Motivation
The launch of Balancer on Optimism by BeethovenX is fast approaching. Initially the plan was to plug into veBAL gauges and voting but we are re-assessing this in light of the recent stable pool bug report and unexpected behavior of the boosted UST pool on Fantom after the depeg. Rather than add non-boosted Optimism pools to veBAL voting then later add boosted pools it is preferable to wait on veBAL integration until the new boosted pools are ready. This allows Balancer Labs to focus their efforts on the most important priorities and BeethovenX can move quickly on Optimism using traditional liquidity mining for now.
I propose Balancer allocates 31,250 BAL ($250k at $8 BAL) towards Optimism incentives from the treasury for a period of two months. If veBAL integration is completed before two months elapses any remaining BAL would be returned to the treasury. BeethovenX has a proposal to also supply $250k of BEETS under the same terms - if one proposal fails to pass then both are considered to fail and no money would be spent. As a reminder, protocol fees will be set at 50% and are split 50/50 so this is a fair arrangement. While liquidity mining in this manner is certainly not ideal it allows us to quickly proceed with the launch which has strategic value over the long run in my view.
The following five Ballers will manage allocation of Balancer’s incentives: Mike B, Andrea, Zekraken, Xeonus, and Solarcurve. They will coordinate with their counterparts at BeethovenX. We hope to find some good opportunities to onboard early partners and offer an incentives match.
Specification
If this vote passes and the simultaneous vote at BeethovenX passes, then 31,250 BAL would be transferred from the DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f to the liquidity mining multisig 0xc38c5f97B34E175FFd35407fc91a937300E33860