AIP-62: Seed PancakeSwap pool on BNB Chain using protocol liquidity available on BNB Chain

Hi everyone,

In the aftermath of the Euler Finance hack and, in view of re-deploying liquidity for agEUR, the below proposal aims to seed an agEUR-USDT pool on PancakeSwap to bootstrap its liquidity on BNB Chain.

As a reminder, the seeding of a agEUR-USDT 300k pool was previously voted on February 28, 2023.

As at this date, the protocol has 150,013.11 USDT and 140,995.13 agEUR tokens available on BNB Chain that will be used for implementing this proposal, if voted.

Information on the state of Angle of Protocol including the holdings of the DAO can be found here.


As a reminder, agEUR was initially deployed on BNB Chain, as announced on October 21, 2022 on the protocol’s Twitter account.

BNB Chain remains major Layer 1 with now more unique adresses than Ethereum. During the past few months, it has gained even more traction and importance with the deployment of both major and up-and-coming dApps such as Uniswap, Trader Joe and Radiant in March 2023, to only name a few.

Given the great number of protocols deployed and number of users exceeding all other alternative chains, building agEUR liquidity on BNB Chain is an important step to the development of agEUR.

In the current context, creating liquidity for agEUR is part of the path to reinstate and maintain agEUR as a leading Euro stablecoin onchain.

Considering that the protocol previously seeded a agEUR-USDT pool on Pancake Swap and that the seeded amount are still available on a Gnosis Safe on BNB Chain, this amount could be used to implement this proposal.


The proposal to seed a total amount of $300k, using the agEUR and USDT token available here on BNB Chain.

The available USDT amounts to 150,013.11 USDT and the available agEUR amounts to 140,995.13 agEUR.

In respect of agEUR, the pool will be seeded with $150k worth of each token. Considering that the Euro is currently higher than the dollar, it is suggested to burn the remaining agEUR.

If the proposal is approved and in the event that Euro depreciates between now and the date of its implementation, it suggested that the protocol mints agEUR to match the 150k USDT if needed. Such agEUR would be minted through Direct Deposit Modules these agEUR are still backed by the collateral that are used to issue them.

Note that if you want to play with impermanent loss simulation, we have built a simulator on the Angle App at Angle Protocol.


The seeded agEUR and USDT would be from previously available funds that were used to initially seed a agEUR-USDT pool Pancake Swap in February 2023.

As this goes live, it’s going to be important for the protocol to increase or decrease the size of the positions depending on volume.

Value to the protocol

Re-deploying a liquidity pool on PancakeSwap is intended to continue the development of agEUR on BNB Chain that was previously initiated and unleash a wide range of opportunities for agEUR in the BNB ecosystem allowing it to be more easily integrated with the protocols that are getting built there.

Bootstrapping agEUR liquidity on BNB Chain through PancakeSwap is also an efficient choice for the protocol as PancakeSwap remains the most popular and most used DEX on BNB with roughly $100m to $400m+ daily volume.


This proposal bears a risk of bad debt also possible with the agEUR paired with USDT in the Direct Deposit Modules if any additional agEUR were to be minted, but given the size of the pool proposed, the need for agEUR liquidity and the surplus available to the protocol, this can reasonably be considered as acceptable.

Please comment below with any input you may have. The suggested amounts and ranges chosen can be discussed and amended according to community feedback.