APIR 19 - Add sanUSDC_EUR from Angle Protocol to the 4th winelisting

Project Presentation

Summary

Angle is a decentralized stablecoin protocol, that has launched agEUR, one of the biggest Euro stablecoins in the market. agEUR can be minted at oracle value from USDC, the protocol then hedges itself by issuing perpetual futures and it is covered by the deposits of what is called Standard Liquidity Providers which get sanTokens (like sanUSDC_EUR), in exchange for a portion of the yield the protocol makes on its assets and for transaction fees accruing in the protocol.

Yield for sanUSDC_EUR holders auto-compound, like a Compound cToken.

sanUSDC_EUR holders may make a higher yield by going to Angle rather than by repeating the protocol’s strategies themselves: they indeed get yield on the tokens they initially brought but also get yield on tokens brought by users minting stablecoins. They are facing a multiplier effect!

The risk for them is to face a slippage when they exit if the protocol starts to be not enough collateralized. So far collateral ratio is 180%, and so we’re nowhere near having SLPs face a slippage in the protocol.

Rationale

Adding sanUSDC_EUR to APWine would attract both people looking for PT and FYT. Some of our users (like Yearn) are looking for additional protection with the tokens their sanTokens and so they may be ready to own PT, while others who enjoy the multiplier yield on sanUSDC_EUR may be fine with FYT.

Angle is also committed to developing interesting yield strategies. So far we rely on Compound and Aave. The protocol has for instance deployed one of the most advanced folding strategies in the market.

Adding sanUSDC_EUR as a supported asset on APWine would expose the APWine community to the value of these strats

Benefits of this integration for Angle

  • Increasing use cases for sanUSDC_EUR and making new holders come in, attracted by the protection APWine can offer for some holders. This would result in an increasing TVL for the protocol
  • Increasing visibility for the project
  • This would inspire Angle to build potentially riskier strategies knowing that sanToken holders could in some way split the yield

Benefits of this integration for APWine DAO

  • Increase the tokenized + AMM TVL
  • Diversify the yield possibilities for APWine community with a token relying on some of the most elaborate yield strategies in the market (automatic Aave folding using Newton optimization)
  • Increasing the visibility of the project with cross-marketing

Angle Metrics

  • ANGLE Market Cap: $15m
  • agEUR Market Cap: $64m
  • Twitter Community: 26.6k
  • Discord Community: 28k
  • TVL: $118m
Should we sanUSDC_EUR to the 4th Winelisting ?
  • Yes
  • No
  • Abstain

0 voters

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