This is proposal to start supporting agEUR on Celo through Angle Bridge infrastructure.
Angle has setup a bridge infrastructure relying on LayerZero that allows anyone to bridge agEUR from any of Ethereum, Polygon, Optimism, Arbitrum, Avalanche and BSC 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:
- Reliance on a single centralized entity
- 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.
The proposal is to add support for Celo on Angle bridge infrastructure, which means that it’d be possible to bridge to Celo from any of the chains already supported and conversely.
The setup here would be the same as the one used for Avalanche and BSC (described in this proposal).
Admins will be the same as on all other chains: there will be one governor and one guardian multisig on Celo, with the same signers as their equivalent on mainnet.
This is going to facilitate expansion of agEUR across the Celo ecosystem. And it lays down the premices for a potential deployment of the borrowing module on Celo (even though I don’t think this should be a short term plan).
Celo has been a key stakeholder in the development of agEUR on Curve notably, and having agEUR on Celo might facilitate further developments of agEUR.
agEUR bridging will be supported directly through Angle Labs app at Angle Protocol
This increases the exposure of the protocol to bridge and chain hack (even though it’s unlikely that LayerZero gets hacked on like Celo but not Polygon). To this extent, we propose to set conservative limits with a 5k bridging hourly limit and a 50k global limit.