Angle Initiates Private Beta For USDA With $50,000 Reward Pool For Testers Ahead of Official Launch
In Brief
Angle will conduct a private beta test for its USD-pegged stablecoin, USDA, from April 8th to 16th, paving the way for official launch.
Over-collateralized stablecoin protocol Angle revealed its plans to conduct a private beta test for its upcoming decentralized USD-pegged stablecoin, USDA. The private beta is scheduled to take place from April 8th to 16th, paving the way for its official launch.
During the beta test, participants will have the opportunity to share a prize pool of $50,000 in OP (Optimism) tokens. Daily OP rewards will be distributed based on the participants’ stUSD balance on Optimism. Additionally, testers who own stUSD during the private beta will earn a yield on the USDA they deposited.
Over eight days, beta testers will receive daily distributions of $6,250 in OP tokens, totaling $50,000. The rewards will be distributed through Merkl, the reward hub operated by Angle Labs.
Addresses containing Wagame Optimism Citizenship, veANGLE, DegenScore tokens, or Cryptotesters, as well as Lobster DAO Llamas non-fungible tokens (NFTs), qualify for early access to the stablecoin and are eligible for rewards by participating in the beta test. Those interested but do not possess the mentioned tokens or NFTs may contact Angle via Discord or on X, providing their Ethereum address to be considered for whitelist access.
Angle Protocol Empowers USDA and EURA Stablecoin Issuance With Forex Market Access
The Angle protocol facilitates stablecoin issuance, aiming to ensure the stability of the assets to which they are pegged. It comprises various modules, including the Borrowing module, enabling users to borrow Angle stablecoins by offering collateral, and the Transmuter module, which supports the exchange of stable assets for Angle stablecoins. Moreover, the protocol is involved in Algorithmic Market Operations (AMOs).
Through this engagement, the protocol generates yield, with a portion of which is automatically directed toward savings products for stablecoin holders. This enables them also to receive a native yield on their assets.
Presently, the protocol is utilized to create USDA and EURA, which are stablecoins pegged to the value of the national currencies, respectively. Holders of these stablecoins can stake them to receive stUSD or stEUR and earn a native yield in the corresponding currency.
Particularly, the USDA stablecoin, aimed at enhancing access to on-chain forex markets, provides liquidity comparable to USDC. It includes anti-depeg mechanisms, savings solutions, and borrowing/leveraging features. Furthermore, it benefits from institutional-grade reserve management to maintain its peg to the fiat currency stable.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
