[Asset Onboarding Application] - $agEUR - Angle

Interested Party Profile

Party submitting application: Angle Protocol
Website: https://angle.money/
Contact: @tuta#3689 (Discord)
Submission Date: July 7th 2022
If endorsed by Jet Community Member, list here: Kevin from Jet

Application Profile

1. What is your motivation for submitting this application?

We want to expand agEUR on Solana so that it becomes the go-to EUR stablecoin on the network. A stablecoins and lending markets are great match for each other, and we think this would be a good integration for both Angle and Jet.

2. What is your association to the proposed asset?

Part of Angle core team.

3. What are the key benefits to the Jet Protocol for onboarding the asset?

Adding agEUR as collateral on Jet Protocol would allow Jet to add a robust and valuable stablecoin to their protocol. Additionnally, this would make it the first EUR-pegged stablecoin on Jet, opening the market to all European users.

4. What are the known limitations of the asset?

Currently, agEUR cannot be minted on Solana, but liquidity is easily bridged through the Wormhole.

Project Profile

1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).

Angle is a decentralized, capital-efficient, and over-collateralized stablecoin protocol.

It is based on two set of smart contracts:

  • the Core module allowing users to mint and burn stablecoins at a 1:1 rate, while having the protocol reserves hedged by traders through leverage long margined positions.
  • the Borrowing module, allowing users to borrow agEUR on top of tokens deposited as collateral.

Angle started by issuing agEUR, a EUR-pegged stablecoin, and plan to expand to other stablecoins when the time comes.
Since launch in early November, agEUR has been the most traded EUR stablecoin on-chain (Ethereum), with more than $1B volume.

2. Who are the founding members? What is their current involvement with the project?

Sogipec, Picodes, and gs8nrv are the three co-founders, and they are all still fully involved within the project.

3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).

There was no ICO with agEUR.

4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?

None.

5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?

agEUR are issued in two ways:

  1. They can be minted at a 1:1 rate (minus fees) through Angle Core module.
  2. They can be borrowed from crypto tokens deposited as collateral from Angle Borrowing module.

6. What is the current token distribution (project team vs. investors vs. public)?

No agEUR were minted for investors or the team.

7. Are there any fees generated by the protocol? If yes, please provide details and amounts.

Angle generated ~$8.3M in revenue from txs fees and strategies interest since launch in November 2021. This figure can be checked in our analytics.

8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.

Yes, Angle has been audited multiple times by Chainsecurity and once by Sigma Prime. All audits can be consulted here: https://docs.angle.money/resources/audits

9. Is the protocol open source? If yes, please provide links to the repository.

Yes: https://github.com/AngleProtocol

10. Other relevant project data or comments:

Angle data can be seen in our analytics and on Defillama.

This Dune dashboard from on of our community member gives more data on agEUR: https://dune.com/SebVentures/Angle-Dashboard

Asset Profile

1. Asset name: agEUR

agEUR

2. Asset type (native/ wrapped):

wrapped (Wormhole), EUR-pegged stablecoin

3. One-sentence description of the asset:

EUR-based over-collateralized stablecoin with two peg mechanisms working together.

4. What’s the purpose of the asset within its native ecosystem?

Currently, agEUR is motly used by funds, projects, and individuals as a reserve asset and trading instrument.

5. Does the asset have any use outside of its native ecosystem (integrated protocols)?

agEUR is used in various lending markets, AMMs, and crypto onboarding products like Mt Pelerin or Transak.

6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.

All smart contract addresses related to Angle can be consulted here: https://developers.angle.money/overview/smart-contracts

A more specific view can be accessed here: https://github.com/AngleProtocol/sdk/tree/main/src/constants/contracts_addresses

Asset Liquidity

1. What exchange(s) support the asset?

On Solana, agEUR is available on Saber (agEUR/cEUR) and Atrix (agEUR/USDC and agEUR/SOL).

2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?

There is currently ~$230,000 of liquidity in the agEUR/USDC Atrix pool (Serum market eYJn1SMJhM6G9suhhVYtt28SbAXCswqKe6UKbq7pYLk).

3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).

https://explorer.solana.com/address/eYJn1SMJhM6G9suhhVYtt28SbAXCswqKe6UKbq7pYLk?cluster=mainnet-beta

4. Which oracles monitor the asset? How many feeds are available?

No oracles for agEUR are currently available, but we are in talks with Pyth who would be willing to provide one if the use case presents itself.

Some lending markets on mainnet are using the EUR / USD peg.

5. How often does the asset drop significantly in price? Please provide a link to the price history.

agEUR price history: https://www.coingecko.com/fr/pièces/ageur

6. For stablecoins only : Has the asset ever lost the peg? If yes, for what reason?

Asset has always been stable in regards to EUR, never deviating from peg for a sustainable time.

7. For algorithmic stablecoins only : Please provide details on the risks associated with the design.

Although some algorithmic market operations are being performed on mainnet, they are very limited and consistently assessed for risk. More info can be seen here: https://docs.angle.money/other-aspects/amo

8. For wrapped assets only : Which bridges are used? Are they custodial or non-custodial? Are they audited?

Wormhole, the main Solana bridge, is used to wrap agEUR.

9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?

NA

10. List any parties interested in taking part in liquidations for the proposed asset type.

We know a few liquidators who might be interested by the opportunity if this moves forward.

Key Mechanics

1. How many active addresses/ users currently hold the asset?

You can see a list of the largest holders on Solana here, and on Ethereum here.

2. Please provide a brief overview of the tokenomics.

There is no tokenomics. The key mechanics of agEUR can be consulted in our docs here: https://docs.angle.money/overview/readme

3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?

The agEUR supply is expected to increase with adoption. Tokens can be minted and burnt by users.

Only governance is able to mint new agEUR to be used in AMOs approved by token holders.

4. Please explain the staking mechanism (if any).

NA.

5. Please explain the slashing mechanism (if any).

NA.

6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?

No.

7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?

No.

Legal Profile

1. Is the project or the asset owned by any incorporated organization?

No.

2. In which jurisdictions was the token issued?

None.

3. Was the token issued as part of regulatory process (e.g. securities offering)?

No.

4. Was the token issued as part of fundraising process?

No.

5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.

Yes, there is a legal opinion stating that the token is not a security.

6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.

There hasn’t been any.

Links

Link to project’s white paper:

https://docs.angle.money/overview/whitepapers

Link(s) to active communities related to the project:

https://gov.angle.money/

Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:

Docs: https://docs.angle.money/

Code: https://github.com/AngleProtocol

Link(s) to audits - both procedural and Smart Contracts:

https://docs.angle.money/resources/audits

Link(s) to legal opinions:

Link(s) to other legal material:

Other relevant links:

List all relevant Solana addresses here:

Marketing / Campaign Material

If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here: GitHub - AngleProtocol/angle-assets: Angle Branding Assets

3 Likes

Thank you for submitting the $agEUR asset onboarding application @tutacrypto appreciate the Angle team!

Jet community - would love discourse around this application. agEUR is an over-collateralized stablecoin. Liquidity is a little low on Solana however risk for liquidation seems low since it is an over-collateralized asset. Would love to see how we move forward with this asset application.

6 Likes

I heard the Spaces with the Angle team, and feel that a Euro stablecoin would be beneficial for JET. Great application and an exciting team. I think alexis is right about the low liquidity, but perhaps there is a solution via caps on total amount of $agEUR allowed on JET?

4 Likes

@Bob! Welcome to the Jet Forum. Glad to have you here giving your input. We appreciate all the love on Twitter.

With Jet V2 - collateral weights and leverage parameters will provide improved risk mitigation and will permit Jet to list new, more niche asset types like agEUR without increasing risk.

4 Likes

We share a similar sentiment to Alexis. As it is an over-collateralized asset we are less worried however we are intrigued by your yield strategies and where you deploy your capital?

1 Like

I am indeed concerned about low and declining liquidity. Even if you consider Euro losing its power against USD, it’s a steep decline in marketcap.

3 Likes

Hey @tutacrypto!

Thank you for taking the time to complete and submit this application.

The JetDAO Governance Committee has reviewed the application and found that a hard requirement of $agEUR having a Pyth oracle could not be met.

Given that Jet Protocol only uses the Pyth network for price oracles, we would encourage you to re-apply once $agEUR is able to secure a Pyth oracle.

If you have any questions in the meantime please feel free to post them here and we can continue the discussion!

Thank you,

Adam

3 Likes

Thanks for your feedback @adamdelsol! We’re meeting with the Pyth network team pretty soon to figure out how we’ll be able to get an oracle with them and pass the requirements to be listed on Pyth!

Great to have been able to do the process still and looking forward to have agEUR on Jet at some point, even with highly conservative parameters!

4 Likes

Please do let us know once the requirement has been met. The JetDAO community and governance committee will be happy to review the application again.

3 Likes