Hello,
This is proposal to start supporting agEUR on Gnosis Chain 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, Avalanche, BSC and Celo to any of the other chains. In some of these chains, the Borrowing module is also natively deployed.
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 Gnosis Chain on Angle bridge infrastructure, which means that it’d be possible to bridge to Gnosis Chain from any of the chains already supported and conversely.
Implementation
agEUR and LayerZero bridge contracts on Gnosis Chain 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 → Gnosis Chain 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 the Gnosis Chain ecosystem. And it lays down the premices for a potential deployment of the borrowing module on Gnosis Chain (even though I don’t think this should be a short term plan).
Gnosis has been a key stakeholder for European DeFi and having agEUR there might facilitate the emergence of the narrative of Gnosis Chain as the Euro chain with agEUR as a central liquidity hub.
agEUR bridging will be supported directly through Angle Labs app.
Risks
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 10k bridging hourly limit and a 100k global limit.