Protocol/Project Name:
Angle
Protocol Overview:
Angle is a decentralized stablecoin protocol behind 2 stablecoins, EURA and USDA.
The stablecoins are over-collateralized (backing transparently available here) and the protocol offers a native yield on them, based on the earnings it is making on its reserves.
A portion of the reserves behind the stablecoins are invested in low risk DeFi yield assets (lending in immutable lending protocols) and in TradFi (tokenized tbills), and 90% of the yield earned on this is allocated to stablecoin holders. The name of these savings products are stEUR and stUSD, and they’ve been consistently offering a higher yield than EURC or USDC deposits on Aave typically.
As a protocol, we work with several risk managers (Gauntlet, Steakhouse) on the asset liability management and optimizing the balance sheet of the protocol (while being wary of the solvency and liquidity constraints associated with the stablecoins).
The stablecoins can be minted and burnt with no fees from USDC/EURC on Ethereum, Arbitrum and Base, but it’s possible to earn a yield.
Angle stablecoins are crosschain stablecoins live on 13+ chains that can be seamlessly bridged between any of the chains with no fees. Mode is one of the key chains in this overall setup.
MS Receiver Address:
Mode: 0xD245678e417aEE2d91763F6f4eFE570FF52fD080
Optimism: 0xD245678e417aEE2d91763F6f4eFE570FF52fD080
Distribution Confirmation:
We confirm that we will use Merkl to distribute the incentives received.
Incentive Impact Statement:
Angle will use Season 3 incentives to incentivize liquidity in stUSD across liquidity pools on Mode. The goal is to provide deep liquidity around the stUSD savings solution, we want to make access to earning a simple and scalable yield easy for anyone on Mode, without any slippage from the wide majority of the assets on the chain.
Once liquidity is sufficient, we’ll focus on getting stUSD as a collateral across major lending platforms on the chain (like Sturdy) and get people to lend against stUSD used as a collateral.
By growing liquidity (1) and getting stUSD as a collateral with a deep asset base to borrow from (2), we plan on fostering an ecosystem where any Mode user can put capital at rest and mitigate the opportunity cost of just holding USD stablecoins that do not earn any yield while also making it possible to boost this yield by taking levered LP positions for more advanced DeFi users.
Eligibility Criteria:
You can find Angle deployment addresses on Mode on our docs here, and try bridging into Mode from the Angle App here.
Additional Information:
Roadmap
- The stEUR and stUSD contracts have been dpeloyed on Mode but do not accrue any yield, these will be activated prior to activating the campaign so users can deposit into these and start earning a yield from it.
- With 2 stablecoins, we’re actively engaged in making sure that . We’re building systems to enable anyone to easily trade Euros to Dollars onchain with a decent price execution, we’re going to make these live on Mode as well
Partnerships:
Beyond the classical DEX partnerships (Kim, Uniswap V3) for stUSD liquidity, we will also engage in efforts to partner with the lending protocols live on Mode where stUSD can be used as a collateral.
Community Engagement:
As usual, we will promote the yield opportunities on Twitter and across our different Discord channels.
Contact Information:
TG: @pveyrat
Email: pveyrat@angle.money