Balancer Maxis December 2022 Update

December was a fairly quiet month. We did not release all the new boosted pools during the month that we planned to but rest assured they are coming very soon, almost certainly in January. These will be across all of Balancer’s networks including the world’s first boosted pool on Arbitrum. On the ve8020 front Alchemix released an overview of veALCX which includes the use of an 8020 BPT and some other novel features we’re really excited about. Our earned protocol revenue again exceeded Curve’s in the month of December ($568k vs $722k) which illustrates our pivot into yield bearing liquidity is helping to offset the global decline of swap fees.

Looking ahead to 2023 Balancer is incredibly well positioned to gain market share. The year will start off with the launch of many new boosted pools and we simply build on that momentum throughout the year. Find areas where Balancer’s technology gives us an edge then exploit that edge with ruthless efficiency.

With that, here are the bullet point updates for December. For reference, please review BIP-74 which funded the Balancer Maxis for Q4.

  • Multisig Management

    • bbaUSD/wstETH had its swap fee reduced from 0.25% to 0.05% to match Uniswap’s primary ETH/USDC liquidity. This has resulted in a reduction of swap fee revenue on average compared to before, so far.
    • Eleven new gauges were approved & added to the voting list, most focused around IBL.
    • Two protocol fee distributions took place for a total of $722k (voting incentives, Treasury, veBAL)
    • The DAO Multisig executed a total of 6 transactions
  • Governance

    • The Governance Council approved 28 proposals for snapshot voting
    • Maxis authored a significant number of approved proposals, including many gauges for IBL
    • Four out of the six Maxis are active delegates.
    • Optimism
      • No revenue was sent to veBAL during the month as the fee split is on temporary hold from BIP-91.
      • Recent additions to the incentivized pool list include a new Sonne Finance boosted USD pool. We’re working partners like Beefy and Yearn on a new round of boosted pools.
    • BIP-19
      • We continue to see expansion in the usage of yield bearing liquidity, primarily because of BIP-19.
      • New staked ETH pools with cbETH and frxETH saw strong growth during the month
      • See more detailed stats here.
  • User/Project Support

    • Github commits made to the frontend repo that included participation from the Maxis
      • many token/stable pool whitelistings/stakable adds
      • 11 gauges added to the gauge voting list
    • Telegram chats calmed down as we headed into the holidays
    • Weekly testing of the UI continues! Gold star to Zekraken
    • Balancer “Anti Scam Initiative” by Dubstard sees another busy month. Check full report here.
  • Community

    • Coordinape’s December epoch ran with 15 participants;
    • 5 contributors currently on the onboarding process.
    • “Get-Involved” channel revamp, directing DAO contributors/candidates to Notion webpage → Typeform → 1:1 calls. Action item is to expedite the onboarding process, connecting contributors to working groups and SPs.
    • We keep engaging with different SPs to better understand their needs and how new contributors could assist and scale their work force.
  • DAO Dev Work

    • Deployment of many pools for various purposes (new core pools, partner pools, testing pools)
    • Balancer analytics: alpha release of a first iteration of the treasury and protocol revenue dashboards
    • Supgraph: testing optimized „pruned“ versions of the Polygon subgraph
  • Record Keeping