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Glossary

A list of words and terms relating to the Angle Core module
Term
Description
💱 User
Someone using the Core module to get stablecoins from collateral or to redeem collateral from stablecoins. This is sometimes used interchangeably with the terms stable seeker (for someone willing to get stablecoins) or stable holder (for someone owning Angle's stablecoins).
Stakeholder of Angle's Core module helping to hedge it against price volatility of the accepted collaterals. Hedging Agents get long leveraged positions through perpetual futures, actually hedging the Core module in case of a decrease in price of the collateral.
The third type of stakeholders involved in the Core module are called SLPs. They bring additional collateral to the Core module, and get yield and transaction fees in exchange. They are here as a buffer for when Hedging Agents do not cover all the collateral brought by users. In short, they are insuring the Core module against the risk of not having enough HAs positions.
It refers, for a given collateral/stablecoin pair, to the sum of the amount of stablecoins hedged by HAs. If there is one HA hedging 2 wETH from the Core module that entered when 1 ETH was worth 2000€, then this HA covers 2 * 2000 = 4000€ of stablecoins for the Core module, and the total hedge amount by HAs for the wETH collateral is 4000 agEUR.
Target proportion of stablecoins issued using a specific collateral that needs to be hedged by HAs. Above this target ratio, HAs cannot open new positions on this collateral/stablecoin pair.
Max proportion of stablecoins issued using a specific collateral that that needs to be hedged by HAs. If HAs start hedging more than this ratio because of users burning stablecoins, their positions can be automatically cashed out by keepers.
Ratio between the total hedged amount (in stablecoins) of a collateral, and the total value of agTokens issued through this collateral.
Hedge Curve
A hedge curve refers to a curve that defines the value of transaction fees as a function of the hedge ratio. There are different hedge curves involved in the Core module, and they are piecewise linear functions. For mint fees for example, the higher the coverage ratio is, the more minting fees decrease for stable seekers.
Contracts taken by HAs in the Core module, to non-optionally buy a given collateral at an unspecified point in the future. Perpetual futures are financial instruments that try to follow the price of an underlying, and are used by traders to take leveraged positions. More details about such products can be found here.
Interest Accumulated
For a given collateral/stablecoin pair, it refers to the transaction fees and yield from lending that have been redistributed in the corresponding pool. Not all interest accumulated by a pool are distributed to SLPs, a portion directly goes to the protocol's surplus, and another portion goes to veANGLE holders.
sanTokens
Angle LP Tokens distributed to SLPs bringing collateral to the Core module for a given stablecoin/collateral pair. These tokens share some similarities with Compound's cTokens. sanDAI_EUR are for instance the tokens given to SLPs bringing liquidity to the DAI/agEUR pair. These tokens can be exchanged back at any point in time against collateral at an exchange rate that varies in function of the interests accumulated. They are ERC20 tokens that automatically accrue yield.
📈 Strategy
Smart contract defining strategies to earn yield from the Core module collateral reserves for each stablecoin/collateral pair. They can involve lending to platforms like Aave or Compound, and are inspired by Yearn vaults strategies.
💹 Debt Ratio
For a strategy used for a stablecoin/collateral pool, it refers to the ratio between how much of a collateral is deployed in a strategy and the total amount of collateral tied to the pool the strategy relates to. This total amount includes the amount in the contract corresponding to the pool and the sum of the amounts given to related strategies. Each strategy of the Core module has a target debt ratio.