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rm: veANGLE (#263)
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2 changes: 1 addition & 1 deletion README.md
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Expand Up @@ -60,7 +60,7 @@ Globally, each stablecoin of the protocol combines different modules/facilitator

### 🗳 Governance

Angle is a decentralized protocol governed by [a DAO](governance/angle-dao.md) encapsulating all holders of a governance token called veANGLE. Holders of the token have voting powers to propose and make changes to the underlying code of the Angle Protocol.
Angle is a decentralized protocol governed by [a DAO](governance/angle-dao.md) encapsulating all holders of a governance token called ANGLE. Holders of the token have voting powers to propose and make changes to the underlying code of the Angle Protocol.

## ⚒️ [Developers Doc](https://developers.angle.money)

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82 changes: 40 additions & 42 deletions SUMMARY.md
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## Overview

* [📐 Angle Documentation Portal](README.md)
* [⚒️ Developers](https://developers.angle.money)
* [📖 Whitepapers](whitepapers.md)
* [🖼️ Stablecoins](stablecoins.md)
* [⚠️ Risks](risks.md)
- [📐 Angle Documentation Portal](README.md)
- [⚒️ Developers](https://developers.angle.money)
- [📖 Whitepapers](whitepapers.md)
- [🖼️ Stablecoins](stablecoins.md)
- [⚠️ Risks](risks.md)

## Transmuter

* [⚗️ Transmuter Overview](transmuter/README.md)
* [💱 Mint and Burn](transmuter/mintBurn.md)
* [🪃 Redeem](transmuter/redeem.md)
* [🔍 Other aspects](transmuter/implementation/README.md)
* [📄 Collateral Management and Whitelist](transmuter/implementation/collateralsManagement.md)
* [👔 Implementation Details](transmuter/implementation/implementationDetails.md)
- [⚗️ Transmuter Overview](transmuter/README.md)
- [💱 Mint and Burn](transmuter/mintBurn.md)
- [🪃 Redeem](transmuter/redeem.md)
- [🔍 Other aspects](transmuter/implementation/README.md)
- [📄 Collateral Management and Whitelist](transmuter/implementation/collateralsManagement.md)
- [👔 Implementation Details](transmuter/implementation/implementationDetails.md)

## Borrowing Module

* [🔭 Borrowing Module Overview](borrowing-module/README.md)
* [🏦 Vaults](borrowing-module/vaults/README.md)
* [💵 Fees and revenue](borrowing-module/vaults/fees.md)
* [🎳 Liquidations](borrowing-module/vaults/liquidations.md)
* [🗡️ Vaults Settlement](borrowing-module/vaults/settlement.md)
* [📚 Glossary](borrowing-module/glossary.md)
- [🔭 Borrowing Module Overview](borrowing-module/README.md)
- [🏦 Vaults](borrowing-module/vaults/README.md)
- [💵 Fees and revenue](borrowing-module/vaults/fees.md)
- [🎳 Liquidations](borrowing-module/vaults/liquidations.md)
- [🗡️ Vaults Settlement](borrowing-module/vaults/settlement.md)
- [📚 Glossary](borrowing-module/glossary.md)

## Savings

* [💸 Angle Savings System](savings/README.md)
- [💸 Angle Savings System](savings/README.md)

## Side Modules

* [🌉 Angle Cross-Chain Setup](other/cross-chain.md)
* [⚙️ Algorithmic Market Operations](other/amo.md)
* [⚡️ Flash Loans](other/flash-loans.md)
- [🌉 Angle Cross-Chain Setup](other/cross-chain.md)
- [⚙️ Algorithmic Market Operations](other/amo.md)
- [⚡️ Flash Loans](other/flash-loans.md)

## Governance

* [🗳️ Angle DAO](governance/angle-dao.md)
* [🚀 ANGLE Token](governance/angle-token.md)
* [♠️ veANGLE](governance/veANGLE.md)
* [💂 Angle Guardian](governance/guardian.md)
- [🗳️ Angle DAO](governance/angle-dao.md)
- [🚀 ANGLE Token](governance/angle-token.md)
- [💂 Angle Guardian](governance/guardian.md)

## USER GUIDES

* [👟 First steps and settings](user-guides/first-steps.md)
* [🛒 Buy Angle stablecoins](user-guides/buy-angle-stablecoins.md)
* [🔄 Swap crypto to Angle stablecoins](user-guides/swap-crypto-to-angle-stablecoins.md)
* [💰 Earn yield on your stablecoins](user-guides/earn-yield-on-your-stablecoins/README.md)
* [💵 Earn a Dollar yield](user-guides/earn-yield-on-your-stablecoins/earn-a-dollar-yield.md)
* [💶 Earn a Euro yield](user-guides/earn-yield-on-your-stablecoins/earn-a-euro-yield.md)
* [🔙 Withdraw funds](user-guides/earn-yield-on-your-stablecoins/withdraw-funds.md)
* [🌉 Bridge Angle stablecoins](user-guides/bridge-angle-stablecoins.md)
* [🏦 Borrow EURA](user-guides/borrow.md)
* [🏦 Borrow USDA](user-guides/borrow-usda.md)
* [🔒 Lock ANGLE tokens](user-guides/lock-angle-tokens.md)
- [👟 First steps and settings](user-guides/first-steps.md)
- [🛒 Buy Angle stablecoins](user-guides/buy-angle-stablecoins.md)
- [🔄 Swap crypto to Angle stablecoins](user-guides/swap-crypto-to-angle-stablecoins.md)
- [💰 Earn yield on your stablecoins](user-guides/earn-yield-on-your-stablecoins/README.md)
- [💵 Earn a Dollar yield](user-guides/earn-yield-on-your-stablecoins/earn-a-dollar-yield.md)
- [💶 Earn a Euro yield](user-guides/earn-yield-on-your-stablecoins/earn-a-euro-yield.md)
- [🔙 Withdraw funds](user-guides/earn-yield-on-your-stablecoins/withdraw-funds.md)
- [🌉 Bridge Angle stablecoins](user-guides/bridge-angle-stablecoins.md)
- [🏦 Borrow EURA](user-guides/borrow.md)
- [🏦 Borrow USDA](user-guides/borrow-usda.md)

## Resources

* [🔐 Audits](resources/audits/README.md)
* [🐛 Bug Bounty](resources/audits/bug-bounty.md)
* [📊 Angle Analytics](resources/analytics.md)
* [🔗 Quick Links](links.md)
* [📒 Glossary](global-glossary.md)
- [🔐 Audits](resources/audits/README.md)
- [🐛 Bug Bounty](resources/audits/bug-bounty.md)
- [📊 Angle Analytics](resources/analytics.md)
- [🔗 Quick Links](links.md)
- [📒 Glossary](global-glossary.md)

## Merkl

* [🥨 Merkl Docs](https://docs.merkl.xyz)
- [🥨 Merkl Docs](https://docs.merkl.xyz)
2 changes: 1 addition & 1 deletion borrowing-module/vaults/fees.md
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Expand Up @@ -26,7 +26,7 @@ Collecting these fees creates revenue for the protocol, which serves multiple pu

- Accumulating reserves for riskier assets in case positions get under-collateralized
- Helping maintain peg of stablecoins in extreme market conditions, by incentivizing or disincentivizing borrowing
- Accumulating surplus for veANGLE holders and the whole ANGLE ecosystem
- Accumulating surplus for the whole ANGLE ecosystem

{% hint style="info" %}
The state of the fees taken for each type of vault can be checked directly on the [Analytics](https://analytics.angle.money) of the protocol.
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18 changes: 1 addition & 17 deletions borrowing-module/vaults/liquidations.md
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Expand Up @@ -14,7 +14,7 @@ Liquidations in this Borrowing module are designed to be the most borrower frien

- Vaults with a health factor below 1 risk getting liquidated
- Liquidated vaults can lose part or all of their collateral. Owners of such vaults however get to keep the stablecoins they borrowed
- Angle comes with its unique set of liquidation features such as a variable liquidation amount, a dynamic discount for liquidators based on Dutch auctions, and a potential discount booster for veANGLE holders which overall make this system more borrower friendly than alternatives.
- Angle comes with its unique set of liquidation features such as a variable liquidation amount and a dynamic discount for liquidators based on Dutch auctions which overall make this system more borrower friendly than alternatives.

## How liquidations work

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This ensures that liquidators are given just what they need to make a profit, unlike in other protocols where they can make instantaneous 13% discount. This is part of what makes the liquidation process far more borrower friendly as liquidated vaults lose the smallest amount possible from their vault.

### Liquidation Booster

By being stakeholders in the protocol, liquidators holding veANGLE could get a higher discount than others depending on their veANGLE balance.

This would give utility to veANGLE, as well as incentivize veANGLE to liquidate before others, further aligning the interests of veANGLE holders with the protocol.

$$
a = \texttt{baseBoost} \times f(\texttt{veANGLE balance})
$$

Where `f` is a piecewise linear increasing function of the veANGLE balance, capped by a certain amount.

{% hint style="info" %}
This feature has never been activated so far.
{% endhint %}

### No Capital Requirements

Liquidators can liquidate vaults without bringing in any capital. When liquidating, they receive the liquidated collateral at the beginning of the transaction, which allows them to swap it against the required amount of stablecoins to pay back the debt by the end of the transaction.
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3 changes: 1 addition & 2 deletions global-glossary.md
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| **Module** | A set of smart contracts interacting together for a specific use case. |
| **Borrowing Module** | A set of smart contracts that enable people to take stablecoin loans against an excess amount of collateral deposited in the protocol. |
| **Transmuter** | A set of smart contracts that enable to mint Angle stablecoins at oracle value against whitelisted collateral assets like for instance other stablecoins. |
| **Governance** | The group of stakeholders in the Angle Protocol that decides of the upgrades and improvements made to the protocol. Currently, the Angle Governance is made up of the veANGLE holders, that is to say of holders of locked ANGLE tokens. |
| **Governance** | The group of stakeholders in the Angle Protocol that decides of the upgrades and improvements made to the protocol. Currently, the Angle Governance is made up of the ANGLE holders. |
| **ANGLE** | The original governance token of the Angle Protocol. More info in the [ANGLE page](governance/angle-token.md). |
| **veANGLE** | Voting-esrowed ANGLE. They can be obtained by locking ANGLE from 1 week to 4 years. veANGLE can vote on governance proposals, and earn interest from the different protocol activities. More in the [veANGLE page](governance/veANGLE/). |
| **TVL** | Acronym for Total Value Locked, the total amount of value locked up in smart contracts of the designated protocol. |
| **Collateral** | Cryptocurrency asset (EURC, USDC, wETH, wBTC, bC3M ...) held in reserves supporting the value of the stablecoins issued by the protocol. In the Borrowing module, collateral assets are the tokens users deposit into Angle Vaults to be able to borrow Angle stablecoins. If their debt becomes too big compared to their collateral, it can be taken from them to pay back the debt through a liquidation. In the Transmuter, collateral assets can be used to mint stablecoins at oracle value and with dynamic fees. |
| **Collateral Ratio** | Ratio between the total value of collateral backing a stablecoin, and the total supply of this stablecoin. The value of the collateral is expressed in the related stablecoin. |
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