Balancer Maxis September 2022 Update

September saw the introduction of the Gauge Framework v1 which was an initiative led by the Maxis in order to further align the interests of the protocol with voters and ensure emissions are primarily directed to pools capable of generating protocol revenue. This transition represented a significant logistical challenge from ensuring the transactions were correct, front-end implementation, partner communication, etc. Not to mention that the new composable stable and weighted pool factories were also released this month which created additional work to get those operational. Special thank you to Gareth and the UI team plus Markus, Nico, and all of the engineers at Balancer Labs for their tireless work on all of this.

Balancer is in a strong position to capitalize on the yield bearing liquidity narrative as we head into Q4 now that we finally have the underlying infrastructure in place. The Maxis plan to encourage adoption of wstETH, rETH, and similar yield bearing tokens both through introduction of new core pool gauges bootstrapped by Balancer and also helping other projects understand the benefits of pairing their token against staked ETH.

With that, here are the bullet point updates for September. For reference, please review BIP-18 which funded the Balancer Maxis for Q3.

  • Multisig Management

    • One pool had swap fees changed.
    • Five new gauges were approved & added to the voting list, plus around 25 gauges were capped as part of BIP-57.
    • Two protocol fee distributions took place for a total of $996k (bribes, Treasury, veBAL)
    • The DAO Multisig executed a total of 8 transactions
  • Governance

    • The Governance Council approved 15 proposals for snapshot voting
    • Maxis authored a significant number of approved proposals, including spearheading the effort on BIP-57.
    • Four out of the six Maxis are active delegates.
    • Optimism
      • $10.7k revenue sent to veBAL during the month.
      • Batch Relayer v4 is the final missing piece for unlocking boosted pools on Optimism. The next month will see several more gauges proposed that greatly expand our offerings on Optimism. We’re about to go full growth mode after all these months.
    • BIP-19
      • Rocket Pool bribing rETH will help Balancer attract even more yield bearing liquidity. wstETH launching on Arbitrum & Optimism is another important near term catalyst.
      • The first weighted core pools were approved for gauges - rETH/RPL and wstETH/LDO. The first of many we hope.
      • Supporting stMATIC and maticX on Polygon has helped us climb the TVL rankings on defillama. We hope to execute a similar playbook on Arbitrum around wstETH.
      • 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
      • 9 token whitelistings
      • 3 gauges added to the gauge voting list
    • Telegram chats remain active though we are seeing a slight decline in activity relative to last month.
    • Weekly testing of the UI continues! Gold star to zekraken
  • Community

    • September Coordinape round is open with 13 participants;
    • Ongoing monthly health-check, following on previous Ops subDAO metrics, showing positive stats and overall sentiment for contributing to Balancer DAO;
    • Study groups initiative building up;
    • 6 new contributors being helped on onboarding process.
  • DAO Dev Work

    • Deployment of over 30 pools and their respective gauges as part of the migration to new pool types.
    • Keeping components of up-to-date and in line with pool and gauge migrations
    • Maintaining, including protocol fee and treasury views
  • Record Keeping

We will present these updates in the monthly community town hall in discord on September 21st at 1pm EST