Angle Protocol
About
Angle Protocol is a decentralized stablecoin system that issued EURA (Euro) and USDA (USD) stablecoins, along with stEUR, a Euro savings solution. The protocol offered transparent, collateralized stablecoins and yield-earning savings products. Following a governance vote, the protocol is currently in an orderly wind-down phase with a March 2027 deadline for redemptions.
Where Does Yield Come From?
Angle Protocol created yield for users through two main systems: stEUR savings and the Merkl reward platform.
stEUR was a Euro savings product that paid out yield from the protocol's own earnings. It was designed to be transparent and open to anyone. Your earnings were automatically added to your balance (this is called compounding), and there were no lock-up periods—you could withdraw at any time.
The protocol's earnings came from two sources:
- Managing the assets that backed its stablecoins (like EURA and USDA)
- Collecting fees from its operations
Merkl was a separate platform for distributing incentives. Other projects could use Merkl to make their reward budgets go further. At the same time, people who provided trading liquidity (called liquidity providers) could earn extra rewards across many different decentralized finance platforms and blockchains.
In summary, the protocol's design sent its earnings to stEUR holders, while always keeping the stablecoins fully backed by other assets. The treasury and fee structure were set up to support steady yield payments to savers.
Persons
Guillaume Nervo
Co-founder, Angle Labs & Merkl
LinkedIn
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
Code4rena28-06-2023 - 07-07-2023 |
| The audit revealed significant security concerns including reentrancy vulnerabilities and dispute mechanism flaws, but most issues were addressed in the mitigation review with residual medium-risk items requiring attention. |
ChainSecurity04-04-2022 - 16-05-2022 |
| The audit uncovered one critical vulnerability that was promptly fixed, along with several medium and low severity issues that were addressed or acknowledged. The overall codebase provides a good level of security following remediation of the identified concerns. |
ChainSecurity07-12-2021 - 07-01-2022 |
| The audit found no critical vulnerabilities and all high/medium issues were resolved, leaving only three acknowledged low-severity items. ChainSecurity concluded the codebase provides a high level of security for the Staking and Surplus extension. |
ChainSecurity26-07-202129-08-202101-10-2021 |
| ChainSecurity's audit found numerous security issues in Angle Protocol, with all critical and high severity vulnerabilities resolved during the engagement, though several medium-risk concerns remain open with accepted risk or partial fixes. The protocol's complexity necessitates ongoing monitoring of oracle reliability and system accounting. |
Sigma Prime01-07-2021 - 30-09-2021 |
| The audit revealed one critical vulnerability that could lock funds, plus several high-risk issues, all of which were addressed by the team before deployment. Overall, the protocol's security posture improved significantly through the remediation of identified flaws. |
Legal
Legal form
Corporation (Inc.)
Registration jurisdiction
British Virgin Islands
Status and notes
Protocol operated by Angle Labs, Inc. and its affiliates as disclosed in Terms of Use. Terms specify British Virgin Islands courts have exclusive jurisdiction. Protocol is in wind-down phase with redemption deadline of March 1, 2027.