Summary
- Finalization of in-house fee processing for Balancer v3
- Finalization of retroactive airdrop logic for boosted pool token campaigns from lending markets
- Public beta launch of the operations UI
- Testing and exploring new products such as volatile stable-surge hook pairs on Base
Initiative 1: Scale Balancer’s On-Chain DevOps Hub
- Continued focus on on interruption free operations of our mandate such as token reward programs, token distributions and BAL emissions
- Advisory and execution of governance payloads
- Finalization of the retroactive airdop campaigns for Morpho and Aave boosted pools. Based on technical constraints from our partners, we had to expand our code-base for correct accounting
- Working closely together with Paladin to finalize their new API endpoints to fetch actual and historical quest data
- Testing and integrating Balancer v3 fee processing incl. A Cow Burner, watch tower and off-chain component to trigger withdrawals (first tests successful on Sepolia)
- Setting up of a security council to further streamline threat detection and responses in case of incidents.
In summary, we have achieved all our goals outlined in the previous funding request. In March, we will focus on shipping the new fee processing for Balancer v3 and finalize full integration of incentive management for Balancer v3 (a.k.a. Retroactive token airdrops for boosted pools).
Initiative 2: Support and execute on the launch of Balancer v3 and new Products
Balancer v3 continues to get traction. One exciting product that @Zen Dragon designed is the stable surge hook. Pools have performed exceptionally well, such as a test pool on Base. @zekraken has also experimented with a set of stable surge pools with varying parameters showcasing impressive results of high capital efficiency. We are still exploring this new pool type but hope to soon open it up for the public as it has great potential and is in high demand by the community.
Initiative 3: Partner Management
As outlined in the January update, partner onboarding efforts have continued, with new chain deployments being in the works. Most recently, a vote to launch on Avalanche passed successfully. The Maxis continue to work closely with BDSP to drive adoption of Balancer v3. Since its launch it is impressive to see that Balancer v3’s TVL of 79mln is close to Uniswap v4’s $89.93mln as of March 10th, an indicator of our strong fundamentals. Given that the core pool framework is launching in the upcoming weeks, traction for boosted pools will only increase and likely drive more TVL. Our main focus continues to be on driving TVL, adoption and onboarding new partners based on our unique product line-up.
Budget for February 2025
We continue to have a significantly lower overall footprint, while also not being dependent on discretionary funds anymore. As in January, we didn’t use any of our discretionary budget.
Assigned and Spent Discretionary Budget For January 2025
| Resort | Amount | Description |
|---|---|---|
| Discretionary budget | $15,000 USDC | Budget for February |
Spendings: $0 USDC
In line with our January report, we have now only spent $14,597 out of the $75,000 allocated until the end of February 2025. Note that a small allocation of <$5k will be needed end of this funding period to pay for subscriptions and final work hours of part-time freelancers. Overall, we project savings to be around $75,000 at the end of the funding period.
Conclusion
February has been another busy month for the Maxis where we focused on finishing important projects and initiatives. Our main goal is to successfully integrate fee processing for Balancer v3 in the upcoming weeks before the next funding round while continuing to serve the DAO as best and as efficiently as possible.