From the get-go, stablecoins have been an ideal option for those looking to mitigate risk within the DeFi industry. They offer fiat level stability to investors while being transparent and secure like cryptocurrencies, making for a reliable medium of exchange within DeFi. But, as the number of users and their utility within DeFi started to grow, the inherent problems with stable coins started to surface.
While the largest stablecoin projects like USDC and USDT remain centralized, the decentralized ones like Maker and Synthetix run on complex structures where the 1:1 convertibility of collateral against stablecoins is not possible. Additionally, there is no decentralized protocol that allows hassle-free minting of stablecoins, especially those pegged to the Euro.
In this regard, Angle Protocol is a decentralized platform striving to make a change and democratize the stablecoin market to build a bankless future. We at EPNS are pleased to announce our partnership with Angle Protocol to enable their democratization efforts by building a reliable communication channel for users and the protocol.
How Angle Protocol Can Benefit from EPNS
Angle is the first-ever fully decentralized, capital-efficient, and over-collateralized stablecoin platform in DeFi. The primary goal of Angle Protocol is to enable the minting of stable assets tradable over the blockchain. It lets investors buy stablecoins with collateral of their choice and also convert the stablecoins back into collateral. This means that Angle is among the first protocols to achieve the 1:1 convertibility of collateral against stablecoins.
Angle can be used to issue any stablecoin on the blockchain. It has launched agEUR, the biggest Euro stablecoin in the market, and aims to create stablecoins for Forex currencies in the near future. To achieve this ambitious goal, the protocol requires hedging agents (HA) who provide liquidity to the protocol and bear the volatility of the underlying by holding perpetual futures. HA’s benefit the rise in prices of the collateral assets and protect the protocol from price drops.
So, it goes without saying that for Angle Protocol to function smoothly, there needs to be a way for the protocol to communicate with its HA seamlessly. And, EPNS provides that way through decentralized push notifications.
What Does the Partnership Entail
Through our pilot partnership with Angle Protocol, we aim to build a proper medium for the protocol to be able to communicate with its HAs. Angle Protocol will now have an official channel on the EPNS platform that the users of the protocol, especially HAs can subscribe to.
In doing so, they benefit from direct communication from the protocol without the need for external media.
- Whenever perpetual futures near liquidation HAs are warned to re-collateralize their positions.
- If their position is in danger of force-closing, HAs are informed beforehand.
- Standard liquidity providers are informed whenever a high yielding opportunity emerges and
- Lastly, users are informed as to how rewards are being distributed every week.
As Angle Protocol strives towards revolutionizing the stablecoin space, we’re pleased to be partnering with them on this journey and hope to become an integral part of their operation.
About Angle Protocol
Angle is the first over-collateralized, decentralized, and capital-efficient stablecoin protocol. Thanks to the liquidity providers it uses, the protocol proposes full convertibility between stable assets and collateral, meaning that it is possible to swap collateral against stable assets, and stable assets against collateral at oracle value. This makes the protocol not only capital-efficient but also highly liquid.