[Gauges] - Proposal to add Euler agEUR Senior tranche

Abstract

This is a proposal to add a Euler agEUR Senior tranche gauge to Idle.

Background

Angle is a decentralized stablecoin protocol, it is issuing agEUR which has become one of the biggest Euro stablecoin in the market.

The Angle Protocol has been deploying agEUR to Euler to seed the market there.

Recently, a governance vote passed on Angle to deploy for at least 1 month $250k worth of eagEUR on Idle in the Senior tranche of the pool. Related forum discussion can be found here.

Both protocols were audited and rely on an open source codebase. As for Angle, audits can be found here, and code is available here.

Motivation

A gauge on this pool with help incentivize senior lenders to come on top of Angle, thus creating opportunities for other junior lenders to join the pool, and hence using the Idle product for what it’s been truly built for.

Euler is also one of the best places where to get yield on Euros, and an IDLE gauge could definitely make Idle the main place to get protected Euro yield.

It would also open the door to further integrations involving notably Balancer pools with other senior tranche tokens.

Specifications

The Euler agEUR senior pool has already been deployed by the Idle team. It is available here.

Next Steps

We’ll open a temperature check on this proposal early next week to make sure we can move forward on this.

12 Likes

Full support.
Angle is a great protocol, lead by a great community.

Amazing utility and value are being created for both Idle Finance and Angle DAOs.

3 Likes

Seraphim from Euler. Very supportive of this as agEUR has a very robust oracle on Uniswap, fantastic team and so far is the most liquid of all EUR stables.

7 Likes

This proposal represents a great opportunity to build a solid relationship with Angle, a leading protocol in the Euro-based stablecoin market.

I support the whitelisting of agEUR Senior PYT, enabling Angle DAO (and future liquidity providers) to benefit from $IDLE incentives distributed via Gauges.

4 Likes

Full support for the agEUR whitelisting on Senior PYTs :raised_hands:

3 Likes

Vote is live on the two Snapshot spaces:

https://snapshot.org/#/staking.idlefinance.eth/proposal/0x126411c929eb08c01d60e183a7349f4eaba88b9dba4b765a952949a4e6736c28
https://snapshot.org/#/idlefinance.eth/proposal/0x1561258baa73ad793e645491e24e4e7e610fbfde917e42566c2f4ddfce69e826

5 Likes

Snapshot approved! :partying_face:

Euler agEUR Senior PYTs can now be added to Idle Gauges :building_construction:

5 Likes