Up to 1.1m ARB to incentivise the liquidity of a single token is really quite hard to compherend.

Whilst I appreciate the work you are doing with stEUR/agEUR, it really is hard to justify such a large amount for a non-native protocol and on just one single token.

Why does the proposal not take into account any other Arbitrum protocols? Uniswap and a “lending protocol” is disappointing when the entire purpose of this framework is to incentivise Arbitrum builders.

This proposal is a large cost to the DAO that almost entirely generates value just for Angle.

Please could you also detail the incentives and liquidity you have achieved so far for this token? Thanks


Hi meyaf320219,

Thanks a lot for your feedback.

Please see answers below. Going from there we’re happy to incorporate feedbacks to improve the proposal.

Scope and value of the program for Arbitrum

  • Supporting the adoption of the first savings rate on Arbitrum and any L2
  • Giving access to a fixed 4% Euro-based real yield to Arbitrum users
  • incentivizing ARB, USDC, wstETH along with stEUR
  • Creating the base for composability opportunities with a RWA-related asset (i.e. stEUR liquidity)

Amount requested

The initial amount requested is 333,334 ARB with potential extensions.

The proposal suggest the release of a second tranche of the grant only if a $9m TVL (75% of the target) is achieved across the 3 pools incentivized after 1 month.

The same logic applies for any extension of the grant from the 2nd month to the 3rd.

Happy to hear improvements suggestion on that part.

Inclusion of other Arbitrum builders

  • This proposal include further building on Arbitrum on Angle’s part including adding $ARB as collateral to mint agEUR
  • The initial proposal is to use of the most popular DEX on Arbitrum by TVL and volume (i.e. Uniswap v3) to host the incentivized pools → we are very happy to hear any suggestion from you or any other stakeholders on the alternative they would like to see
  • Composability of a RWA-based asset in Defi starting with using stEUR as collateral in lending → this bit and many other uses of this opportunity by Arbitrum builders is conditional to the presence of enough stEUR liquidity on the chain. And the portion of the grant relating to integrating stEUR as a lending collateral would not be used if there is no integration to incentivize.

Adding here again that we’re open to suggestions to improve the proposal, if any.

More information on the savings rate and stEUR

agEUR staking and stEUR have been deployed 24 hours ago on Ethereum Mainnet.

It has never been incentivized and there are currently 2.4m stEUR from users who started using the contract to benefit from the savings rate.

Please let us know your thoughts on the above as well as your suggestions if any!


Hello @Mariam thank you for your application! Your submission meets all requirements to be considered for a snapshot vote.

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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