Analysis of Fjord Foundry Revenue Share with Balancer DAO


As per BIP-98 Fjord Foundry, formerly known as Copper set up an exclusive partnership with Balancer DAO. In that proposal a revenue share model was established to repay funding of the initial grant of $500k in BAL tokens. Here, we analyzed the current state of revenue share to the DAO to assess the repayment agreement which was initially set as follows:

  • At the expiration of the current rev share (Feb 13, 2023), 30% rev share will remain in place until $500k in rev share to the DAO is met
  • From the date $500k is returned, the rev share will remain at 30% for six months
  • At the end of the six months, the rev share will be negotiated on an annual basis to maintain long term alignment between Balancer and Fjord

As stated above, Fjord Foundry established an exclusive partnership with Balancer DAO where the Grants Committee was initially set to pay $500k worth of BAL in 7 tranches. In exchange, Fjord would share revenue with the DAO until the stipend is repaid. After the repayment, a period of 6 months would be in effect where 30% of revenue would be streamed to the Balancer DAO. To better understand the fee flow, the Maxis created a Dune dashboard to analyze these transactions and to be able to coordinate next steps with the team. Additionally, the revenue share flow analysis helps us in filling in the gap of non-protocol fee related revenue sources to the DAO.


  • To date, the DAO has paid $434’756 worth of BAL (taking into account price of BAL at payment) to Fjord Foundry
  • The Balancer DAO has received $500’000 worth of WETH / USDC and DAI across all Fjord Foundry deployments and the Fjord treasury (sum of token value at time of transactions)
  • All transactions can now be tracked on this Dune dashboard:
  • As per initial agreement, January 26th 2024 would mark the start of the six month continued fee share period
  • The Balancer Maxis are in close contact with Fjord Foundry and will coordinate next steps

Payments to Balancer DAO across chains (adjusted for asset prices at time of payment)

Payments to Fjord Foundry from Balancer Grants (adjusted for asset pricesat time of payment)

Conclusion & next steps

  • The Maxis will continue to monitor the revenue streams for Fjord while accounting for this income stream in the quarterly financial reports
  • Further agreements and updates will be communicated here on the forum

Finally, we want to express our gratitude to Fjord Foundry and are proud that Balancer was an integral part of their initial success story.