Angel Protocol: the highlights of 2021
Composed from Chauncey St John’s twitter thread of 21st Dec, this is an update of where we started, what’s happened and what’s to come. No TL:DR as it is all a great read!
- Introduction
- How much raised for charity?
- The money goes where?
- Governance
- Cross-chain? Oh yes!
- Growing the $HALO TVL
- LFG — Locked for Good.
- What comes next?
Introduction:
Whenever I talk about @angelprotocol these days I find it difficult to cover all the highlights. So for myself and all you #LUNAtics out there, I’m consolidating in this article some fun facts about @angelprotocol & $HALO you may have missed.
Strap in and hold on tight!
We’ve already raised more than $2M for charity between:
- Restore Earth Campaign — $834K
- The Angel Alliance — $542K
- And the $HALO token sale — $633K and counting
These funds are going to over 65 charities, all visible on-chain
And we haven’t launched our public front end yet.
The $2M raised for charity doesn’t count HaloSwap, the LBP sale (that ended on the 22nd Dec 2021). Of that sale, 20% of funds raised immediately go to charity, another $530k.
Win and help win.
So where do all the charity funds raised by the $HALO token sale go?
Into a charitable endowment governed by $HALO stakers. You determine how life changing funds are allocated through on-chain vote. Our first proposal will be around relief funding for victims of Typhoon Rai.
Governance:
Our governance has real-world impact, and it was critical for $HALO to be distributed equitably. So? We chose to only sell tokens publicly with no private sales, allowing us to fund charity with every sale.
In fact, our main distribution going forward is not via sale at all, but donation.
The largest chunk of supply (30%) is for donation matching. Your charitable donations are matched with 10% their value in $HALO, staked for charity shares. You get 4%, the charity gets 4%, 2% is burned (and this is important as it thereby increases the $HALO received when un-staking).
$HALO in the hands of the charitable
Donation matching also applies for Restore Earth, our climate change campaign that’s raised over $840K to-date & running through to the year end.
- Donate $BTC & $ETH natively cross-chain ( and of course, $LUNA and $UST)
- Avoid capital gains taxes
- Get a tax receipt
- AND @galacticpunks Galactic Angel NFT
- Save the planet!
Wait, what’s that?
Yes in fact, we did build the rails to accept $BTC & $ETH natively cross-chain, converting it forever into beautiful locked $UST. Also for January V1 of the Angel Protocol web-app, there’ll be cross-chain donations of $ATOM, $SOL & $SCRT.
Please welcome… @AngelProtocol‘s $UST conversion blackhole!
All this $UST gets locked in charitable endowments, compounding in perpetuity. 75% of yield is sent to the charity, 25% grows the principal.
As a $HALO staker, you receive 5% of endowment yield on TVL that’s guaranteed to grow exponentially, regardless of market conditions.
Not only is $HALO bear-market resistant, the TVL is guaranteed to grow even without new TVL inflows. It’s this that provides $HALO with deterministic, exponentially increasing value.
However, there will be *significantly* more TVL inflows. How? So glad you asked!
Growing the TVL
One path to growing TVL is providing donation options. No-loss generative giving: You can deposit LP in @ApolloDAO‘s Generative Giving vaults to send yield to charity while auto-compounding your position.
Let’s repeat together:
Win, and help win.
And soon… @pylon_protocol!
Or, stake $LUNA with @angelprotocol‘s validator. You receive all airdrops & yield is donated to charity. With current $LUNA price & staking yield (& thanks to over 1.3M $LUNA being delegated to the validator), we, YOU generate more than $10M annually.
But how do we think even bigger?
With the @AngelAlliance we’ve amassed a partnership of over 70 businesses, protocols, NFT projects & validators joined in a giving pledge committing revenue to @angelprotocol along with functionality cross-partnerships.
If community is moat, we’re surrounded by an ocean.
Why stop with just direct donations?
Many partners have stepped up to donate their native token for charity. Rather than market sell and hurt their communities, we commit those tokens to be Locked For Good (LFG). Tokens will be staked or LP’d for charitable yield.
Generative giving.
With @AngelAlliance_ and the LFG token donations, @angelprotocol is pioneering a new form of Corporate Social Responsibility (CSR) for the blockchain. We’ve been expanding quickly & cross-chain with partners like @OlympusDAO & @PleasrDAO (via @ownthedoge). The more the idea spreads, the more we find eager to join.
We’ve touched on a lot of crypto TVL inflows, but @angelprotocol‘s real reach is mainstream. Pre-launch (!) we’ve onboarded over 65 charities. Each of those charities creates their own Terra wallet and learns about the ecosystem, onboarding their communities & donors with them.
Angel Protocol also redefines the infrastructure of philanthropy, welcoming NGOs globally. You can onboard local effective charities, stake $HALO to improve their visibility, & share in their growth with skin-in-the-game.
As an early $HALO staker, you benefit from bonding curves:
Our tokenomics, including the bonding curves, were designed by our partners @Delphi_Digital.
Incentive alignment and value capture are at the heart of $HALO’s design:
- Angel Protocol Litepaper:
- Delphi tokenomics report:
- Deep Dive into Angel Protocol and the $HALO token
Direct donations of Cryptocurrency
Although endowments are our main product, and the right solution to the unreliable funding problem NGO’s face, we also allow direct donations. The benchmark for crypto donations? $2K setup fee and 5% of donations.
But with @angelprotocol — Zero setup costs. Zero fees for donations.
So what’s next?
Underlying our charity marketplace is an endowment financial primitive ripe for many use cases:
- Community Foundations/DAFs
- Universall Basic Income (UBI)
- Micro-finance
- Personal/private endowments
- Retirement plans/401ks
- Public Goods (more on this here)
To sum up…
Angel Protocol was birthed from Web3.
Decentralized upon creation, we were conceived on Twitter and formed in the womb of a hackathon.
Now, more than 25 team members across 10+ countries began as strangers and have worked together to help grow Angel Protocol.
We welcome you to donate, to share this news with charities you know, to participate in the $HALO LBP and so own with us, the next steps.
Together.
