What is Angle Protocol?
Angle Protocol is a set of DeFi products, enabling the creation of agEUR, a decentralized and over-collateralized Euro stablecoin launched in November 2021.
Angle is a protocol designed to issue stablecoins pegged to potentially any value. Angle Protocol can be used to buy or borrow stablecoins, to take leverage, and to earn a yield on assets. BNB Chain users can now use BNB on Angle Protocol.
What are Stablecoins?
Stablecoins are a type of cryptocurrency designed to mirror the price of an asset. For example:
- BUSD is pegged to 1 US Dollar
- PAX Gold is pegged to 1 unit of gold
- agEUR is pegged to 1 Euro
What is agEUR?
Angle created agEUR, a type of stablecoin designed to be worth 1 Euro. agEUR is an easy and liquid asset to trade. agEUR maintains its value over time because, for each ag token issued, the protocol has more than 1 Euro in reserves.
The total supply of agEUR is currently at +14 million Euro with a Total Value Locked (TVL) of +$25 million USD on the protocol.
What are agTokens?
agTokens are decentralized and over-collateralized stablecoins issued and backed by the Angle Protocol. This means that their stability is ensured by a set of smart contracts rather than by money in a company's bank account and that they are backed by more assets than what they are worth.
Currently, Angle is used to issue agEUR, a €-pegged stablecoin.
Benefits of agEUR
You can use agEUR to send Euros across the globe like with a bank, except agEUR is cheaper and faster. Individuals and companies can hold agEUR to diversify their crypto stablecoins out of the US Dollar, to pay and get paid in their home currency as well as to earn a yield on top of it.
agEUR can be used as a:
- Treasury asset
- Payment currency
- Yield instrument
agEUR can be bought directly on the open market on exchanges like Uniswap, Curve, or 1inch for sometimes less than 0.01% or can also be borrowed from the protocol using other crypto-assets as collateral.
Features of Angle Protocol
1. agEUR
- Swap: DeFi users can mint or swap agEUR from any token at the best market rate with low slippage.
- Borrow: The Angle Borrowing module allows users to deposit collateral and borrow agTokens (debt) against their collateral.
- Bridge: Users can bridge agEUR to different networks using a custom LayerZero infrastructure.
- Flash Loans: Some of the Angle stablecoins like agEUR offer the possibility to take free flash loans. Flash loans are a type of loan that allows you to borrow and repay tokens in one transaction.
2. Trade
- Leverage: Traders can deposit funds as collateral and get leverage on it from agEUR debt.
- Perpetuals: Traders can open leveraged long collateral and short EUR positions and trade on-chain forex with EURUSD perpetuals.
3. Earn
- Stakers can stake their funds to earn the ANGLE token, invest in yield strategies with healthy APRs, and earn other incentives.
4. ANGLE
- Users can buy ANGLE at the lowest price, lock them to earn yield and vote on rewards distribution and governance proposals on the Angle Protocol dApp.
Want to learn more about Angle Protocol? Check out the Angle podcast. If you enjoyed reading this, don't forget to check out the the Most Valuable Builder dApps building on BNB Chain.
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