Balancer Business Development Service Provider June Update

Below is a recap for May and updates for the key Q2 objectives. For April’s and May’s update, please see here and here.

  1. Initiate the launch of new chains:
  • Finalize the selection of chains for Balancer’s launch. Done

  • Conclude agreements with the chosen chains, including incentive structures, seeding liquidity, co-marketing, etc. Done.

  • Collaborate with engineering, Maxis, and marketing teams for the deployment on these new chains. Done and deployed

  • Establish a comprehensive partnership network and ecosystem on the new chains, encompassing liquidity providers, yield-bearing assets, lending protocols, etc. In progress. Examples: Mode launch includes tightly collaborating with Mode team to enable BPT staking for extra OP rewards. Renzo providing extra points for their pool and OP superfest rewards being integrated into launch. Exploring Gyroscope launching on Mode with potential for rehype pools integrated with lending protocols. Hidden Hand launched on Fraxtal. Etc.

  • Complete grant applications and administrative tasks necessary to secure incentives and other advantages from the new chains. Done.

  • Enhance presence on existing chains:

    1. Develop, coordinate, and execute growth initiatives on Layer 2 solutions for existing chains, focusing on Arbitrum, Optimism, and Base networks.
  • Base examples: no new pools on Base during June. Building relationship with new Defi lead at Base which has resulted in multiple introductions so far.**

  • OP examples

  • Kicked off LST / LRT grant program (now led by Beets)

  • weETH / wstETH pool**

  • Arbitrum examples

  • Kicked off STIP.B program (600k ARB over 12 weeks)

  • Several new pools: examples (wstETH / WETH ECLP, weETH / wstETH, rsETH / WETH, inETH / wstETH, instETH / wstETH, etc.)

  1. Expand the yield-bearing thesis initiative. See above
  2. Launch new pools for LSTs and LRTs on mainnet. Launched the 5pool for Mellow.
  3. Introduce new pools for yield-bearing stablecoins. Launched sUSDe / wstETH on mainnet
  4. Bring LST/LRT partners to new chains where Balancer is deployed In progress. See OP/ARB/Base discussion above.
  5. Extend the ve8020 governance initiative. In progress. Example: actively discussing with Mode about implementing a ve8020 $MODE strategy for their ecosystem on Balancer
  • Explore ve8020 collaborations with pre-token projects, such as LRT projects.
  • Promote ve8020 to projects with existing tokens.
  1. Manage the application, monitoring, and execution of the Optimism grant program. Done. Grant was awarded and Beets is managing program execution.
  2. Streamline partner onboarding: **Effort being spearheaded by Maxis for v3. Continuing to seek alternatives for easier onboarding in general (e.g. began using API3 as an alternative rate provider solution due to its low cost and speed to spin up)
  • Find ways to reduce friction in partner onboarding processes.
  • Iterate on the notion pack, created by Marketing, to highlight the benefits of Balancer and guide new partners through the onboarding process.
  • Collaborate with a small project team, including design, marketing, and Maxis, to rethink the partner onboarding process, potentially introducing a self-service UI.
  • Evaluate the CCIP with Chainlink and implement it if necessary to streamline the rate provider onboarding process.
  1. Prepare for v3 launch and seek partnerships: In progress. Continued working closely with cross-functional team to co-lead aggregator outreach and relationships, GTM funnel, partnerships, and key prospecting initiatives (e.g. created an outline for pitch deck to recruit teams to build on Balancer).
  • Seek integrations and partnerships in anticipation of the v3 launch.
  • Collaborate with the Maxis to identify innovative use cases for exploration.
  • Reach out to projects to present the v3 opportunity and establish partnerships ahead of the launch.
  1. Continue ad hoc outreach to projects, exploring new partnerships and opportunities.
  • Examples include (in no order):**

  • Created Balancer AMO on Fraxtal and passed Frax governance to deposit $55m in Frax POL on Balancer.

  • Applied and was accepted for OP Retro Round 4. WIll find out the results in mid July.

  • Working with Avalanche Foundation to secure grant for Gyroscope

  • Secured 45k OP through OP Superfest grant (for Mode and Fraxtal)

  • New LRT Meta

    1. Launched 5pool with Mellow LRTs. 3x Mellow points is best for a dex as of time of writing.
    2. Renzo will be launching pzETH pool in July
    3. Connected with founders of Karak to begin exploring Balancer support for Karak LRTs
    4. Rate providers received for several Symbiotic and Karak LRTs already
  • Ducata - negotiated $250k/year licensing deal
  • Tokemak v2 - launching balETH proof of concept in mid July
  • Strengthening relationship with Lido - met with their team several times. Example: Lido sent Maxis their July budget for Balancer incentives for Balancer to manage.
  • Maple Finance launched syrupUSDC
  • Met with several new chains to discuss Balancer deployments / friendly fork opportunities
  • Working with Trident on USDL strategy (Paxos stablecoin)
  • Partnerships in motion with several protocols. Examples: Eigenlayer, Euler, Yieldnest, Affine, Exo, Liquid Collective, Aurus, Gains, Solv, Portals, etc.

I want to emphasize that working with @lipman has been a pleasure and we have greatly streamlined BD and ops efforts with the Maxis. His BD efforts have lead to great initiatives for the DAO which is reflected in these monthly reports!