Hi Mariam,

Thanks for the proposal.

The Arbitrum Incentive exists primarily to nurture the Arbitrum ecosystem, including builders and users. It’s a win-win cooperation program, as evidenced by the sentiment across the forum.

I agree with @meyaf320219 mentioning that this proposal only focuses on stEUR liquidity on Uniswap, which is not Arbitrum native and leverages stEUR through minting and lending. Although stEUR is a protocol great forward as the first Euro RWAs yield-bearing asset, it’s a still new product that just has launched and has not been proven its liveness on mainnet, where the protocol focuses on and starts with.

However, Angle Protocol and Merkl are both good products. Angle Lab is a great team with their commitment, talent, and transparency. They are real builders in this space and deserve an Arbitrum grant to grow the first Euro RWAs native yield-bearing assets, which will bring many benefits when it can interact with many users with cheap transactions as Arbitrum offers.

I suggest that Angle Lab adjust the requested amount to be more reasonable and use native Arbitrum DEXs and money markets as their liquidity and leverage solutions for stEUR.

I hope this feedback is helpful.


I wouldn’t change a word of this post. I’m sure this proposal could, and imho should, pass with the suggested improvements.


@peter @Perl @meyaf320219 @Matt_StableLab and all reading this post - Please see above a revised version of the draft proposal to (1) include native Arbitrum protocols to the execution and (2) revise the size of the request.

Also updated the protocol figures as the number of staked agEUR grew!

Thanks a lot for chiming in, i’ll be reading further comments!


this is great, the amount seems much more reasonable


Hello @Mariam, thank you for choosing Arbitrum to implement this project.

These are my reasons for supporting the Angle Protocol proposal:

  1. Great team, pragmatic with good vision about the fusion between DeFi and RWA assets;
  2. Angle Protocol is a completely transparent protocol (something unique in DeFi), providing a platform (https://facts.angle.money/) for consulting transactions, treasury, liquidity composition, etc.;
  3. Launched the most liquid euro stablecoin on the market: agEUR;
  4. agEUR is the only yield bearing euro stablecoin;
  5. The project states “native minting” of stEUR, therefore it means that this project implies native involvement in Arbitrum DeFi;
  6. Arbitrum’s investment in this project and others like it contributes to the consolidation of Arbitrum as the Ethereum L2 DeFi hub, and the competition to be this DeFi hub is becoming very strong and aggressive. The first movers, with quality investments, are those who will be able to gain market share;
  7. This project presented by Angle Protocol is a great opportunity for small crypto investors (European or non-European) to access a fantastic DeFi product (euro yield stablecoin), contributing to the expansion of the Arbitrum platform’s user base, as well as to the increased liquidity on this platform;
  8. I can say that, as a small investor in DeFi (and a European one), I am looking forward to this product being made available on a Layer 2 so that it is viable for me to make an investment. And I sincerely hope that this layer 2 is Arbitrum, the Ethereum L2 DeFi hub;
  9. To conclude, investing in this project means much more than supporting a product (stEUR), it means bringing greater liquidity and the integration of RWA assets into DeFi across Arbitrum DeFi.


  1. Through the amended proposal, the amount of support requested has already been adjusted and a change in the implementation of the liquidity pools to a native protocol (Camelot) has been proposed;
  2. As a holder of $ARB tokens, this amended proposal has my full support.
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Really respect the flexibility here, turning community feedback into action like this is a great sign of accountability. 100% in favor of the proposal.


As a long-term partner of Angle, Gamma knows how intelligent and professional the Angle team is. We have enjoyed working with the team on their EUR products and with Angle Merkl. Angle is a team you want to have a presence on Arbitrum. We hope the delegates approve this proposal.

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Hello @Mariam ,

Now that your application has been marked eligible, please be advised of the remaining steps in the application process to be completed prior to the Review Period Deadline:

Please complete the following steps required for your application to proceed to Snapshot:

To change your proposal to final, please tag an Arbitrum Foundation Forum Moderator (@ stonecoldpat @ cliffton.eth @ eli_defi) by the Review Period deadline to notify them of your proposal’s readiness to proceed from [Draft] to [Final] status.

Once notified, the Arbitrum Foundation Forum Moderator will adjust your title from [Draft] to [Final] status. Once marked as [FInal], your application post will be locked by moderators and you will no longer be able to edit your proposal.

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Hi @Matt_StableLab @stonecoldpat, @cliffton.eth and @eli_defi,

We would like to confirm that our application is ready be marked as [FINAL]. Please kindly change the title accordingly.

Thank you!

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Post has been marked FINAL and locked.

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The Angle team has really impressed me throughout this bear market continuously continuing to build new products as well as many public goods used in the Arbitrum ecosystem such as Merkl.

I also think that building liquidity for a Euro stablecoin is beneficial to Arbitrum - as well as experimenting with RWA’s and the yield it will produce for stEUR holders.

You have my support!


RWAs are big narrative in the space and I love how Angle is also helping drive that. If you’d like to do more with EUR, this is it. Happy to support their proposal and their endeavours on Arbitrum.

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Angle Protocol has contributed to the diversity of the DeFi ecosystem with the EUR based stablecoin and advanced liquidity mining efforts through Merkl. The outlined grant objectives align with the goals of the STIP and target collaboration between Arbitrum-native protocols. Furthermore, Angles focus on driving adoption of stEUR will provide important data and insights into the demand for RWAs on Arbitrum.

We look forward to supporting Angle Protocol’s grant application!

Angle Protocol Summary Stats:

  • Largest EUR stablecoin by DEX trading volume market share since May 2022 - 64.4% in September
  • 4th largest EUR stablecoin by Market Cap & largest decentralized stablecoin - $20M

Source: Dune, DefiLlama.

Disclaimer: Wintermute is an investor in Angle Protocol


Angle Protocol: @Mariam
From @Seedgov led by the @cattin delegation, we want to convey our support to this proposal. The reasons why we agree are as follows:

  • Application size tied to milestones. Being the largest decentralized Euro Stablecoin in the ecosystem, they have described a number of interesting actions for the Arbitrum ecosystem; the implementation of STEUR, and the subsequent liquidity incentive in Camelot, may bring new interest to Arbitrum; the listing of ARB as asset collateral, will give it an interesting use that avoids the sell

We want to clarify that this is not the final vote, since as we clarify in this release, the final vote is defined by our community. We also want to invite you to attend our Governance Call that will be held tomorrow in our discord .


Thank you to everyone here that has commented this proposal for improvements and support.

It’s particularly great to see Angle community members, users and delegates spontaneously providing feedback and the thoughts behind their support for this proposal. Thank you for your work, time and commitment to governance and new Defi development.

@SEEDGov I would be glad to attend your governance call on behalf of Angle. Reaching out to arrange details!

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For more details you can see this post we made


We endorse this proposal for its innovative approach to integrating RWA and the Euro into the Arbitrum Layer 2 ecosystem. By deepening Euro liquidity and supporting $ARB and $ETH volumes, the proposal promises to strengthen multiple facets of the Arbitrum ecosystem.

Overall, this initiative addresses several key areas that will contribute to the long-term resilience and versatility of Arbitrum.


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Michigan Blockchain supports this proposal with the requested amount being justified given the sustainable benefits to the Arbitrum ecosystem and having conducted an in-depth reviewal process of all submitted STIP proposals. We appreciate Angle Protocol’s effort in delivering a promising proposal and working with the community throughout the process.

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Firstly, we want to thank the team for considering the feedback of community and taking action towards it. We think this proposal fits with the aim of the grant as it supports the adoption of RWA and Euro stablecoins on Arbitrum. The grant will be used to incentivize stEUR pools, which will lead to stEUR stakers’ migration to Arbitrum. Considering this, we are giving our vote in favor of this proposal.


First of all, thank you for the detailed proposal. We want RWAs to have a more active market on Arbitrum. We believe this could create TVL for Arbitrum. The incentives provided are sufficient to move both users and assets from other networks.

We support the proposal and are voting “For” in the poll.