FIP-78a: Meta-governance - ANGLE (Angle)

Status: Snapshot
Authors: @Eswak

Hi everyone! I have been working on “meta-governance” recently, meaning that our DAO will be able to use TRIBE to proxy-vote in other DAOs using the governance tokens held in the PCV, or more generally “play the game” of other protocols in a way that favor the Tribe. As of today, we hold AAVE, ANGLE, BAL, COMP, CRV, CVX, INDEX, and TOKE. I will release each meta-governance updates separately (1 token/protocol each time) to create a clean forum thread to discuss the proposed strategy each time, and introduce new contracts in the system gradually.

Context
The DAO currently holds 10M$ of agEUR (Euro stablecoin) paired with 10M$ of FEI in Uniswap. The DAO currently holds 160k ANGLE (85k$).

Angle protocol is a stablecoin that issues an Euro stablecoin, agEUR. The agEUR token can be minted with various collaterals (DAI, USDC, FEI, FRAX), and EUR/USD volatility is hedged by allowing users to open leveraged positions on agEUR/FEI for instance. Angle recently changed their tokenomics to use Curve’s “ve model”.

Summary

  • Move the DAO’s ANGLE tokens to a new Angle delegator contract
  • The ANGLE delegator contract does a snapshot delegation to a target address, and “plays the veToken game” (more details below).
  • The DAO and OA Timelock can change the veANGLE delegatee.
  • Initial delegatee of the protocol’s veANGLE tokens to be discussed in this thread before voting.

Motivation
The veANGLE tokens can be used to direct more incentives towards pools that contain FEI, so we should use it to increase FEI demand.

A lot of protocols are moving to veToken models, so I think it’s interesting to validate that capacity of the TribeDAO on-chain with a relatively small position (20M$) and a relatively small governance power (85k$ veANGLE).

Specification
Delegatee of the protocol’s veANGLE tokens have to be an externally-owned account, because they need to be able to vote on Snapshot. For on-chain voting, the OA Timelock and the DAO will be able to use veANGLE to vote in Angle’s OZ governor. The delegation is only for snapshot voting. If you feel like you’d make a good delegate, please speak up :slight_smile:

To “play the veToken game”, the protocol will do the following :

  • Permanently lock ANGLE tokens to veANGLE. Locking is done for 4 years, and can be renewed anytime permissionlessly to avoid voting power decay, unless the contract is paused.
  • Have the capacity to stake tokens in Angle’s gauges (PCV_CONTROLLER_ROLE).
  • Vote for gauge weights (DAO or OA Timelock).
  • Claim ANGLE rewards from gauges, and vote-lock them to veANGLE.

If this snapshot vote passes, I will create a post on the Angle forums, so that our veANGLE delegator contract is whitelisted to vote-lock ANGLE for veANGLE (they have a similar smartwallet protection as Curve does).

The DAO proposal will include a migration of our LP tokens from their old staking contract to their new gauge system.

Voting
The proposal will use simple choice voting. Voting options :

  • Yes, use ANGLE as described
  • No, more discussions needed
3 Likes

Looks like Balancer is also moving to a veToken model :eyes:

I’ll move this to last call, deploying contracts to handle veTokenomics & battle-testing them on mainnet before Balancer migrates would be good because we have much more BAL than ANGLE.

I propose myself (eswak.eth) as veANGLE delegate for snapshot votes. We’ll probably not vote with our small amount of tokens anyway.

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Snapshot is live for 48h

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I posted yesterday on the Angle forums, after we have a formal go, we’ll be able to publish the on-chain vote :slight_smile:

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