After a Successful DAO Vote, Angle decided to Launch the 1 Phase of the $gANGLE Distribution

Background Angle's DAO governance is considering altering the Angle Gold allocation rate, a newly approved function where 1% of bridge volume fees are converted to $gANGLE. $gANGLE has the potential to increase bridge transaction volume and reward holders, but will $ANGLE face market cap reduction if a derivative token supply is increased, or will the increase in bridge volume contribute to greater value for users. 

• Proposal Increase $gANGLE from 1% of bridge volume fees to 2% bridge volume to further incentive bridge usage and reward the ANGLE community. Maintain the $gANGLE biannual rewards distribution timeline to encourage bridge prioritization and bolster market sentiment. Currently, for every $1M of bridge volume, $10,000 will be allocated to the $sGOLD treasury. This proposal suggests contributing $20,000 to $gANGLE for every $1M of bridge volume, which will later be distributed to bridge users based on wallet activity. A majority vote of 51% or greater is required for the protocol to implement this new addition. 

• What is $gANGLE and when is the first distribution? Angle DAO has voted to implement $gANGLE rewards for the first distribution, which is live for users from February 19, 2024 to March 15, 2024. Each $ANGLE holder is eligible if their wallet is older than 7 days, and they have made a txn with $ANGLE. $gANGLE distribution rate will be based on wallet solvency levels and bridge volume. 

If you haven't already, check HERE if you are eligible for the Phase 1 $gANGLE Rewards Distribution. 

• Execution If this proposal receives a majority vote of 51% or greater, $gANGLE treasury allocation rate will increase from 1% to 2% to further reward bridge users and hopefully increase overall bridge volume. 

If the new reward's allocation rate is accepted, it will be implemented in the 2024 Q1 distribution. 

Don't forget to check if you are eligible for the Phase 1 $gANGLE distribution if you have been an active $ANGLE user or staker.