This is a proposal to use 15k ARB tokens from the first 75k ARB grant that had been obtained by the protocol and that is sitting on the guardian multisig to fund a Redstone oracle for agEUR on Arbitrum for the coming year.
Redstone is an essential oracle provider used by many DeFi protocols to get the prices of the tokens they’re dealing with. It is one of the most secure price feed solution and has an historical track record of being robust.
For many protocols, including lending protocols like Silo, it’s impossible to integrate an asset without having an oracle for this asset. To this extent, in many cases, it’s going to be impossible to integrate agEUR and by extension stEUR in a protocol on Arbitrum without having a Chainlink feed for it.
Redstone oracles are not free and come with a cost estimated to approximately $15k a year to maintain (gas+verification cost).
Angle DAO has been eligible to an ARB grant this year of 75k ARB to boost its activities on the Arbitrum chain. given how alined an oracle can be with the growth of Angle, agEUR and stEUR on the chain, this budget is
Proposal is to use 15k ARB tokens from the grant to pay the feed to Redstone.
Redstone expects a payment in USDC, so these tokens would be sold on the market for the purpose of the payment.
This feed is key in achieving growth for Angle, agEUR and stEUR on Arbitrum.
Without it, it’s going to be extremely hard to integrate Angle assets into major DeFi protocols on Arbitrum.
Potential integrations to expect once this feed is live include Silo (lending venue), Notional, Enzyme, Seneca, and even Aave or any other lending venue.