Hello all @Angler’s! We hope you’re all fine. Here is what happened around the Angle this week
ANGLE rewards distribution analysis
After last week’s analysis that helped us notice how rewards were being sold, allocation for Convex bribes and USDC Perps have been reduced. We will push this analysis further to try to manage the rewards distribution more efficiently and distribute as little as possible to sellers while ensuring the sustainability of the protocol! To help us find out who incentivizes which gauges and how rewards can be better calibrated, I created another Dune dashboard giving more information on votes: Angle Gauges votes.
One idea that has been evoked is to replace ANGLE distributed to Perps with interest generated by the protocol. This is not to be expected in the near future, but could be an interesting option that we will explore!
ETH as native collateral
We are getting ready to activate discussion about accepting ETH as collateral in the Core module. You can find all the details about the discussion in this governance discussion, where we will post the deployment parameters next week.
Folding Strategy on USDC
Last week we deployed our new folding strategy on USDC with a 10% debt ratio. Everything has been working as expected, and we are getting ready to increase the funds allocated to the strategy in the following weeks.
All votes for liquidity migration of Uniswap pools to new fee tiers have passed, and it will take place over the following weeks. If you have funds on the pools, they will be migrated through our contracts and you don’t have to do anything.
—
As always, make sure to take part in all the discussion in Discord, on Twitter, and on Snapshot!
Have a nice weekend @everyone !
Hello all @Angler’s! We hope you’re all fine. Here is what happened around the Angle this week
Vote to add a gauge to the sdTokens Curve pools
Stake DAO lockers have launched a few weeks ago, and they have just added their meta-governance feature recently. This will be very helpful for ANGLE and veANGLE adoption, and should help attract new users to the protocol. They have just pushed a vote to add a gauge for sdTokens pools on Curve. Having rewards should make the pools more liquid, and sdANGLE more attractive for users!
Link here Proposal to add sdTokens tokens pools to the gauge controller - Gauge Proposals - Curve.fi Governance
ETH as native collateral
Everything is now ready to add ETH as native collateral on Angle Core module! You can find the latest details in the governance discussion here: https://gov.angle.money/t/add-eth-as-collateral-for-ageur/273/8
This is a big step for the protocol, opening it to new use cases but also other risks.
Liquidity migration
Liquidity migration for Uni V3 agEUR/USDC and agEUR/ETH pools was successful! Users can now trade in & out those pools with only 0.01 and 0.05%fees respectively. Next week, Quickswap agEUR/USDC incentives will move to a similar Uniswap pool with lower fee tiers to start pushing people to switch their liquidity.
Audit in progress and going great
Audit is still underway and everything has been going well so far. Fellow auditors haven’t found any critical issue so far, and the audit should resolve in time! Angle Borrowing module is coming
AMO starting to generate revenue
The funds deployed through AMOs on Aave V3 (Polygon) and Euler (Mainnet) have started generated revenue for the protocol.
On another note, we are working on a profound re-design of the Angle apps look and feel. You should hear more about it around May, so keep an eye out on Angle
Finally, ETH is here as collateral in Angle Core module. This means that users can mint agEUR directly from ETH, deposit ETH to earn yield on top of strategies, and open leverage long ETH/EUR positions if there is capacity!
Complete summary in this tweet https://twitter.com/AngleProtocol/status/1520009727467474944
Liquidity as a service with agEUR and PAL through Ondo
There is currently a proposal being voted on to provide liquidity as a service through agEUR. This is a new type of AMO that is different than the lending market, with new risk and implications.
Governance discussion: Liquidity as a Service Partnership with Paladin
Snapshot vote: Snapshot
On & off-ramp integration for agEUR with Mt Pelerin ↔️
Mt Pelerin now allows agEUR users to come in & out directly from their bank account! This reduces friction for agEUR once again, and is another boost for adoption of the stablecoin in the long-run. Request + Mt Pelerin allows for a new use case: DAOs can pay their contributor in agEUR from any token, and the contributors can off-ramp agEUR directly to their bank account!
Chainlink agEUR/USD oracle feed on Polygon
Chainlink added a new oracle feed involving agEUR! This is a very good step, and is making us even closer to an much needed feed on Ethereum mainnet.
Things will get sporty in the next few weeks, so make sure you’re around and keeping track of what’s going on in the Angle space
Gauges for sdANGLE/ANGLE and other sdTokens pools were approved this week! This is a big news for Angle and the Stake DAO lockers in general, as this will bootstrap the first CRV incentives for the pool which should finally start increasing sdANGLE liquidity
If you have veCRV or sdCRV, make sure to vote for this gauge so it receives as much CRV incentives as possible!
agEUR liquidity as a service for PAL
The vote for agEUR liquidity as a service got approved this week, and liquidity in the agEUR-PAL pool should be deployed in the coming days.
If you haven’t followed this, you can find the gov post explaining liquidity as a service with Ondo here, and the proposal with Paladin there.
Switch Convex bribes to more efficient incentives
Bribing on Convex is expensive for the protocol, and we are currently looking for better alternatives to get veCRV voting power. There are multiple options available, including buying veCRV directly on other bribing platforms, or directly buying sdCRV to profit from the protocol veSDT boost. A discussion was started to talk about those options and see which one the protocol should pursue.
New agEUR use cases
Thanks to our recent integration with Mt Pelerin, agEUR users can now use the token as an off-ramp currency. It allows them to send funds from crypto directly as EUR in their bank account through Mt Pelerin. They can even use Request to create a EUR invoice to be paid with agEUR. All the flow to get paid with agEUR in a compliant way is explained here.
agEUR can also be used by companies as an alternative treasury asset to USD stablecoins, with yield opportunities and interesting integrations.
As always, keep track of what’s going on in Angle as things are moving fast
