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
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.
Part of Angle core team.
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.
Currently, agEUR cannot be minted on Solana, but liquidity is easily bridged through the Wormhole.
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.
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)?
agEUR are issued in two ways:
- They can be minted at a 1:1 rate (minus fees) through Angle Core module.
- They can be borrowed from crypto tokens deposited as collateral from Angle Borrowing module.
No agEUR were minted for investors or the team.
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.
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
This Dune dashboard from on of our community member gives more data on agEUR: https://dune.com/SebVentures/Angle-Dashboard
wrapped (Wormhole), EUR-pegged stablecoin
EUR-based over-collateralized stablecoin with two peg mechanisms working together.
Currently, agEUR is motly used by funds, projects, and individuals as a reserve asset and trading instrument.
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
On Solana, agEUR is available on Saber (agEUR/cEUR) and Atrix (agEUR/USDC and agEUR/SOL).
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).
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
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.
We know a few liquidators who might be interested by the opportunity if this moves forward.
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.
6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?
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.
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
- agEUR: CbNYA9n3927uXUukee2Hf4tm3xxkffJPPZvGazc2EAH1
- ANGLE: 31GpPxe1SW8pn7GXimM73paD8PZyCsmVSGTLkwUAJvZ8
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here: GitHub - AngleProtocol/angle-assets: Angle Branding Assets