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In our mission to spread a robust EUR stablecoin everywhere in DeFi, bridging agEUR to other networks, sidechains or layer 2s is a key milestone. In this regard, Angle is happy to announce its first bridging of the agEUR outside the Ethereum mainnet!
agEUR tokens can now be bridged to Polygon using the PoS bridge. We have also made bridging available for the ANGLE token.
Bridging your tokens allow users to own agEUR and ANGLE on Polygon, and take advantage of the Superfluid standard. You can read our announcement about our partnership with Superfluid and its use cases in this blog post.
More importantly, Polygon is the first step towards building a robust multi-chain EUR stablecoin. Our strategy towards that goal can be summarized by bridging into multiple sidechains / layer 2s to access the opportunities there, to then improve liquidity and integrations on the networks with most activity and agEUR usage.
Bridging tokens to Polygon using the PoS bridge takes between around 10–15 minutes, and requires two transactions (approve and send tokens) on the Ethereum network. Users wishing to bridge tokens need to have ETH in their wallets to pay the fees associated with those transactions.
After selecting your token and initiating the two transactions, users will see their transaction as pending.
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A few minutes after the second transaction has been confirmed, users will be able to see their agEUR on polygonscan. You’ll need MATIC in your wallet on Polygon to be able to use these agEUR.
!https://miro.medium.com/max/1400/1*sPOXJk0oZx_qCI5r8VFwWA.png
We created an agEUR-USDC pool on Quickswap, but it doesn’t have much liquidity so be careful when trying to swap tokens on Polygon during the first few days. There won’t be any rewards distribution on Polygon from the start, but they might come later if the community decides so.
Withdrawing token from Polygon to Ethereum works similarly, but can take up to 3 hours. However, withdrawals from Polygon are almost free, as users only need to pay for the Polygon-transaction fee.
You can wrap your tokens as to use the Superfluid features on their website at app.superfluid.finance!
Once you have agEUR or ANGLE in your wallet, you can just click on deposit, select the token and amount you wish to wrap as Super token, and after two Polygon transactions, voila! You can now use agEURx for example, which can be streamed or used for one-to-many transactions.
You can learn more about Superfluid and their token standard at https://superfluid.finance/.
As you have seen, only the agEUR and ANGLE tokens are being bridged to Polygon, and not the protocol itself. The minting and burning of agEUR will still happen on the Ethereum mainnet, to ensure the integrity of the reserves backing the token and prevent liquidity fragmentation.
Here are the addresses of the tokens and contract on Polygon:
Super* agEUR (or agEURx): 0x3038B359240DFF5CCd42DfFd21f12b428034bE38
Super ANGLE (orANGLEx): 0xDD5D06b0B271EA239531694D0e337bbD78B85B4A
Quickswap agEUR/USDC pool: 0x82A54e66c05FCd555ADAE593848a4257C9e51AD9
*Super tokens are the tokens wrapped under the Superfluid standard, to enable their additional features. Note that they are different than ERC20 tokens.
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