Overcollateralized borrowers deposit funds into Angle and receive agEUR stablecoin.

Angle is a non-custodial stablecoin protocol built on Ethereum. Angle was co-founded by Pablo Veyrat and launched in 2021. The dashboard does not track the deprecated Core module.

ANGLE tokenholders own and govern the protocol. They currently take a cut of the transaction fees paid by the users and the interest earned on collateral assets (revenue). Angle’s investors include a16z, Fabric Ventures, Wintermute, etc.

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Angle

# Angle Earnings Methodology

## 1. Overview

Angle earnings represents the protocol's net profit, calculated as total revenue minus total expenses. This metric answers the fundamental business question: "How much profit is Angle generating from its operations?" The calculation follows standard financial accounting principles where earnings = revenue - expenses. Revenue comes from two primary sources: interest earned on stablecoin loans and fees from transmuter swaps. Expenses consist entirely of token incentives distributed to users.

## 2. Data sources

- **Vault manager events**: Parsed `InterestAccumulatorUpdated` and `InternalDebtUpdated` events from Angle VaultManager contracts across Ethereum, Arbitrum, Avalanche, Optimism, and Polygon chains
- **Transmuter swap events**: Parsed `Swap` events from Angle Transmuter contracts on Ethereum for agEUR stablecoin swaps
- **Token distribution events**: Parsed `RewardDistributed` events from Angle's AngleDistributor contract on Ethereum tracking ANGLE token incentives
- **External oracle data**: Angle Transmuter oracle values including mint prices, burn prices, and ratios for fee calculations
- **Token metadata**: Token contract information including decimals and symbols for proper amount calculations
- **End-of-day price feeds**: Daily closing prices for USD conversion of all revenue and expense amounts

## 3. Step-by-step calculation

### Component A: Interest revenue calculation
- **Purpose**: Calculate interest earned from stablecoin lending across all supported chains
- **Logic**: Track internal debt changes for each vault using `InternalDebtUpdated` events, where `isIncrease` indicates debt increases or decreases. Calculate cumulative debt per vault address and chain using running sums ordered by timestamp. Join with `InterestAccumulatorUpdated` events on the same transaction to get interest rate updates. Calculate interest earned by multiplying the difference between consecutive interest accumulators by the current debt amount. Normalize amounts by dividing debt by 10^18 and interest accumulators by 10^27
- **Key fields**: `internalAmount` (debt change), `isIncrease` (debt direction), `value` (interest accumulator), vault `address`, `block_timestamp`

### Component B: Transmuter swap fees
- **Purpose**: Calculate fees earned from agEUR transmuter swaps on Ethereum
- **Logic**: Process `Swap` events from Transmuter contracts to identify agEUR mint and burn operations. For swaps where agEUR is the output token (mints), calculate fees as (input amount × mint oracle price) - output amount. For swaps where agEUR is the input token (burns), calculate fees as input amount - (output amount × burn oracle price ÷ ratio). Join swap events with oracle values using block number and collateral token address to get accurate pricing. Only include positive fee amounts
- **Key fields**: `tokenIn`, `tokenOut`, `amountIn`, `amountOut`, `from`, `to`, oracle `mint`, `burn`, and `ratio` values

### Component C: Token incentive expenses
- **Purpose**: Track ANGLE token distributions as protocol expenses
- **Logic**: Sum all ANGLE token rewards distributed through `RewardDistributed` events from the AngleDistributor contract on Ethereum. These represent the cost of incentivizing user participation in the protocol
- **Key fields**: `rewardTally` (distributed amount), hardcoded ANGLE token address `0x31429d1856ad1377a8a0079410b297e1a9e214c2`

### Final aggregation
- **Combining components**: Revenue equals the sum of interest revenue and transmuter fees. Expenses equal token incentives. All components are aggregated by day using timestamp truncation
- **Currency conversion**: All amounts are converted to USD using end-of-day price feeds, with appropriate decimal corrections applied based on token specifications
- **Time aggregation**: Daily boundaries are created by truncating timestamps to day level, ensuring consistent daily reporting
- **Final calculation**: Earnings = Revenue - Expenses, where revenue includes both interest income and transmuter swap fees, while expenses consist of token incentive distributions. The result shows daily net profit in USD

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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