Pablo 📐
@pablo_veyrat
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Co-Founder @AngleProtocol 📐, @merkl_xyz 🥨 Proud European citizen building an open financial ecosystem 🇪🇺
Joined April 2012
Now we come in and play with the big boys! . Angle is going to launch USDA, a USD stablecoin!. Expect the best of:.- yield.- reliability.- liquidity.- transparency.- and Forex!. There is a lot more to unpack and I can't wait to share this!.
1/ We are thrilled to introduce USDA, Angle's USD stablecoin! 🇺🇸. USDA will offer:.- a Savings solution 💰.- the same liquidity as USDC 💧.- anti-depeg mechanisms 🛡️.- borrow/leverage features 📈. Paired with EURA, USDA will boost onchain forex trading!. All you need to know🧵👇🏼
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agEUR at 1€. (It's been 2 days already). This is something I'd never thought I celebrate because stablecoin protocols MUST be stable, but if we look back into the situation on 13th of March after the hack, then there are reasons to be happy. Now onwards to Angle Core V2 for
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There is going to be a huge premium over the long term for teams who relentlessly keep building while maintaining super high integrity standards.
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Happy to announce that the first ever transparent Euro Savings solution is now live on Ethereum!. 4% yield, powered by the RWAs owned by Angle in its reserves!. Scalable with $1m in TVL, just like $1bn or $10bn. Honestly, the most important product release for Angle since launch.
Today is the day - Say hello to stEUR 🇪🇺👋. Stake agEUR on Ethereum now, get stEUR + a fixed 4% APY. It’s simple:.📐 Native yield paid in agEUR.📐 No minimum deposit.📐 Immediate compounding.📐 No lock, withdraw anytime. Your stEUR is an agEUR on steroids!. To learn more about
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Gm
Dudes will turn 25 and think “I should probably run a marathon”.
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Some time ago, @danrobinson shared this idea of making a lending protocol where borrow rates are proportional to collateralization. Looked at it in my free time and found an implementation that could work for stablecoin protocols like @MakerDAO or @AngleProtocol.
Would be interesting to see a lending protocol where borrow rates are proportional to your collateralization. Not sure it's feasible to implement efficiently.
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Thoughts on @CurveFinance stablecoin:. It introduces continuous liquidations where your collateral is converted in stable when its value decreases by too much. What no one mentions is that this system is already there and supported by @eulerfinance and @AngleProtocol!. 👇.
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Next week we're launching stEUR, a Euro staking solution powered notably by the RWAs @AngleProtocol protocol has in the reserves behind agEUR. Initial yield is set to be 4%. What's really cool about this is that Angle Exposure to RWAs is so far less than its equity: we control.
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The best decision we've taken at Angle Labs was probably not overspending when we could have during the bull. We raised $5m, now have >$3m left, + our burn rate is currently going down with Merkl. Thanks to this, our time horizon is longer than bull/bear market cycles.
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Gave a crypto lesson at Ecole Polytechnique this morning. I always find this reversal of roles kind of funny, like being a « teacher » in a class where I used to be a student 4 years ago.
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From $1.3bn of liquidity sitting idle in a bridge to making a productive use of it in a Morpho vault with a controlled risk (and stUSD as collateral). Glad to have @AngleProtocol involved to reduce the huge opportunity cost faced by the @0xPolygon team .
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Regardless of what you think of it, @ethena_labs is for me a clear evidence of the power of tokenization. sUSDe is just a tokenized carry trade strategy people have been doing for decade. Through tokenization, not only do you package it in an easy way for normies to enter, but.
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This is the scariest hack I've seen in my life. This could have happened to any protocol with admin functions not behind a timelock. Any recommendation on how to mitigate this for those using Safe for personal custody? How can I check that the frontend is not compromised?.
On October 16, 2024, Radiant Capital experienced a highly sophisticated security breach that resulted in the loss of $50 million USD. The attackers exploited multiple developers' hardware wallets through a highly advanced malware injection. The devices were compromised in such a.
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The fact that people are lending DAI at 2.21% on @AaveAave when they can get 3.49% risk free on DAI Savings rate is the perfect example of why you need to factor in switching costs in the efficient market hypothesis.
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I've never been this hungry in my life.
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Is there a better way to see your yield accruing in real-time than this little counter?
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USDC borrowing cost on @aave=10.52%. USDA borrowing cost from wstETH on @MorphoLabs=2%. USDA->USDC swapping costs=0. You guys are all smart, so all got the big 🧠 move.
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€ stablecoins should be developed by European teams. It's a matter of financial and monetary sovereignty.
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There should never be entry fees when coming into or exiting from a stablecoin. Fees add friction and worsen the UX. USDA will be atomically mintable and burnable 1:1 with USDC with no fees to ensure that by owning USDA you own an asset which is technically as liquid as USDC.
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Forex is impossible at scale onchain currently. EURA and USDA will fix this
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The @gnosisSafe feature to simulate a tx on @TenderlyApp before launching it is for me the best UX finding of the year!. Now also available on @AngleProtocol app with a tweak: approvals are simulated so you can see the effect of a complex tx without having to pass an approval.
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🍆 My gf was away this weekend, so had time to work on what I call a Holder Dick Contest. TLDR: it's a contract where everyone can deposit tokens and if you withdraw you're paying a fee to all the others that stayed: if you hold longer than the others, you're making money 💰. 🧵.
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Not getting why some European DAOs are still not using agEUR in their treasury. Easy to get a >6% yield on it on @CurveFinance .You can off-ramp it for almost 0%, use Request for invoicing or stream salaries with Superfluid. Some more diverse yield products are coming as well.
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Maybe the number one thing we need to make finance more efficient is solving the issue of portable KYC. Having to give to 100s of different people the same information under different standards is such a pain.
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USDA - EURA routing 53% of the volume on a 100k USDC->EURC swap!. @AngleProtocol FX hub is officially live!
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Really funny that Euro DeFi has not scaled yet, when many of the major DeFi builders are all European.
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The recent growth for GHO is a good example for why stablecoins are essentially a game of distribution. Aave probably has the best distribution in DeFi, and today >85% of GHO usage stems from Aave internal use cases, with 76% from its staking module. While tech is still key in
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I've never really understood the hypocrisy of many AML/KYC systems. A case in point with @ethena_labs: Ethena USDe can only be minted on the primary market by whitelisted market makers. It's not explained in their docs but I guess that the rationale here is that they then use.
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After almost 3 days, we're at 3.1m agEUR staked and earning a protocol yield. As it stands, stEUR APY should be updated to 9.3% on Monday!
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🇪🇺 Just posted a proposal to make @AngleProtocol $agEUR a borrowable asset in isolation mode on @AaveAave V3 on @0xPolygon!. Thanks @lemiscate for the help in the process 🙏. 🔗
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$agEUR off to a good start in February with a 76.5% market share in DEX trades for € stablecoins
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They call it a decentralized Euro stablecoin, I call it a GPS!. Use agEUR for your swap routes, you'll save in fees. (Here for a $500k swap from USDC to EUROC)
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I have a huge respect for what @kaiynne and the @synthetix_io team are doing: it's not 10x improvements but at least they've been able to incrementally improve their product for >3 years which is the best evidence of commitment!.
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I don't work in crypto, I work in DeFi. When the success of DeFi products is no longer going to be correlated with crypto cycles, it means that we would have gotten into something as people would use it not out of speculation but because it unleashes some actual utility.
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If smart routing simply consists in using @1inch for zapping from one token to another, then the upcoming @AngleProtocol zap/leverage feature for borrowing from LP tokens is based on **really** smart routing!. Not that hard to improve 1inch by adding heuristics for some tkns.
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We don't take advantage of funding rates but we still try to provide gud organic yields. 24.49% APY for stUSD. Available on Ethereum, Optimism, Arbitrum and Base
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This is @AngleProtocol balance sheet. The system's equity is >$7m: if everyone was to redeem its agEUR or repay its debt, protocol would be left with this. This buffer is relatively far greater than any of the financial systems (CeFi/DeFi) issuing loans or savings services.
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The combination of our recent aggregator integrations for @AngleProtocol USDA (1inch, Paraswap, Odos, Enso, Mayan, . ) with the power of @lifiprotocol is really golden. Go from USDA on any chain into USDC on the chain of your choice with the lowest slippage in the market.
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Listing LP tokens (of @CurveFinance or @Uniswap) as collateral assets in lending + stablecoin protocols means solving routing problems to be able to liquidate efficiently while minimizing exit slippage. @AngleProtocol to soon come with an advanced solution in that regard.
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Am I the only one on CT who’s never gotten wasted at a crypto party? . Maybe I’m just boring, but I prefer to separate my personal life from conferences. Don’t get me wrong—I enjoy partying with friends—but I’d rather use conferences for networking, BD-ing, learning, and.
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I've just posted a proposal on @AngleProtocol governance forum to allocate the 500,000 PYTH retroactive airdrops to veANGLE and @StakeDAOHQ sdANGLE holders based on their balance on the 1st of March. veANGLE holders have already faced in the past the downsides of Angle being a.
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Normal protocol behavior, the protocol considers that 1 agEUR = EUR, so this is a simple arb that puts the stablecoin back to peg.
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🇪🇺 @gnosischain becoming DeFi Euro hub.
Angle Euro Savings solution, stEUR, has been activated on @gnosischain, meaning that it's possible to stake agEUR there for a native yield paid in agEUR 🇪🇺. All the properties that apply on Ethereum and Arbitrum hold as well here:. 📐Same 5.35% APY.📐No minimum deposit
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The biggest harm that the Luna guys did to the industry is that they put in everyone's mind the idea that a >20% yield on a stable is a Ponzi. stUSD yield is 20% and it's organic, derived from the RWAs and the low risk yield products in the backing + it's high because of the.
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After bIB01, time for the first € bonds on-chain!. A proposal to introduce bHIGH (high yield corporate € bonds tokenized by @BackedFi) is live on @AngleProtocol Governance forum. This is the kind of stuff that can be a 0->1 for DeFi!.
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On @GnosisDAO there are people swapping every day between @monerium EURe and @AngleProtocol stEUR, in a way seamlessly switching funds between their debit (=EURe) and savings accounts (=stEUR) . Soon, we make this invisible and people's holdings will be in savings products
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Leaving Brussels today! . Once again, had a great EthCC time! Thanks @jdetychey and @bettina_boon for organizing everything! . While I'd love to play it home again in Paris next year, Brussels was definitely a great pick to host the venue.
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USDA is live!. Ok cool, but what can you do with it?. Right now, with USDA:.- you can deposit with no fees into stUSD and earn a 10% APY (derived from the yield the protocol earns on its reserves - RWAs+lending yield). This one is likely to increase in the short term as many
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A new set of @pendle_fi PT tokens were added as a collateral on the @Re7Capital USDA market on @MorphoLabs. If you want to lend stablecoins against the assets with the highest borrowing demand in DeFi (and hence earn juicy lending APRs), this is the place!. Like on any other
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It's time to discuss USDA backing. No Ethena but a mix of RWAs and DeFi low risk assets (e.g USDC on @MorphoLabs). USDA will be a dual engine by essence, offering the best of TradFi and DeFi low risk yields.
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Congrats to the @eulerfinance team!.Glad that the situation will end up well for all @AngleProtocol stakeholders!. Thanks to agEUR seniority vote, we probably won't have to wait for Euler repayment for the protocol to go back to normal!. Some discussions:
Ready for an update?. Yesterday, after 3 weeks, the Euler exploiter of March 13th returned all of the recoverable stolen assets to the Euler DAO treasury. It is one the largest recoveries in DeFi history.
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With the @feiprotocol wind down, we have decided to launch a brand new decentralized USD stablecoin with @AngleProtocol, please welcome. 🥁. agEUR🤦♂️
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All protocols gonna start posting about their TVL increase when they just hold ETH which gained 18% in a night.
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Will be around in my hometown of Paris the whole week (as usual)!. Please drop a DM if you want to meet!. We may also have some spare Angle merch.
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Really honored to have been named young talent of the Year by @TheBigWhale_ community!. A good encouragement to keep up building with the whole @AngleProtocol ecosystem!. We’ve only accomplished 1% of the way.
@ambresoub @KaikoData 👋🏼 Second category is "Talent of the Year" . In our #Web3Awards, @pablo_veyrat , co-founder of @AngleProtocol, was awarded a Golden Whale Statuette for the most promising talent of the year !. Learn more about his background in our free article below 👇.
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If I had to summarize what 2022 achievements I am most proud of in 1 image:
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I've been getting a lot of questions recently on the role of the ANGLE token within Angle. While I usually prefer to speak about topics related to tech or product, I wanted to give my stance on all this. Note that is just my personal opinion and it may not reflect the.
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Using $agEUR under the hood when going from one € stablecoin to another makes your swaps more efficient!. The power of being well-integrated on @CurveFinance and @1inch . cc @AngleProtocol
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This is not the endgame for our fx vision with @AngleProtocol (and we have a lot more coming), but we have posted a proposal to seed a $10m EURA-USDA pool on UniV3 upon USDA launch. This will be from day 1 the biggest FX pool onchain.
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With @gauntletnetwork launching a program to distribute UNI tokens to @Uniswap LPs, Merkl is set to become the hub when it comes to finding yield opportunities on DEXes. Here, >100% APR for @fraxfinance FXS or @SynapseProtocol, @illuviumio LPs
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Following execution of AIP-86 and the acquisition by @AngleProtocol of bERNX, the stEUR rate has increased to 8.3%. And this is not even our biggest announcement of the day 👀
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As part of the launch of USDA, we have proposed to update the methodology and schedule for @AngleProtocol ANGLE token emissions. TL;DR: if approved, the emission rate is going to be significantly reduced (up to 75% reduction) and the logic will be fully oriented towards ROI.
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Making it more official this time, I've just posted a proposal to rebrand @AngleProtocol agEUR into EURA. This is an important one, so make sure to give your say here:. 🔗
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Proud to be an @EthCC speaker for the 3rd year in a row!. Will be a nice occasion to share the findings of the research we've spent more time on since the Euler hack.
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This person swapped $24k USDC for the exact same amount of USDA using @odosprotocol integration of @AngleProtocol Transmuter mechanism. USDA is not fully live yet but it'll offer one of the lowest risk and most scalable yield in DeFi all while having the same liquidity as USDC.
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Every once in a while, when there's some drama about France, I hear people around me saying that France kind of sucks sometimes. On my end, I would not trade my French and European origins for anything in the world.
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Glad to be working with @spectra_finance on their launch with a fixed rate stUSD product!.
Spectra's launch features the following pools ready to be utilized. → KweETH of @Karak_Network | Sep 26 2024.uniBTC of @Bedrock_DeFi | Nov 28 2024.stUSD of @AngleProtocol | May 26 2025.stkGHO of @aave | Nov 25 2024
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When you deal with @circle USDC, you don't earn their yield or gain ownership in Circle. @AngleProtocol is different: with our latest integration program, you not only earn yield on USDA but also receive a share in Angle by integrating USDA. Our policy is clear: people building.
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With stEUR on @gnosischain, we're coming to something really powerful for Euro holders: .- onramp with @monerium, swap to agEUR and stake for stEUR.- or borrow EURe from stEUR (when stEUR is collateral 👀) and get cover your daily expenses while earning.
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I am personally never as happy as when I am writing maths to design new on-chain mechanisms and systems. Marketing a protocol is cool, but ideating on what the product could look like is funnier.
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Now 0% mint fees for agEUR from EUROC. And a 7.96% yield for agEUR holders
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If you zoom in, you can see that stUSD has also been added here!. Now time to bring transparent and scalable yields to the whole @Starknet ecosystem!. With this new Starknet integration, USDA and stUSD will be live on 12 different chains from day 1!.
New tokens available on StarkGate 🎉. From now on, you can natively bridge LORDS and new tokens from Multi-Bridge (the permissionless bridging mechanism) such as ZEND, and stEUR!. Bring moar liquidity now: .
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A pivotal step for the @AngleProtocol . And this paves the way for what's coming next 👀.
🇪🇺 agEUR rebrands to EURA 🇪🇺. Say hello to EURA, Angle's Euro stablecoin fresh new name!. This rebranding marks a pivotal step in Angle's commitment to streamlining and enhancing DeFi usability. Read more:
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Looking to run a airdrop to a large number of people?. Merkl enables you to do this rapidly and at scale!. Happy to work with the @aave DAO on their Merit program to showcase this feature.
Merit is live, first wETH airdrop is available for claiming. Cutoff date was block 19425717 (March 14th).Round Two will be dropped ~45 days from now. Merit GHO airdrop next week this snapshot is not taken yet. (redirect to @AngleProtocol Merkl app)
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1/ People tend to forget that Angle 📐 is not just a Euro stablecoin protocol: we're building some of the most innovative DeFi products and primitives out there.
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I often share these figures about agEUR increasing volume and one major driver of this recent growth is our incentivization system, for which we're releasing a standalone product, Merkl. Sometimes, you don't need more money, just do more efficiently with what you have at hand.
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Reminder that you can lock in a ~10% APY on $100k for almost a year by buying PT-USDA on @spectra_finance
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This thread is what I would have loved to read when I was still a student trying to figure out how stablecoins work. If you have trouble understanding how a stablecoin can be structured, or simply want to understand the intricacies behind USDA, this one's for you.
1/ A few days ago we introduced USDA, Angle’s USD stablecoin 💵. USDA will offer an unparalleled combination of reliability, yield, liquidity and transparency!. How will USDA work concretely? What are the mechanisms behind the stablecoin?⚙️🛠️. Hang on tight! 🧵👇🏻
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Thankfully, @AngleProtocol was completely unexposed to yesterday's events with @CurveFinance. Still a sad reminder that even compiler security is not something to take for granted. Only worse thing that could happen to DeFi is an exploit at the EVM level.
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Good stuff coming from @coinbase! . Only thing is that it won't be possible to collateralize positions with USDC in DeFi and still earn a yield on it. Need to use yield bearing instruments like stUSD or rely on better tracking solutions to compute the time weighted average.
Introducing USDC rewards on Coinbase Wallet. For the first time ever, earn 4.7% APY with USDC Rewards simply by holding USDC in your wallet onchain.
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Happy Birthday @AngleProtocol, you still a little baby.
2 years ago, agEUR was deployed on Ethereum mainnet!. 10,000,000,000€ in transaction volume later, 🌐 1.5M addresses across 10+ chains are now using agEUR as their gateway to open finance and Euro DeFi 🇪🇺. Evolution in motion
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You know it's a good day when it's 9am and you've already posted a @CurveFinance proposal!. 🇪🇺 This one is to add a gauge for the @AngleProtocol agEUR - @monerium EURe pool!. Why? EURe needs DeFi integrations and agEUR a top-notch on-ramp!.
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Equity of @AngleProtocol is 7.1m€, meaning it can sustain a loss of 7.1m€ and still maintain a reserve of 1 Euro for every agEUR in circulation. Even if this liquidity backstop makes this type of situation extremely unlikely, the protocol has implemented a unique set of
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After @BlackRock and @SteakhouseFi, it's now @AngleProtocol turn to apply to the Ethena RFP to diversify their liquid cash backing into reward-bearing assets. By offering the best of liquidity, yield and resilience through its anti-depeg mechanisms, stUSD.
Introducing the Ethena reward-bearing asset proposals, with entities pitching for an allocation from Ethena's liquid cash backing. One of the early applications is from Securitize, the distributors of @BlackRock's BUIDL, for an allocation from Ethena's Reserve Fund. Details below
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The Angle team is hard at work paving the way for the future of Forex onchain. Stay tuned.
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If you're still wondering why we need finance to happen on blockchains, just check the evolution of the unit cost of financial intermediation (= Income of the finance industry divided by the quantity of intermediated assets) since the 19th century -> consistently around 2%
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gm to all my fellow 🇪🇺 frens!. There are currently 3 proposals on @AaveAave governance forum from @lemiscate and the @AaveChan to make our lives in DeFi easier:. -- - Plz support so we can all get a € yield.
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With the recent addition of @MountainUSDM in @AngleProtocol USDA backing, we're starting to see more and more people leveraging the Transmuter capabilities as a DEX to swap USDM to USDC without any slippage
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It should be a no brainer for all theses perp DEXes to use yielding assets as a collateral for trading. Opportunity cost for LPs is too high otherwise. Happy to have @d8x_exchange showing the way and using stUSD as a collateral!.
1/ D8X launches the first perp DEX with LRT & LST collaterals with @ether_fi and @AngleProtocol - Now LIVE on @arbitrum ⚡. Explore the on-chain synthetic USD trade, trade & LP using collateral with up to 25% native yield, collect points and much more on
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The multiplier effect on the yield from stablecoin reserves is imo one of the killer use cases for stablecoins. Right now, @AngleProtocol returns over assets for EURA and USDA are both ~4%, but stEUR offers a 8.3% APY and stUSD 10%. How on earth is this possible?. These
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