What is Angel Protocol? Angel Protocol is a Stablecoin issuance protocol launched in November 2021 on many different Blockchain platforms. So, if there is anything interesting about Angel Protocol, let’s find out together in the article below.
To understand more about Angel Protocol, people can refer to some of the articles below:
- What is Tether (USDT)? Overview of Cryptocurrency USDT
- What is USD Coin (USDC)? Overview of Cryptocurrency USDC
- What is crvUSD? Overview of Stablecoins Released by Curve Finance
- What is GHO? Overview of Stablecoins Released by AAVE
Angle Protocol Overview
What is Angle Protocol?
Angel Protocol is a platform that issues Stablecoins through various collateral assets. Angle Protocol’s stablecoin is called agTokens. Currently, the only stablecoin released by Angel Protocol is agEUR which is pegged to the EURO coin. Angle issues agEUR through 3 modules including Core Module (discontinued from May 2023) and Borrowing Module. agEUR is kept stable with the Transmuter mechanism.
Borrowing Module
This is a product deployed by Angle Protocol on many different EVM Blockchains such as Polygon or Optimism. It allows users to deposit collateral to borrow agTokens. The special thing here is that Angel Protocol supports many different collateral assets to help users optimize the ability to use their capital to create more profits.
It can be seen that the Borrowing Module has many similarities with Maker DAO, Liquity or CDP platforms on the market but is improved with the goal of improving capital utilization and user friendliness.
When participating in the Borrowing Module, users will have to pay a number of fees including:
- Mint Fee: 1%
- Stability Fee: Stability Fee is similar to the compound interest rate charged on a loan a user makes while that loan is outstanding.
- Repay Fee: 1%
- Liquidation Fee: 2%
Besides, Angle Protocol is also a protocol that allows users to use leverage directly on the protocol to make profits.
Transmuter
Transmuter is the main minting mechanism that is the Angle Stablecoin. Transmuter supports 3 main user actions including Mint, Burn and Redeem.
- Mint: Stablecoins can be minted based on the prices that Oracle provides for different types of collateral with available fees.
- Burn: Satblecoins can be burned based on the prices Oracle provides for different types of collateral with available fees.
- Redeem: Stablecoins can be redeemed at any time for the corresponding amount of each asset in the platform. Users can exit their Stablecoin position at any time they want.
Some outstanding features of Transmuter include:
- Infinite expandability.
- The ability to recover despite bad events.
- Fair, transparent and safe.
- Save on gas fees.
- Highly customizable as it can be applied to many Stablecoins tied to many different currencies.
Development Roadmap
Update…
Core Team
Pablo Veyrat: Co Founder
- Pablo earned his Master of Science – MS, Management Science and Engineering from Stanford University.
- Pablo worked as an analyst at Maor investment fund and as a Project Manager at EDGEof Inc.
- Before founding Angle Protocol in April 2021, Pablo worked briefly at Gorgias as a Data Analyst.
Guillaume Nervo: Co Founder
- Guillaume earned an ICME Master’s degree in Computational Engineering and Mathematics from Stanford University.
- Guillaume’s track record is not too impressive as most of the companies Guillaume attached to him left less than a year before joining Angle Protocol.
Investor
- September 28, 2021: At the Seed round, Angle successfully raised $5M with the lead of A16Z and the participation of Blobal Founders Capital, Wintermute, Divergence Ventures,…
Tokenomics
Information about Angle Protocol tokens
- Token name: Angle Protocol
- Code: ANGEL
- Blockchain: Ethereum
- Token classification: ERC 20
- Contract: 0x31429d1856ad1377a8a0079410b297e1a9e214c2
- Total supply: 1,000,000,000
Token Allocation
- Liquidity Incentives: 40%
- DAO Tresury: 20%
- Core Team: 18%
- Strategic Partners: 12%
- Early Backer: 10%
Token Use Case
Users can lock ANGLE from 1 week to 4 years to receive veANGLE. Some of the benefits of holding veANGLE include:
- Vote on Angle Protocol proposals.
- Get a portion of the protocol’s revenue.
- Increased ANGLE rewards for participating in liquidity provision.
Exchanges
Currently, people can buy ANGLE on a number of exchanges such as SushiSwap, Gate.io or CoinEx.
Project Information Channel
Summary
Angle Protocol is a notable Stablecoin protocol in the crypto market that continues to grow during the crypto winter.