Angle Protocol

Angle Protocol是发行在以太坊上的去中心化稳定币项目，他们目标是创造一种资本高效且超额抵押的去中心化稳定币。
根据官方文档介绍， Angle 的用户主要包括三类：
稳定币需求者
对冲代理（Hedging Agency，HA），他们以类似永续期货形式在协议中进行加杠杆交易。
标准流动性提供者 (Standard Liquidity Provider,SLP) ，他们为协议提供额外抵押来继续保证协议的安全，同时自动赚取利息、交易费和奖励。
<div class="ql-long-58030660" data-header="3" data-foldable="">稳定机制</div>
Angle 的稳定机制其实比较简单，即：在付出少量费用之后，系统总是允许用户按照预言机价格来自由的铸造稳定币或者赎回抵押物。
例如，当前 ETH 的价格为 4000 美元，交易费用为 0.3%，那么用户随时可以将 1 ETH 交换成价值 3988美元的 agEUR。当市场对 agEUR 需求强劲时，只要agEUR 的溢价超过0.3%（不考虑GAS），那么从协议铸造 agEUR并抛售给市场就是有利可图的。反之亦然。
这其实与中心化稳定币的稳定机制比较类似。USDC等中心化稳定币也是可以保证其发行的稳定币与抵押物的1比1双向兑换，区别在于中心化稳定币的抵押物一般是现实世界中的法币或法币等价物，同时由于法币支付系统的限制以及成本考虑，中心化稳定币的赎回和铸造并不是实时的。
系统随时开放稳定币的铸造与赎回，对供应和需求的调节会更加的平滑，从而使得稳定币的流动性更好，也使其稳定性更强。这种方式是对稳定币用户最友好的方案。
但是问题在于，用户铸造agEUR时并不是超额抵押的，也就带来了一个问题：如果抵押物价格下跌，系统如何来保证随时都有足够的抵押物可以供用户赎回呢？比如如下的场景：
在ETH 4000美元时，A铸造了价值10 ETH的agEUR，此时系统持有10ETH（价值40000美元），系统负债价值 40000美元的 agEUR（不考虑手续费）
&nbsp;当ETH价格上涨至5000美元，系统持有的10ETH价值提升为50000美元，负债仍然只有40000美元，系统保持健康的超额抵押状态。
&nbsp;但当ETH价格下跌至3000美元，系统持有的10ETH价值降低为30000美元，负债仍然是40000美元，此时若没有HA存在，则系统无法保持流通中的agEUR都进行兑付。
因而单纯采用这种模式是行不通的。为了解决这一问题，Angle首先引入了HA（对冲代理）。在上述例子中，HA是对ETH的看多用户，他们可以存入ETH，并对ETH进行做多交易。在结合了HA之后，上述流程会变为：
在ETH 4000美元时，A铸造了价值10 ETH的agEUR。有B来做多ETH，带来5个ETH。此时系统负债价值 40000美元的 agEUR，系统持有15ETH，其中10ETH用于agEUR的赎回，剩余5ETH是B带来的系统的抵押盈余。
当ETH价格上涨至5000美元，系统持有的15ETH价值提升为75000美元，负债仍然只有40000美元。此时，协议中需要储存的用于agEUR赎回的ETH仍然价值40000美元，也就是8个ETH。原本用于对应agEUR赎回的2个ETH则变为了B的利润。
&nbsp;但当ETH价格下跌至3000美元，系统原本持有的10ETH价值降低为30000美元，由于负债仍然是40000美元。此时B带来的5个ETH中，需要有3.3个用于对应agEUR的兑付，也就是B的保证金只剩余1.67个。
在上述情形中，抵押物虽然下跌了25%，但是协议整体仍然保持超额抵押的安全状态。
HA带来的超额抵押，构成了Angle系统稳定的第一道安全垫。总体来讲，抵押物的上涨会使得HA盈利，系统安全垫增厚；而抵押物的下跌则会使得系统总体抵押率下降，但是只要有足够的HA，仍可保证系统的健康。而对于HA来讲，在angle进行ETH的做多交易也有明显的好处：1是不需要付出资金费率，这对于长期持有多单来讲是一个比较明显的优点，因为在CEX进行永续期货交易的年化资金费率经常会超过100%；另外交易价格直接采用预言机的价格，无需AMM，因而没有滑点；最后，由于HA对协议安全性的贡献，他们也可以获得系统分发的$ANGLE奖励。
但是上述方案仍然有个显著的问题，就是在ETH单边下跌的熊市过程中，HA们做多ETH的热情并不高。假若没有足够的HA来做多ETH提供抵押品的话，系统的安全性仍然无法保证，因而Angle又引入了标准流动性提供者（SLP）：
正如名字所揭示的一样，SLP在协议中的作用主要是提供流动性。SLP可以存入协议的抵押品，来给想要赎回抵押品的稳定币用户提供流动性。在稳定币用户、HA、SLP这三者之中，兑付的优先级为稳定币用户&gt;HA&gt;SLP，因而在协议流动性不足时，SLP面临更大的风险。作为这种风险的回报，SLP可以获得协议的收入（包括用户铸造和赎回稳定币的费用、和HA开仓和平仓的费用）。除此以外，Angle还计划将抵押物进行再投资（如通过Yearn或Compound），并且将全部的投资收益在扣除利润留存后给到SLP。由于除了SLP提供的抵押物之外，投资的&ldquo;本金&rdquo;部分还有稳定币用户和HA所提供的抵押物，因此SLP在此处获得的收益还具有&ldquo;乘数效应&rdquo;，也就是说SLP可以获得额外的投资收益。最后，SLP也可以获得系统分发的$ANGLE奖励
值得一提的是，在Angle的设计中，也预留了紧急情况下的&ldquo;治理代币支持稳定币&rdquo;机制，也就是允许将其治理代币 $ANGLE 也作为协议抵押物，用于在当HA与SLP带来的抵押物都无法满足用户赎回时的兑付。这个机制也是众多非足额抵押的稳定币常用的机制。在Angle的设计中，正常情况下这个模块不会启动。
HA和SLP的引入是DeFi可组合性的体现，Angle将稳定币、保证金做多交易和单币收益耕种这3个场景有效的结合，使得多方都受益：
对于稳定币用户来说，他们可以去中心化的在Angle铸造稳定币，并可以随时自由的将稳定币再兑换为抵押物，无需付出利息。
&nbsp;对于HA来说，他们可以在Angle进行类似无息的杠杆交易 / 币本位永续合约（多头）交易。相比在CEX进行上述交易而言，他们无需付出资金费率或利息，而只是需要付出一定的交易手续费，所以对长期持有的上述头寸的用户会更为友好；并且交易价格直接取预言机价格，也无需考虑滑点。当然，他们的抵押品和交易对象都会被限定&mdash;&mdash;抵押品和交易对象都只能是Angle铸币时认可的抵押物。
对于SLP来说，他们可以捕获协议内的费用，并且通过乘数效应可以捕获协议抵押物投资的收益。与此同时，他们也要承担更大的流动性风险。
对于协议来说，HA和SLP为协议提供了&ldquo;兑付盈余&rdquo;，因为有了HA和SLP的存在，协议才能在用户非超额抵押生成稳定币的前提下，实现系统的总体的超额抵押，从而实现了资本效率和协议安全的结合。

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Angle Protocol (ANGLE) 简介

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