Angle Protocol · interactive mechanism simulation

Users mint/redeem EURA & USDA through the Transmuter against a diversified reserve basket. Dynamic fees rise as the basket drifts toward a single external venue; a slice of reserves is deployed there for yield feeding stEUR/stUSD savings — the same concentration that, in the real March 2023 Euler Finance exploit, put ~74% of Angle's USDC reserves at risk. Edit the parameters, or trigger the exploit, to see it play out.
Users mint / redeem Transmuter price stability module dynamic fee: 0.05% guardians: active Reserve basket $0k reserves coll. ratio: 100% External venue Euler-style lending market $0k deployed · 0% of basket Savings (stEUR/stUSD) $0k accrued paying 8% APY
EURA / USDA minted
0 k$
Reserve basket & coll. ratio
0 k$
External venue exposure
0 k$
Savings accrued
0 k$
Dynamic mint/redeem fee
0.05%
Parameters — edit me
1.6/s
25%
1.0×
8%
Controls
Guardians: active. Reserves fully collateralized.

Illustrative simulation. Models the researched Angle Protocol Transmuter: mint/redeem against a diversified reserve basket, dynamic fees that steepen with reserve concentration, and a share of reserves deployed to an external yield venue — the same pattern that turned the March 2023 Euler Finance exploit into a near-existential loss of ~74% of USDC reserves before guardians paused the protocol and a negotiated recovery made it whole. Trade sizes, timing and recovery are randomized/simplified for visualization — not live onchain data. Part of The Onchain Experiment Atlas.