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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Stablecoin issuers

Angle

# Angle Expenses Methodology

## 1. Overview

Angle Protocol expenses represent the total value of ANGLE token rewards distributed to users through the protocol's reward system. This metric captures the protocol's operational costs in the form of token incentives paid out to maintain liquidity and encourage participation. The calculation aggregates daily reward distributions from Ethereum's AngleDistributor contract and converts them to USD values to provide a standardized measure of protocol expenses.

## 2. Data sources

- **Blockchain events**: Parsed Ethereum `RewardDistributed` events from the AngleDistributor contract, containing reward distribution amounts and recipient information
- **Token metadata**: ANGLE token contract details including decimal precision (18 decimals) and token address identification
- **External data**: End-of-day price feeds for ANGLE token to enable USD conversion of reward amounts

## 3. Step-by-step calculation

### Component A: Reward distribution extraction
- **Purpose**: Captures all ANGLE token rewards distributed through the protocol's reward system
- **Logic**: Extracts `RewardDistributed` events from the AngleDistributor contract on Ethereum, specifically focusing on the `rewardTally` field which contains the distributed reward amounts. Each event represents a reward distribution to a specific recipient and is tagged with the ANGLE token address and classified under the Interest business line within the stablecoin issuers market sector
- **Key fields**: `rewardTally` amounts converted to proper numeric precision, `block_timestamp` for timing, and hardcoded ANGLE token address `0x31429d1856ad1377a8a0079410b297e1a9e214c2`

### Component B: Daily aggregation and USD conversion
- **Purpose**: Aggregates reward distributions by day and standardizes amounts in USD
- **Logic**: Groups all reward distribution events by daily timestamp boundaries, summing the total `rewardTally` amounts for each day. Applies decimal correction to handle the ANGLE token's 18-decimal precision properly, then converts the corrected token amounts to USD values using end-of-day price feeds
- **Key fields**: Daily `timestamp` boundaries, aggregated `token_incentives` amounts in both native tokens and USD values

### Final aggregation
- **Combining components**: The token incentives data flows directly into the expenses calculation, where token incentive amounts are simply renamed as expenses without additional mathematical transformation
- **Currency conversion**: USD conversion occurs during the token incentives phase using end-of-day ANGLE token prices, ensuring consistent daily valuation
- **Time aggregation**: Daily boundaries are established by truncating timestamps to day level, with any missing dates filled with zero values to maintain continuous time series
- **Final calculation**: The final expenses value equals the sum of all USD-converted ANGLE token rewards distributed on each day, representing the protocol's daily operational costs in token incentives

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

Total project operating and incentive expenses.

AngleANGLE

Expenses

Expenses

Competitive landscape

Chain breakdown