[REVIEW][GF: Phase 1 Proposal] Angle Protocol

[lefterisjp]

Very happy to see a Euro-based stablecoin project do a proposal and happy to go with committee recomendation here and vote FOR.

@OPUser

Details
This proposal focuses its efforts on liquidity mining, indicating its approach to boost capital in its stablecoin, agEUR, in order for it to be better used by users and protocols. Targets such as expected blocked capital and spending plan to achieve it are properly detailed therein.

Value-Add
Crypto is heavily focused on USD pegged stablecoins. Angle’s agEUR is a proven, overcollateralized, EUR-pegged stablecoin. Angle offers OP as one of the collateral options. The proposal can achieve more liquidity for agEUR, another place to use OP and can consequently help users as well as OP protocols that want to leverage another currency than USD.

Traction
Forex currencies have relatively low adoption/traction outside of Ethereum. Angle has 70M TVL on Ethereum and small TVL on Optimism. Most TVL is in USDC (due to long USD, short EUR trading strategy) and more collaterals are onboarded but less used so far.

Amount
Very reasonable Ask. Angle is applying for a 250k OP tokens grant over 6 months. One half will be allocated to agEUR - USDC pool on UniV3 using Gamma as liquidity manager and other half to bribing agEUR - OP and agEUR - MAI pools on Velodrome.

Co-incentives
Angle will match the amount of votes obtained on Velodrome using OP from this grant with Angle’s resources. Also, Angle will allocate ANGLE tokens for contributors that can bring value in any way on Optimism (content, dashboards, documentation).

Alignment
Angle is multi-chain without a special preference for Optimism but its integrated to other protocol on Optimism.

[Joxes]

Voted: For

Following our own recommendations, forex currencies is a space worth pushing for diversity in Optimism ecosystem. Additionally, Angle’s track record is valuable so far, so the next steps are how to further grow the DeFi scene in Europe to catalyze this opportunity. Good luck!

[lavande]

Snapshot vote - passed

[lavande]

@tuta can you provide a Telegram handle or other contact method so the Optimism team can get in touch about paying out this grant! Feel free to comment on this thread, DM, or email palash@optimism.io