Finance for reference is 0.1089)
FDV: $385,485,316
Ticker: $ANGLE
Circulating Supply: 72,349,081
Total Supply: 1,000,000,000
Inflation: Liquidity mining rewards take up 40% of total token supply and are expected to be distributed non-linearly across an estimated 10 years. Early Backers (10%) and the Core Team (18%) are subject to a 3 year linear vesting schedule.
Angle has adopted the popular vote escrow vesting system popularized by Curve. This creates a system in which both the protocol and users benefit. Currently 50% of protocol fees are rewarded to veANGLE stakers.
agEUR is overcollateralized and is backed by $230m across 4 pools - DAI, FEI, FRAX, and USDC.
agEUR Collateral Ratio has been steadily rising over the last few months. (up from 132% to a current 156%)
Hedging agents: protects the protocol against collateral volatility. Angle provides leverage long positions on the agEUR-stablecoin pairs with up to 99x leverage. Users earn high APY%, but take on the risk of a leveraged position. Also, hedging agents do not have to pay funding rates while holding positions.
Standard Liquidity Providers: LPs earn APY% on their supplied assets via 2 sources. LPs collect a % of transaction fees and receive yield generated from the treasury reserves being loaned. Angle is currently offering relatively high yield, which can be boosted further through veANGLE.
Multichain: The Angle token and agEUR are working on expanding across multiple chains. All multichain contracts can be found here.
Foreign currency pegged stablecoins are under-represented, and demand will rise as more individuals enter Defi. Angle has created a solid model for the creation of decentralized, overcollateralized, and liquid stable assets. As demand rises, protocol revenue will continue to be distributed to LP’s and veANGLE stakers. Increasing TVL will lead gauge votes to hold more value, in turn bringing value back to the Angle token. With solid backers such as A16Z, and a team that is community focused and quite responsive in Discord, I see long term success highly likely for Angle Protocol.
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