Balancer Maxis December 2023 Update

2023 has come to an end. It was a very challenging year for DeFi, but we arrived at the finish line with bullish signs everywhere, setting the tone for what will be a very exciting 2024 for Balancer with the upcoming launch of v3.

Here’s a brief recap of December, a busy month to get everything done before the Holidays, and a lot of us working during that period. Kudos to @CosmeFulanito and @glebshumakov for keeping our Discord lively and supporting Balancer users.

We proposed [BIP-508] about the usage of the DAO’s locked vlAura. Mainly, the Maxis will be utilizing the resource to incentivize high rev generating pools and strategic liquidity, whilst withholding 20% for discretionary allocation in bizdev activities. In that regard, we are happy to engage with @Json (Aura) and the new SP hire @Lipman. You can track the votes being cast on each epoc in this spreadsheet (noting we haven’t implemented the HH incentives recycling - more about that in the upcoming month)

Monitoring the Arbitrum STIP program, we’ve suggested creating “dynamic boosts” to increase its effectiveness, aligning with Balancer’s strategy for interest-bearing liquidity. When we envisioned the program, it was our desire to support growth based on $ARB incentives, so this iteration tends to kneecap opportunistic farming that presents no upside for Balancer or Arbitrum. We can see the recent changes have begun to present much better allocation of incentives.

Together with Balancer Labs, we’ve been working closely with OpenBlock to make sure the data provided and evaluated for Arbitrum’s STIP is correct. You can check the live dashboard here and see last December report to the Arbitrum DAO here.

December was the best month post the boosted pools hack. Last round saw 288k in bribes/fees to veBAL holders, plus another 77k to the DAO. We can’t wait to see 100% boosted pools on v3, and make veBAL great again! At year’s end, we posted a Financial Report, a very useful guide and overview of our Treasury and health of our DAO.

Source: recently added Reports section on Defilytica.

Here are the bullet point updates for December. For reference, please review [BIP-433] which funded the Balancer Maxis for Q4/2023, and make sure to check Maxi’s Notion and GitHub with continued additions being made.

  • Multisig Management

    • Maxi GitHub - Automation and operation of governance and the multisigs
    • [BIP-522] Arbitrum LGP and STIP Adjustments
    • Mimic Fee Sweep Automation making good progress
  • Governance

  • Ecosystem

  • DAO Dev Work

    • Working together with Aura to make a “voting incentives simulator 2.0”. Targeting partners. Will be hosted on Defilytica (Aura Analytics).
  • User/Project Support

    • Telegram chats always busy
    • Honorable mentions: GYD, Stakewise and Plutus
    • USDV (Matrixdock) due diligence and assessment.
    • @Gleb and @Cosme active on community support (Discord)
    • Monthly meetings with frontend team and BLabs every Monday
    • Tokens and pool whitelisting
    • Assistance to DNS hack victims (per BIP-498)
    • Gauges and governance support:
      • [BIP-515] Kill Unused Gauges Week 50
      • [BIP-502] Enable DFX/ETH Gauge with 2% emissions cap and deprecate old gauge [Arbitrum]
      • [BIP-503] Enable wFRK/PAR/jEUR Gauge with a 2% cap (Polygon)
      • [BIP504] Enable VCX/WETH Gauge 2% Cap (Ethereum)
      • [BIP-505] Enable 40DFX-20USDC-40TEL Gauge with 2% emissions cap
      • [BIP-506] Enable 80MIMO/20WETH Gauges with a 2% cap (Ethereum & Polygon PoS)
      • [BIP-507] Enable weETH/rETH Gauge w/ 10% Cap [Ethereum]
      • [BIP-510] Enable sDAI and sFRAX Gauge [Ethereum & Arbitrum]
      • [BIP-511] Enable pxETH/frxETH Gauge [Ethereum]
      • [BIP-512] Enable pxETH/WETH Gauge [Ethereum]
      • [BIP-523] Enable LUMIN/rETH Gauge with 2% emissions cap [Arbitrum]

Lastly, to a final report on Q4’s USDC budget, we had 3,000 USDC allocated for dictionary budget, from which we only spent $1,000 with Gleb as a bonus, for his help with the Arbitrum STIP approval and another $250 to Scoffie, for upgrades on the Maxis gas station dashboard.

The remaining $1,750, as well as $20k for business development hire and another 3,200 in salary savings, rolled over to Q1’24 budget. From the total ask in BIP-514, we discounted $24,950 from Q4 and $12,770 from Q3, totaling $37,720.00.