Angle Protocolby
angleprotocol.lens
Add support for agEUR on Polygon zkEVM
This is a vote to make this agEUR address on Polygon zkEVM the canonical agEUR address on the chain.
Context
Polygon zkEVM is an open-source ZK-Rollup that provides EVM equivalence for a frictionless user experience and to benefit from the security of Ethereum. Essentially all existing smart contracts, developer tools, and wallets work seamlessly. The zkEVM harnesses the power of ZK proofs to reduce transaction costs and massively increase throughput, all while inheriting the security of Ethereum. The mainnet beta was launched on March 27, 2023.
On its end, Angle has setup a bridge infrastructure relying on LayerZero that allows anyone to bridge agEUR from any of Ethereum, Polygon, Optimism, Arbitrum, Avalanche, BSC, Celo, Gnosis Chain to any of the other chains. In some of these chains, the Borrowing module is also natively deployed.
For agEUR to become a global standard used everywhere, agEUR integration efforts should be made across all blockchains, not only those where Angle is natively deployed.
Technically anyone can deploy a version of agEUR on any chain. What makes a version of agEUR the official or canonical agEUR version on a chain is getting this agEUR version connected to the other agEUR implementations on other chains, so it's possible to bridge from Polygon zkEVM to Celo for instance.
Proposal
The proposal is hence to connect the agEUR implementation deployed on Polygon zkEVM with all related addresses here to agEUR implementations on all other chains where it is supported.
Implementation
The Polygon zkEVM agEUR implementation that was deployed is exactly the same as that of other chains. Were deployed on the chain governance multisigs with the exact same signers as what the protocol has on other chains.
Technically with what has already been deployed, it’s possible to bridge like Ethereum → Polygon zkEVM but not the other way around. The goal of this proposal is to allow both ways bridging.
If this proposal succeeds, agEUR bridging could be supported directly through Angle Labs app.
Value to the Protocol
This is going to facilitate expansion of agEUR across the nascent Polygon zkEVM ecosystem. Polygon has been a key facilitator for agEUR since its launch and having agEUR available on Polygon zkEVM is a way to extend the protocol's relation with the wide Polygon ecosystem. There are some protocols and DEXes which are waiting for the first Euro stablecoin to come on the chain and which are ready to put incentives for agEUR holders
Risks
This increases the exposure of the protocol to bridge and chain hack (even though it’s unlikely that LayerZero gets hacked on like Polygon zkEVM but not Polygon). Also, deploying on Polygon zkEVM itself should pose minimal risks, relative to deploying on alternate blockchains. As an Ethereum Layer 2 Solution, it uses Zero Knowledge proofs to inherit Ethereum’s core safety, while allowing developers to easily deploy existing EVM codebases. The bridge has been disintermediated Polygon’s zkEVM testnet has been running for the past six months. Additionally, the deployment has been audited multiple times, by auditors including Spearbit and Hexens. Risks are outlined in detail in Polygon first party docs here: https://wiki.polygon.technology/docs/zkEVM/
Voting Options
- For, deploy on Polygon zkEVM
- Against, do nothing
Off-Chain Vote
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- Author
angleprotocol.lens
- IPFS#bafkreia
- Voting Systemweighted
- Start DateJul 07, 2023
- End DateJul 12, 2023
- Total Votes Cast58.19M veANGLE
- Total Voters110
Discussion
Timeline
- Jul 07, 2023Proposal created
- Jul 07, 2023Proposal vote started
- Jul 12, 2023Proposal vote ended
- Feb 18, 2025Proposal updated