Links
📐

Angle Documentation Portal

Welcome to the Angle Protocol Documentation Portal!

🏅 Introduction to Angle

Angle is a decentralized, capital efficient and over-collateralized stablecoin protocol composed of smart contracts running on open blockchains.
It can be used to issue stablecoins, called agTokens, designed to maintain the value of the assets they are pegged to.
The protocol consists of several different modules, or sets of smart contracts, from which stablecoins can be issued or minted. Key modules include a Borrowing module allowing to borrow Angle stablecoins by providing collateral and a price stability module called Transmuter that facilitates the exchange of stable assets for Angle stablecoins.
Additionally, the protocol is engaged into Direct Deposit Modules, also known as Algorithmic Market Operations (AMOs), which play a crucial role in boosting the liquidity of agTokens across various protocols.
Angle earns a yield from all these modules, and part of it is automatically allocated through savings products to stablecoin holders, so they can also earn a native yield on their assets.
In this document, we provide a detailed breakdown of the various components that constitute the Angle Protocol.
Angle is so far behind one stablecoin, agEUR, pegged to the value of the Euro - €. agEUR holders can stake their stablecoins for stEUR in order to earn a native € yield.
Angle Borrowing module is deployed on multiple EVM compatible networks beyond Ethereum (like Polygon or Optimism). It allows users to deposit collateral and borrow agTokens (debt) against their collateral. It is designed to enable getting leverage on almost any asset through an agToken loan, or to simply let people get access to stablecoins while keeping their exposure to a volatile asset or to a yield-bearing token.
Transmuter is deployed on Ethereum. It works as a basket of different stablecoins that can be used to mint agEUR. Thanks to its dynamic fee model and its internal circuit breakers, the system is able to autonomously control its exposures to the assets it has in reserves and guarantee that agEUR's backing is properly diversified. It is on top of that a trustless system that lets anyone and at any time (including during black swan events) redeem agEUR for a portion of the assets in the backing.
It is designed as a resilient improvement over the price stability module systems of protocols like Maker that showed their limits during the USDC depeg situation in March 2023.

Savings

Angle Savings system is what allows Angle stablecoin holders to earn a native yield based on the returns generated by the protocol on its assets. It does not come with any extra composability risk, and there are no additional trust assumption between owning an Angle stablecoin and its staked version.

Other Aspects

Angle is not limited to these key components. It has notably a complex bridge infrastructure designed to facilitate the cross-chain liquidity of its stablecoins. It also natively supports flash loans for its stablecoins.

🗳 Governance

Angle is a decentralized protocol governed by a DAO encapsulating all holders of a governance token called veANGLE. Holders of the token have voting powers to propose and make changes to the underlying code of the Angle Protocol.

⚒️ Developers Doc

Angle is an open protocol on which anyone can permissionlessly build or suggest improvements. The protocol relies on an open-source codebase available on Github.
There is a technical doc for developers and advanced users to understand how Angle protocol works under the hood and how to build on top of it.
The protocol's smart contracts have undergone several audits by Chainsecurity, Sigma Prime, and Code4rena. You can find the different audit reports here.

📱 Side Products

Some products developed for the Angle Protocol have been released as standalone products so that anyone can take advantage of them.
This is notably the case of 🥨 Merkl, an incentive framework for AMMs with concentrated liquidity (like Uniswap V3) ran by Angle Labs.

🖼 Branding

If you're writing an article, creating designs and animations about Angle, check out this assets repository with all the visual elements about the Angle brand, including logos, icons and images.
This documentation portal is maintained by Angle Labs, Inc. It is built to be the up-to-date source of truth for Angle Protocol production contracts and for Angle Labs products. If there is anything unclear or out of date, please submit a pull request to the angle-docs repository.
Last modified 2mo ago