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.

governance

github

twitter

discord

etherscan

website

Stablecoin issuers

Angle

# Angle Fees Methodology

## 1. Overview

The Angle protocol fees metric measures the total fees generated by the Angle protocol across two primary revenue streams: interest fees from vault positions and transmuter fees from agEUR swaps. This metric quantifies the protocol's revenue from its stablecoin issuance and exchange operations, providing insight into the protocol's financial performance and fee-generating activities.

## 2. Data sources

The calculation relies on several blockchain and external data sources:
- **Blockchain events**: Parsed `VaultManager_InterestAccumulatorUpdated` events from Ethereum, Arbitrum, Avalanche, Optimism, and Polygon networks tracking interest rate changes
- **Blockchain events**: Parsed `VaultManager_InternalDebtUpdated` events from the same five networks recording debt position changes
- **Blockchain events**: Parsed `Transmuter_Swap` events from Ethereum capturing agEUR minting and burning transactions
- **External data**: End-of-day token price feeds for USD conversion of fee amounts
- **Token metadata**: Token decimal information for proper amount normalization
- **Oracle data**: Angle Transmuter oracle values providing mint rates, burn rates, and ratios for fee calculations

## 3. Step-by-step calculation

### Component A: Interest fees calculation
- **Purpose**: Calculates fees earned from interest on outstanding vault debt positions across all supported chains
- **Logic**: The system first tracks all debt position changes by processing `VaultManager_InternalDebtUpdated` events, separating debt increases from decreases and calculating running cumulative debt balances for each vault address. These debt positions are then matched with `VaultManager_InterestAccumulatorUpdated` events that contain reserve accrual rate information. Using window functions, the calculation determines the change in reserve accrual rates between consecutive updates. The interest fee for each position equals the difference in reserve accrual rates multiplied by the outstanding debt amount, capturing the interest earned on borrowed positions.
- **Key fields**: `amount` (debt changes), `reserve_accrual` (interest accumulator values), `address` (vault identifier), `block_timestamp` (event timing)

### Component B: Transmuter fees calculation  
- **Purpose**: Calculates fees collected from agEUR minting and burning operations through the Transmuter contract
- **Logic**: The system processes `Transmuter_Swap` events from Ethereum that involve agEUR as either input or output token. Each swap event is enriched with token metadata for proper decimal handling and matched with corresponding oracle values at the transaction block height. For minting operations where agEUR is the output token, the fee equals the input amount multiplied by the mint oracle rate minus the actual agEUR output amount. For burning operations where agEUR is the input token, the fee equals the agEUR input amount minus the output amount multiplied by the burn oracle rate divided by the oracle ratio. This captures the spread charged by the protocol for agEUR conversions.
- **Key fields**: `amount_in` and `amount_out` (swap amounts), `token_in` and `token_out` (swap tokens), `mint_oracle` and `burn_oracle` (pricing rates), `ratio` (oracle ratio)

### Final aggregation
- **Combining components**: Interest fees and transmuter fees are combined using a union operation, creating a single stream of fee events across both revenue sources
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token price feeds, with proper decimal adjustment based on each token's specifications  
- **Time aggregation**: Timestamps are truncated to daily boundaries, and fees are aggregated by day to create daily fee totals
- **Final calculation**: The metric represents the sum of all protocol fees in USD per day, including both interest earned on vault positions and spreads collected on agEUR swaps, filtered by chain data availability

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

Total value users pay to use a protocol (gross fees, user-paid fees).

AngleANGLE

Fees

Fees

Competitive landscape

Chain breakdown