Balancer Maxis June 2023 Update

Dear Balancer Community,

As we moved towards the end of Q2, the Emergency subDAO got news of a possible bug related to protocol fee collection and put all Composable Stable Pools in recovery mode. We are looking closely as the situation develops, most likely planning a new migration for new pool factories in the following weeks. That halted a few of our plans, like the ARB incentives, so more on that soon.

zkEVM is live and incentives are printing! Coinbase and Avalanche on our sights, and soon to follow. Thank you to all teams engaged in these deployments and pushing it through the finish line.

On other news, community development is being handed to BeethovenX, specially regarding our marketing efforts. We had a good run with the Ballers in Coordinape, but it’s time a more qualified team took over (and Beets bros have been killing it).

Our latest proposal came with changes in compensation. We envisioned a future where Maxis can be full-time Balancer contributors, having salaries under fair market rate for professionals with our skill set and deliverables. While we still try to set standards for other DAO contributors to follow that we see appropriate, we are also making sure we retain talents within the ecosystem in a decentralized and transparent framework.

Here are the bullet point updates for June. For reference, please review [BIP-230] which funded the Balancer Maxis for Q2/2023.

  • Multisig Management

    • Two protocol fee distributions took place for a total of $776k (voting incentives, Treasury, veBAL). Fees and core pool incentives (BIP-19) detailed stats here.
    • Migrated automation to handle Hidden Hand 2.0 contracts. Core Pool incentives on the BAL market now spit into 2 weekly bribs across the 2 week epoch.
    • Lots of work on preprocessing/reporting on multisig payloads to make 101% sure that everything is right. The end goal is to have a report run for every tx in every payload.
      • Here is an example merged payload report that shows final reporting of what will happen this week on the multisigs.
      • Here is a similar example for gauge adds.
    • Substantial uptick in direct incentives programs being managed for partners on L2s.
      • ChildChainRewardsInjector is right on time (see below).
    • Working together with the BLabs data team to better understand fee-flows and improve core pools vote incentive attribution.
    • Working to build permissions awareness into bal_addresses and talking to more devs about the best patterns for usability.
    • Automation and operation of governance and the multisigs starting to roll out (see the Maxi github for more info).
    • Automations starting to roll out
      • veBAL FeeInjector now handles weekly streaming of veBAL fees
      • Keepers coming on line to rebalance linear pools when needed/profitable
      • Final review of ChildChainStreamerInjector finished, next week will start rolling out for partner emissions programs.
  • Governance

  • User/Project Support

    • @Gleb and @Cosme active on community support (Discord) - monthly meetings with frontend team and BLabs every Monday.
    • Tokens and pool whitelisting
    • Telegram chats always busy
    • Discord #partnership channel busy. Thanks @Gleb for being first responder.
  • Community

    • Coordinape’s saw its last epoch run with 13 participants. End of an era. :see_no_evil:
    • Balancer “Anti Scam Initiative” by @Dubstard.
    • The Balancer Report” weekly newsletter by @Gleb, @Cosme and artwork by @Criptocomical;
    • Weekly gauge updates and ETH staking update on Twitter by @TimBalabuch;
    • @Danko will be taking the role to coordinate the next contributor ONsite in Milan in Q4, alongside BLabs.
    • @scoffie showed up in discord and asked to take on a bounty, then did GREAT work on the Gas Station dashboard. Looking forward to working together more (see below).
  • DAO Dev Work

    • Finished work on the Maxi Gas Station dashboard to explain our ETH spend. Check it out. It’s fancy!
    • Automation of linear pool rebalancing
    • Subgraphs have been updated to better cover all protocol fees. Working with Blabs data team, Defillama, and Token Terminal to show correct fee and revenue stats.
    • Rate Provider Review.
      • Working with partners such as LayerZero, Chainlink and Uma to better consider how we handle rate providers for cross-chain LSDs.
    • @Zekraken continues to improve tooling on veBAL gauge voter
    • [BIP-324] Mimic automation starts collecting protocol fees on Optimism and Polygon
    • Weekly testing of the UI continues
  • Record Keeping

    • The Maxi Notion continues to see additions made.
    • Our growing set of Chainlink Keepers are now documented here
    • Developing a registry of known rate providers.