ANGLE is LIVE on POLYGON
Angle Borrowing module has been deployed on Polygon. It’s now possible to borrow agEUR, to get leverage on MATIC, ETH and USDC in a capital efficient way and with minimized liquidation and transaction costs.
Angle’s goal is to create a permissionless and uncensorable money layer for DeFi. It is with this goal in mind that in November Polygon became the first chain beyond Ethereum on which agEUR is available through the PoS bridge.
Since then, agEUR got more and more integrated within the Polygon ecosystem. (Aave, Curve, Uniswap, Quickswap, Superfluid, Market.xyz, …). Enabling European users to enjoy DeFi yields and composability without having to care about change risk or expensive transaction costs.
Angle recently launched a new way to mint agEUR on the Ethereum mainnet (called the Borrowing module). In order to pursue its mission to spread a robust EUR stablecoin everywhere in DeFi, they’ve just deployed this new minting module on Polygon!
Making Angle Protocol and DeFi Forex available for everyone
For the first time, Polygon users can natively get agEUR without having to interact with the Ethereum mainnet.
In more details, its Borrowing module makes it possible for anyone to borrow agEUR for 0.5% against wETH, MATIC or USDC.
It also comes with a built-in leverage engine facilitating leverage in a single transaction on wETH, MATIC and USDC with the market’s lowest fees.
While the expensive gas costs on the Ethereum mainnet prevent the protocol from allowing borrows inferior to 10k agEUR there, Polygon’s scaling solution enabled us to safely remove this friction: borrowing requirements have been reduced to the strict minimum of 20 agEUR.
This Polygon deployment thus unleashes a wide range of opportunities for all DeFi farmers. Traders looking to long their collateral or short the euro, or simply European users who want to play in DeFi with their home currency.
For those afraid of liquidations involved with protocols where you can borrow. This module is conceive as a safe haven for borrowers. These are only expose to minimal losses in case of liquidations thanks to the Dutch auctions that power the protocol’s liquidation mechanism.
What’s next?
Polygon DeFi ecosystem is one of the strongest in the industry. And Angle takes pride in providing this new primitive to the ecosystem. They’re convinced that Angle on Polygon can become something genuinely special, making DeFi more inclusive all around the world.
There is an ongoing vote to start supporting LayerZero as a bridge solution for Angle on Polygon on top of Polygon PoS. New bridge solutions could be added soon.
Angle Borrowing module is chain agnostic, and as such after Polygon, Optimism and Arbitrum deployments should follow up.
About Angle
Angle is an over-collateralized, decentralized and capital-efficient stablecoin protocol.
It has launched agEUR, the biggest decentralized Euro stablecoin in the market, and the most traded Euro stablecoin.
About Polygon
Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2. Its scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted. 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
SOURCE:
Angle
