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 Token incentives Methodology

## 1. Overview

The Angle token incentives metric measures the daily USD value of token rewards distributed by the Angle protocol to participants. This metric captures the protocol's spending on user incentivization through its reward distribution mechanism. The calculation processes `RewardDistributed` events from Angle's distributor contract on Ethereum, converts the token amounts to USD values, and aggregates them by day to show the protocol's daily incentive expenditure.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Blockchain events**: Parsed Ethereum `RewardDistributed` events from the AngleDistributor contract, containing reward amounts and transaction metadata
- **Transaction data**: Ethereum transaction records providing block timestamps and transaction context for the reward events
- **External data**: End-of-day token price feeds for USD conversion and token metadata for decimal precision correction
- **Protocol data**: The specific Angle token contract address (`0x31429d1856ad1377a8a0079410b297e1a9e214c2`) used for reward distributions

## 3. Step-by-step calculation

### Component A: Reward event extraction
- **Purpose**: Captures all token reward distribution events from the Angle protocol
- **Logic**: Extracts `RewardDistributed` events from the AngleDistributor contract on Ethereum. Each event contains a `rewardTally` field representing the amount of tokens distributed as rewards. The component captures transaction metadata including block timestamps, transaction hashes, and log indices for proper event identification. All rewards are categorized under the 'Interest' business line and 'stablecoin_issuer' business segment with version 'v1', reflecting Angle's position as a stablecoin issuing protocol.
- **Key fields**: `rewardTally` (raw token amount), `block_timestamp` (event timing), `transaction_hash` and `log_index` (unique event identification)

### Component B: Daily aggregation and categorization  
- **Purpose**: Aggregates reward events by day and applies consistent business classification
- **Logic**: Groups the reward events by truncating timestamps to daily boundaries. Each record is assigned standard business categorization fields including chain identifier ('ethereum'), business line ('Interest'), market sector ('stablecoin_issuers'), business segment ('stablecoin_issuer'), and version ('v1'). The token address is consistently set to the Angle token contract address.
- **Key fields**: `timestamp` (daily grain), `token_incentives` (aggregated reward amounts), business classification fields

### Component C: USD conversion and decimal correction
- **Purpose**: Converts token amounts to USD values with proper decimal handling  
- **Logic**: Applies the `convert_to_usd_and_correct_decimals` macro to transform raw token amounts into USD values. This process uses end-of-day price feeds to get USD conversion rates and applies decimal correction based on the token's decimal precision to ensure amounts are properly normalized. The conversion ensures all incentive values are expressed in comparable USD terms.
- **Key fields**: USD-converted `token_incentives` values with corrected decimal precision

### Final aggregation
- **Combining components**: The components flow sequentially from raw event extraction through daily aggregation to USD conversion
- **Currency conversion**: USD conversion uses end-of-day token price feeds applied to decimal-corrected token amounts  
- **Time aggregation**: Events are aggregated to daily boundaries using timestamp truncation, with each day showing the total USD value of incentives distributed
- **Final calculation**: The metric represents the sum of all USD-converted token rewards distributed by the Angle protocol on each day, with gap filling applied to show zero values for days with no incentive activity and chain availability filtering to ensure data quality

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

Value of native tokens distributed as incentives.

AngleANGLE

Token incentives

Token incentives

Competitive landscape

Chain breakdown