Balancer Maxis November 2022 Update

November saw many positive developments for the Balancer ecosystem. During October Balancer earned more protocol fees than Curve (excluding bribe revenue) for the first time since v2 launched. October was a relatively quiet month so I believe this can be attributed to our protocol fee on yield and BIP-19 putting a strong tailwind behind that by encouraging interest bearing liquidity (IBL). November saw the rise of several new pools with strong revenue generating potential like wstETH/bbaUSD and STG/bbaUSD. We aim to end the year on a high note with a barrage of new boosted pools slated for December. All in all, I would say Balancer is extremely well positioned to continue increasing revenue as we head into 2023. Also worth noting that Balancer has been chosen as the liquidity destination for a newly launched token, ACX from

The above is counterbalanced by governance issues which arose during the month. This is a difficult time, but we believe that the passionate participation we experienced in the last few weeks, even from different perspectives, shows signs of alignment between multiple parties with the success of the protocol. Hopefully we can soon reach middle ground, and continue working to make Balancer as successful as possible.

With that, here are the bullet point updates for November. For reference, please review BIP-74 which funded the Balancer Maxis for Q4.

  • Multisig Management

    • No pool swap fees were altered during the month
    • Ten new gauges were approved & added to the voting list, all focused around IBL.
    • Two protocol fee distributions took place for a total of $1.22M (voting incentives, Treasury, veBAL)
    • The DAO Multisig executed a total of 2 transactions
  • Governance

    • The Governance Council approved 19 proposals for snapshot voting
    • Maxis authored a significant number of approved proposals, including many gauges for IBL
    • Four out of the six Maxis are active delegates.
    • Optimism
      • No revenue was sent to veBAL during the month as the fee split is on temporary hold from BIP-91.
      • Recent additions to the incentivized pool list includes STG/USDC and the boosted pool. We’re working partners like Beefy and Yearn on a new round of boosted pools.
    • BIP-19
      • Set a new record for “voting incentives” this month - $343k.
      • wstETH/bbaUSD and STG/bbaUSD have taken their places among our strongest revenue generating pools.
      • See more detailed stats here.
    • Metagovernance: None during the month
  • User/Project Support

    • Github commits made to the frontend repo that included participation from the Maxis
      • 16 token/stable pool whitelistings/stakable adds
    • Telegram chats remain very busy as Maxis lead partnerships for the ecosystem.
    • Weekly testing of the UI continues! Gold star to zekraken
  • Community

    • Coordinape circle is open with 14 participants;
    • 3 contributors on the onboarding process.
    • Lessons learned: the onboarding process continues to attract talented people into Balancer; however, the current framework makes it hard to retain contributors. Maxis are increasing connections between SPs (specially Grants and Orb) to speed up the engagement.
  • DAO Dev Work

    • Deployment of many pools for various purposes (new core pools, partner pools, testing pools)
    • Balancer analytics: complete redesign in development. Beta testing planned for December
    • Supgraph: supporting the engineering teams in optimizing and testing performance and as well as testing of the decentralized network
  • Record Keeping

Please join us at the November community update today at 1pm EST in Balancer’s discord to discuss this update!