Context

This is a proposal to add the Moonwell flagship EURC Morpho vault (https://app.morpho.org/vault?vault=0xf24608E0CCb972b0b0f4A6446a0BBf58c701a026&network=base&morphoPrice=1.0) to the EURA Transmuter on Base in order to provide Angle with a reliable, low cost, and efficient means of generating stable, low risk returns on EUR-denominated reserves backing EURA.

The EUR Base Transmuter accumulated over 1.3m EURC over the past weeks, but contrary to USDC there are no native bridges on EURC which don't allow to implement the same rebalancing structure as on USDA (https://snapshot.box/#/s:anglegovernance.eth/proposal/0xb2ddc517daf89050fa34e3d477d56e5ffb1866ce2d37c8e7acd3e77bfe8255b7). A solution would be to directly divest treasury on the chain itself (here Base), instead of bridging funds back to Ethereum.

Proposal

Add Moonwell flagship EURC Morpho vault to the EUR Transmuter on Base, curated by Block Analitica and B.Protocol, who are curators on many Morpho vaults with a current total supply of $+150m but with who Angle has never worked with. It is in line with our current setup, as the new asset uses a similar stack to SteakUSDC which is already used on Ethereum for USDA, and the accepted collaterals on this vault have already been used by Angle: cbBTC, ETH, cbETH, wstETH and rETH.

Implementation

• Add the Moonwell flagship EURC Morpho vault (https://app.morpho.org/vault?vault=0xf24608E0CCb972b0b0f4A6446a0BBf58c701a026&network=base&morphoPrice=1.0) as collateral to the EURA Transmuter on Base.
• Set a max exposure of 30% to this asset on Base