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 Revenue Methodology

## 1. Overview

Angle revenue represents the total fees generated by the Angle protocol's stablecoin operations. This metric captures revenue from two primary sources: interest-based fees from vault management operations and transaction fees from transmuter swaps. The calculation aggregates fees across multiple chains (Ethereum, Arbitrum, Avalanche, Optimism, and Polygon) and converts all amounts to USD for standardized reporting. Revenue equals total fees in this methodology, providing a comprehensive view of Angle's fee generation capabilities.

## 2. Data sources

The calculation relies on several raw blockchain data sources and external feeds:

- **Blockchain events**: Parsed `VaultManager_InterestAccumulatorUpdated` events from Ethereum, Arbitrum, Avalanche, Optimism, and Polygon networks that track interest rate changes
- **Blockchain events**: Parsed `VaultManager_InternalDebtUpdated` events from the same chains that record debt position changes with increase/decrease flags
- **Blockchain events**: Parsed `Transmuter_Swap` events from Ethereum that capture agEUR transmuter swap transactions
- **External data**: Oracle values containing mint rates, burn rates, and ratios for transmuter fee calculations
- **External data**: Token metadata providing decimal precision information for proper amount conversions
- **External data**: End-of-day token price feeds for USD conversion of all fee amounts

## 3. Step-by-step calculation

### Component A: Interest-based fees
- **Purpose**: Calculates fees generated from interest accrual on debt positions in Angle's vault management system
- **Logic**: The system first processes internal debt updates to track cumulative debt positions per vault manager address. For each debt update event, amounts are extracted and marked as increases or decreases based on the `isIncrease` flag. Cumulative debt is calculated using running sums partitioned by vault manager address and chain, ordered chronologically. The system then processes interest accumulator updates that contain reserve accrual rates. These two datasets are joined by transaction hash, vault manager address, and chain. The calculation uses a window function to get the next period's reserve accrual rate using LEAD(), then computes interest fees as the difference between consecutive reserve accrual rates multiplied by the debt amount at that point in time
- **Key fields**: `amount` from debt updates (divided by 10^18 for proper decimals), `reserve_accrual` from interest accumulator events (divided by 10^27), `isIncrease` flag for debt direction, `address` for vault manager identification

### Component B: Transmuter swap fees  
- **Purpose**: Calculates fees from agEUR transmuter swap operations that allow users to exchange between agEUR and collateral tokens
- **Logic**: The system extracts all transmuter swap events from Ethereum, identifying the collateral token by checking which of `tokenIn` or `tokenOut` is not the agEUR address. Swap events are joined with token metadata to get decimal precision for proper amount conversion. The system then joins swap data with oracle values by block number and collateral token address to get mint rates, burn rates, and ratios. For mint operations (where `tokenOut` is agEUR), fees are calculated as the difference between expected output and actual output using the mint oracle rate. For burn operations (where `tokenIn` is agEUR), fees are calculated using the burn oracle rate and ratio to determine the expected vs actual amounts. Only positive fees are included in the final calculation
- **Key fields**: `amountIn` and `amountOut` from swap events, `tokenIn` and `tokenOut` for direction identification, `mint_oracle`, `burn_oracle`, and `ratio` from oracle data

### Final aggregation
- **Combining components**: Interest fees and transmuter swap fees are combined using UNION ALL, with both datasets containing the same schema structure including timestamp, chain, token address, and fee amount
- **Currency conversion**: All fee amounts are converted to USD using end-of-day token price feeds, with the conversion macro handling token address matching and price application
- **Time aggregation**: Fees are aggregated to daily boundaries using `timestamp_trunc(block_timestamp, day)` with `timestamp_grain` set to 'day'
- **Final calculation**: The finalize_metric_fees macro applies schema validation, ensures proper data structure, and fills any gaps using a 'fill_zeros' strategy. The finalize_metric_revenue macro then converts fees to revenue on a 1:1 basis, since revenue equals total fees for Angle protocol. Chain availability filtering is applied to ensure only supported chains are included in the final output

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

AngleANGLE

Revenue

Revenue

Competitive landscape

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