AIP 30 - Add support for agEUR on BSC and Avalanche with Angle bridge infrastructure

1

Hello,

This is proposal to start supporting agEUR on BSC and Avalanche through Angle Bridge infrastructure

Context

Angle has setup a bridge infrastructure relying on LayerZero that allows anyone to bridge agEUR from any of Ethereum, Polygon, Optimism, Arbitrum to any of the other chains. These are chains where the borrowing module is deployed.
Prior to that, the protocol relied on Multichain to bring agEUR to different chains. While this offered a practical way to deploy agEUR on new chains, it comes with several drawbacks:

  1. Reliance on a single centralized entity
  2. No control from the protocol on the bridge limits

There has been several attempts to push agEUR on Avalanche (less on BSC), with agEUR under the Multichain standard.

For agEUR to become a global standard used everywhere, agEUR integration efforts should be made across all blockchains, not only those where Angle is natively deployed.

Proposal

The proposal is to add support for Avalanche and BSC on Angle bridge infrastructure, which means that it’d be possible to bridge to Avalanche and BSC from any of the chains already supported and conversely.

Implementation

agEUR and LayerZero bridge contracts on Avalanche and BSC have already been deployed (addresses can be found here).
Admin on each of these chains will be the same as on all other chains: there is one governor and one guardian multisig on each of the chains, with the same signers as their equivalent on mainnet.

Technically with what has already been deployed, it’s possible to bridge like Polygon → BSC or Avalanche but not the other way around. The goal of this proposal is to allow both ways bridging.

Value to the protocol

This is going to facilitate expansion of agEUR across these chains. And it lays down the premices for a potential deployment of the borrowing module on these chains (even though I don’t think this should be a short term plan).
agEUR bridging will be supported directly through Angle Labs app at Angle Protocol

Risks

This increases the exposure of the protocol to bridge and chain hack (even though it’s unlikely that LayerZero gets hacked on like the BSC but not Polygon). To this extent, we’ve set super conservative limits on these chains with a 5k bridging hourly limit and a 50k global limit.

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