Balancer Maxis July 2023 Update

Service Providers Balancer Maxis
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Here we are: the migration quest continues!

Due to a recent bug (here), the Maxis pushed for another migration of pools & gauges as the new Composable Stable Pool factory came out. Unfortunately, we lost some momentum again, but with the recent L2 deployments, we are still pretty excited about the road ahead.

Recently deployed zkEVM is alive and well, although there are still issues with the chain being resolved, we climbed 10x its TVL from 480k to 4.6M during July. With some Polygon incentives in place for pools with yield bearing tokens, the BIP-19 flywheel is doing its job and ramping up growth.

On Arbitrum, the allocation of the DAO’s granted ARB tokens has started. See more the programming on the spreadsheet and info in [BIP-322].

August kicks off with an Avalanche! Our strategy is mostly the same, incentivizing Avax LSTs and boosted pools until it can spin up as its own. We are confident that Avalanche will be a great success on Balancer, and we can already say being on Base since day one also brought us great benefits. Again, we thank the teams engaged in these deployments!

Here are the bullet point updates for July. For reference, please review [BIP-347] which funded the Balancer Maxis for Q2/2023.

  • Multisig Management

    • Two protocol fee distributions took place for a total of $506k (voting incentives, Treasury, veBAL). Fees and core pool incentives (BIP-19) detailed stats here.
    • Automation and operation of governance and the multisigs continues - see the Maxi GitHub for more info.
    • 100% transaction covered in multisig reporting achieved
    • [BIP-387] Ability to add 3rd party rewards to mainnet gauges
    • [BIP-388] Wire up Base Chain in preparation for launch
    • Base stealth prelaunch (being first on base) Balancer
    • [BIP-368] Allocate Incentives towards Avalanche Launch
    • BIPs needed and related to the CSP issue:
      • [BIP-369] Grant CSPv5 Swap Fee Permissions to Cowswap & 1inch Labs Solver
      • [BIP-353] Grant Permissions for Composable Stable Pool Factory v5
      • [BIP-343] Grant EmergencyDAO disable recovery mode on Weighted and ComposableStable pools

  • Governance

    • Four out of the seven Maxis are active delegates.
    • [BIP-372] Adopt Service Provider Standards
    • [BIP-371] Adjusts the protocol fee split:
      • L2’s: 50% voting incentives, 32.5% passive veBAL fees, 17.5% treasury
      • L1 core pools: 50% voting incentives, 32.5% passive veBAL fees, 17.5% treasury
      • L1 non-core pools: 82.5% passive veBAL fees, 17.5% treasury

  • User/Project Support

    • @Gleb and @Cosme active on community support (Discord) - monthly meetings with frontend team and BLabs every Monday.
    • Tokens and pool whitelisting; most in a month (mostly due to migrations)
    • Telegram chats always busy

  • Community

  • DAO Dev Work

    • Added support for Avalanche and Base Analytics over at https://balancer.defilytica.com/
      • Worked together with data team to fix bugs around TVL reporting
      • Created a Hidden Hand Historical Incentive Dashboard: Balancer Analytics
    • Launched a new version of the veBAL multi-voter incl. Hidden Hand and Paladin Quest integration: DeFilytica Tools

  • Record Keeping

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