Gate.io AMA with Angle-A Capital-efficient, Decentralized, Over-collateralized Stablecoin Protocol Behind agEUR

Time: Nov 17th, 2021, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with Pablo Veyrat,Core Contributor at Angle Protocol in the Gate.io Exchange Community.
Official Website: https://www.angle.money/
Twitter: https://twitter.com/AngleProtocol
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Guest

Pablo Veyrat — Core Contributor at Angle Protocol

Q&A from Gate.io

Q1: Could you start by explaining to the community what Angle is?

Pablo: Yes! Angle is a decentralized stablecoin protocol. We have developed a new way to make stable crypto currencies, a way that is designed to be more efficient and robust than Maker’s DAI but also more generalizable.

We have released our Euro stablecoin two weeks ago, which has become in 10 days the biggest Euro stablecoin in the world.

Q2: What are some of Angle’s products in addition to Euro stablecoins?

Pablo: Great that you ask that!

So stablecoins are the main focus of the protocol. But, to make this work, we need other features. One of them is perpetual futures: you can leverage long positions on the variation of the collateral (USDC or DAI- with respect to the Euro).

We also offer classical yield features: by lending to Angle you can get yield on your USDC or your DAI. The reason for this is that we have forked Yearn and we use the protocol’s collateral in strategies.

We can even guarantee a higher yield than what you’d get using directly Yearn. This is pretty technical but we can give you yield on collateral you have not bought in the first place.

Q3: Could you tell us what the Angle token is?

Pablo: ANGLE is the governance token of the protocol, it is the token that gives the right to vote for protocol upgrades and to handle the surplus of the protocol.

The protocol makes money (we have made $2.5m of profit in our first two weeks), this token gives you the right to decide what to do with this money.

We are currently working on improving the utility of the token across the platform so that revenue distribution gets more obvious.

Q4: Can you tell us a little bit about how the team or yourself got started in crypto?

Pablo: I was a student at Stanford University, and before that at Ecole Polytechnique in France. Was first an investor and then really started to understand what was happening.
While at Stanford, I took a crypto-class, and then started playing around with DeFi, it was in 2020.

At this time, I started to get yield on the USD stablecoins I was owning, but was in France (because of Covid) and I realized I was subject to a huge change risk: my yield in USD was not sufficient to cover for the loss of the USD with respect to the Euro, and so I thought that we needed to create a Euro stablecoin.

That’s how the Angle project started! And then from the idea of a Euro stablecoin, we found that we had to improve the way stablecoin protocols work: and we arrived at the Angle Protocol which is supposed to be the first ever over-collateralized, capital efficient and decentralized stablecoin protocol.

Q5: Thanks for sharing Pablo, and were you in crypto before 2020 or was that your first experience with it?

Pablo: I was an investor and already had a good understanding of blockchains before that (starting in 2018), but 2020 is really the moment when I became obsessed with it, and most of all when I started to realize that DeFi was promising but not inclusive.

Everything is centered around the USD, but there is no money legos for people in Europe, for people in Asia, for people wherever they are in the world.

That’s what gave me the wish to start changing things! And that’s what Angle is here for: build efficient and transparent stablecoins for everyone.