stEURa, issued by the Angle Protocol smart contracts under the governance of ANGLE tokenholders, is a tokenized yield-bearing savings vault that accrues value from the protocol's underlying yield strategies for holders of the euro-pegged EURA stablecoin [S1][S2][S3].

Holders deposit EURA, the Angle euro-pegged stablecoin, into a savings vault and receive stEURa representing a share of the vault [S2][S3]. The token is non-rebasing and accrues value through a rising exchange rate, so each stEURa becomes redeemable for progressively more EURA as yield accrues from protocol modules including real-world-asset reserve returns, DeFi yield-bearing assets, and borrower interest [S1][S2][S3]. The savings contracts charge no deposit or withdrawal fees [S2][S3].

No single corporate entity issues stEURa; issuance is via smart contracts under the Angle DAO of ANGLE tokenholders, with Angle Labs, Inc. acting as a contributing software developer that disclaims possession, custody, or control of user funds [S1][S4]. The token is a yield-bearing claim redeemable for a growing amount of EURA, withdrawable at any time with no lock-up [S2][S3]. The protocol applies a self-attestation model under which users represent they are legally permitted to use the services and are not subject to sanctions [S4]. The Terms specify the British Virgin Islands courts as exclusive forum [S4]. EURA backing stEURa cannot be lent and remains in a dedicated contract [S2].

stEURa is an ERC-4626 vault token deployed at the same address across multiple chains, including Ethereum and Linea [S2][S3]. Deposits and withdrawals settle onchain and effectively immediately, redeeming for the underlying EURA with no lock-up [S2][S3]. Yield is delivered via a governance-set minting right embedded in the contract, and the protocol publishes a savings APY endpoint [S5][S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://www.angle.money/usda" },
    { id: "S2", url: "https://www.angle.money/steur" },
    { id: "S3", url: "https://docs.angle.money/savings/savings" },
    { id: "S4", url: "https://www.angle.money/terms" },
    { id: "S5", url: "https://docs.angle.money/transmuter/transmuter" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

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

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Tokenized funds

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 Staked EURA (stEURa) is a tokenized fund share issued by Angle.

stEURa has been issued on public blockchains since September 2023 and is native to Arbitrum One, Ethereum, and Gnosis.

Angle Staked EURAstEURa