During February the Maxis proposed that several pools would have their BAL incentives migrated, enabling new gauges to pools affected by “the issue”. Unfortunately, on March, 13 one of these incentivized pools from our friends at Euler had its liquidity partially drained after the hack incident.
Maxis, who were also members of the Emergency subDAO, quickly acted to prevent further loss of funds by having the exposed pools been put in emergency pause and recovery mode. Balancer smart contracts behaved the way they should, remaining secure and unaffected. As the exploit events unfolds with the return of funds, we hope Euler LPs can be made whole again.
The good news is that we deployed on Gnosis Chain! There was great PM effort on our end to push this through the teams and parties involved - thank you to Karpartkey, the frontend team at OpCo and friends at Balancer Labs! All eyes on the next L2s we’ll be moving forward: Avalanche and zkSync proposed by us, and full support for Polygon’s zkEVM.
Speaking of L2s, the ARB airdrop gave uthe DAO a lot to work with, so we’ve been cooking some Arbitrum incentives proposals. Stay tuned!
Here are the bullet point updates for March. For reference, please review [BIP-145] which funded the Balancer Maxis for Q1.
- Many gauges were approved & added to the voting list, focused around (ve)80/20 and boosted stable pools.
- Two protocol fee distributions took place for a total of $1.46M (voting incentives, Treasury, veBAL)
- Automation of multisig and regular operations continues - see the Maxi github for more info.
- Working towards a clear framework for how DAOs can engage the Maxis for help with governance and an internal process to facilitate consistent handling.
- Project board for proposal tracking (Work In Progress):
- Maxis authored a significant number of approved proposals
- Four out of the six Maxis are active delegates.
- Fees and Core Pool Incentives (BIP-19)
- Automation of fee collection is in progress by Mimic
- See more detailed stats here.
- ETH Denver participation (Solarcurve, MikeB and Tritium), engaging with several different teams and projects.
- Gnosis pools deployed and gauges approved for launch, incl. Boosted Agave pools
- Tokens/stable pool whitelistings/stakable adds
- Telegram chats always busy
- Weekly testing of the UI continues…
- Discord #partnership channel had 13 interactions, but mainly random projects pitching sales to Balancer. Thanks Gleb for keeping it updated.
- Coordinape’s March epoch ran with 18 participants;
- Balancer “Anti Scam Initiative” by @Dubstard. Check full report here.
- BAL emissions drop campaign on the 28th: Twitter thread, Medium article and upcoming AMA (Apr, 7th);
- Multiple marketing collabs with Orb;
- Community contributors marketing the Grants program;
- Twitter threads, designs, AMAs and the Balancer Report weekly newsletter
DAO Dev Work
- Kickstarting a monitoring and failsafe / circuit breaker system, alongside 3rd party groups to shorten response time and increase LP confidence in boosted pools.
- Small improvements to balancer.tools, including upgrading veBAL calculator
- Research on improving Discord bots
- Github commits made to the frontend repo that included participation from the Maxis
- Balancer Documentation Additions:
- The Maxi Notion continues to see additions made.