Balancer Maxis October 2023 Update

Balancer Maxis October 2023 Update

Same same, but different.

The all new, all different Maxis have started Q4 with an Updated Scope and Mandate. In the grand scheme of things, we are still doing what we do best - being liaisons of the Balancer ecosystem, to make sure operations are running smoothly. However, the business development side of things has really picked up in the past month (boolish)!

One of the main October highlights was the [BIP-19] core pool program revamp. With the automation now in place, governance approved changes to the fee allocations and removed the manual handling of voting incentives. The main changes are: 1) fee distribution moving to revenue generation, rather than TVL on L2s; and 2) allocating more on mainnet (50% of all fees).

With those changes and automated attribution, we will monitor more precise results. See: Defilytica core pool revenue metrics (beta). Read more: [BIP-457] Core Pool Incentive Program Automation.

Another important event was the approval of a grant with Arbitrum DAO’s STIP, where the Maxis (alongside other Ballers) reached out to delegates to secure a favorable outcome. Safe to say we wouldn’t be voted in if it wasn’t for this networking outreach, and that would mean Balancer would lose the game on one of the most hyped up L2 chains in the current meta. Arbitrum continues to be one of the main revenue drivers to Balancer between L2s (with an honorable mention to Gnosis lately - where we will also apply for a grant soon).

Protocol fees on L2s (source:

Continuing to monitor Base and Avalanche, we are noticing a decrease on TVL after the external incentives have halted. Even though Aura has launched on Base recently, volume hasn’t been great. Nonetheless, we see there’s some very attractive opportunities on forex pools in Avax, and we are exploring options to scale Base TVL back up.

As part of a grant, @ZenDragon and @Xeonus launched an intuitive UI to navigate Balancer’s v2 vast set of smart contracts and active permissions. These features are particularly handy for the Maxis and DAOs who work or interact with these permission sets. Check out these and other WIP at Defilytica Tools.

Balancer Smart Contract Map (source: Defilytica Tools)

Here are the bullet point updates for October. For reference, please review [BIP-433] which funded the Balancer Maxis for Q4/2023.