Angle Knowledge Quiz | Ответы на квизы
1 - What is the shape of the Angle logo?
- Mint and burn Angle stablecoins (agTokens)
- Open long leverage positions on accepted collateral
- Earn governance token rewards
3 - What kind of stablecoin protocol Angle is?
- An innovative decentralized, capital efficient, and derivatives backed stablecoin protocol
- Angle protocol governance token
5 - How do Angle's stablecoins maintain their peg?
- As the pegged-currency is in the token name, the market will consider an agToken to have a similar value than the asset its pegged-to.
6 - Who are HAs and what is their role?
- Hedging Agents are hedging the protocol against collateral price volatility by opening long positions on Angle.
7 - Who are SLPs and what is their role?
- Standard Liquidity Providers bring additional liquidity to the protocol, allowing agTokens to be over-collateralized. They earn tx fees and rewards from investing the protocol collateral, but their capital might exceptionally be used to pay back stablecoin holders in case of distress.
8 - Where do the prices of the protocol come from?
- Angle takes the best prices from a comparison of Chainlink feeds and 10-min Uni V3 TWAP
9 - How does the protocol earn a surplus?
- The protocol earns a surplus from keeping a share of the transaction fees and the rewards coming from the invested capital of users, HAs, and SLPs, from collateral price increases arising when the protocol is not fully hedged by HAs, and from sales through the bonding curve.
- Angle stablecoins. Each one is pegged to a specific value (agEUR, agUSD, ...) thanks to multiple mechanisms.
2 - How is agTokens supply controlled?
- AgTokens are issued (minted) and redeemed (burnt) in a permission-less fashion from Angle contracts in exchange for accepted collateral at oracle value, such that agTokens are fully collateralized.
3 - What are agTokens backed by?
- AgTokens are backed by multiple battle-tested tokens serving as collateral and carefully whitelisted by the governance.
4 - How does Angle maintain the value of the collateral backing agTokens?
- It allows traders to open leverage perpetuals positions on the collateral backing agTokens, such that its value is hedged by those positions.
5 - Which one of these statement is true?
- If I mint an agToken with collateral A, I can get back any token accepted as collateral on Angle.
6 - What are the tx fees associated with agTokens?
- There are dynamic fees depending on the hedge ratio of the pair is transaction is related to. The higher the hedge ratio, the cheaper it will be to mint, and inversely.
1 - What are Angle perpetuals?
- Angle perpetuals are leverage long positions opened by HAs to hedge the protocol collateral value against volatility. HA don't need to pay funding fees, and prices come from oracles data.
- Angle perpetuals are represented by ERC-721 NFT. Information about the position like opening price, position size, and more, are stored in the token's contract.
2 - What happens to a HA position when the price of the underlying changes?
- After a price increase, the HA has an unrealized profit that he will receive if he closes the position. This amount will be deducted from the surplus of the protocol coming from the price increase.
- After a price decrease, the HA has an unrealized loss that the protocol will keep if she closes the position. This amount will be added to the reserves of the protocol backing the pair of the position to maintain the convertibility between stablecoins and collateral for users ✅
- Ratio between the total amount of collateral hedged by HA positions (expressed in stablecoin value) and the total quantity of stablecoins issued.
4 - What is the target hedge ratio?
- The portion of the protocol collateral, expressed in stablecoins value, that should be hedged by HA positions. Above this ratio, HAs can't open new positions.
5 - What is the limit hedge ratio?
- The maximum portion of the protocol collateral, expressed in stablecoins value, that can be hedged by HA positions. Above this ratio, HAs positions can be force closed by keepers.
- When a HA position is closed by a keeper because the hedge ratio of the pool is above the limit.
7 - What are the tx fees associated with closing and opening positions as a HA?
- There are dynamic fees depending on the hedge ratio of the pair the transaction relates to. A higher hedge ratio will induce more expensive opening fees and cheaper closing fees, and inversely.
- ERC-20 tokens received by SLPs in exchange for depositing collateral into a pool. They automatically accrue interests, and would typically be exchanged back at a later date against more collateral. They are somewhat similar to Compound's cTokens, or Yearn yTokens.
- The exchange rate of sanTokens
3 - How does the sanRate increase?
- The protocol lends the pools' funds to yield-earning strategies, which interest is redistributed to the pool and reflected through an increase in the sanRate. It also increases when the pool receives part of the tx fees.
4 - What is the multiplier effect for SLPs in Angle?
- The fact that SLPs in Angle earn a boosted yield, thanks to the fact that they get rewards coming from investing all the capital of the protocol and not only theirs.
5 - What tx fees do SLPs need to pay?
- SLPs don't pay any tx fee, but they can be required to pay a slippage depending on the collateral ratio of the protocol.
1 - How are the protocol's funds separated in the protocol?
- There is a separate contract for each agToken/collateral pair. Each contract holds only one type of collateral. If one contract fails, only the related pair will be affected. This allows for more flexibility, but requires users to approve their tokens multiple times.
2 - What happens if the collateral backing an agToken pool fails?
- A process called the Collateral Settlement kicks in to distribute the remaining collateral to the affected stakeholders.
3 - What happens if there is a Collateral Settlement process?
- All the contracts related to the affected collateral/agToken pool are paused (including the oracles), and a claim period starts. After the claim period is finished, the concerned stakeholders are paid back in a specific order, starting with governance token holders for each category.
4 - How do keepers help the protocol?
- They maintain the protocol's health by calling some functions of its contracts. These functions include liquidating unhealthy positions and force-closing others if the protocol is hedged too much, harvesting strategies' rewards, updating the token distribution rate if needed, and more.
5 - Computing the hedge amount: Let's say that HAs currently have a total position size of 80 ETH opened at an average price of 1100 USD/ETH, and that the current price of ETH is 1200 USD/ETH. What is the total hedged amount by HAs?
6 - Now let's say that we are in the same situation than in the previous question, and that 100 ETH were used to mint 100,000agUSD. What is the current hedge ratio?
7 - Let's say that the protocol has 150 USDC in total, from which 20 are coming from SLPs. If the share of interests distributed to SLPs is at 60% (the rest goes to the protocol's surplus), and the protocol invests 80% of its funds at a 10% APY, how much would SLPs receive after one year? What would then be their multiplier?
- 7.2 USDC, or a real yield of 36% on a strategy at 10%, i.e. a x3.6 multiplier effect
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