BDSP August Update

Service Providers
1

Below is an update from the Business Development Service Provider for August.

Key Objectives for Q3-2024 (updates in bold)

  • Execute the launch of Mode and Fraxtal
    • Build liquidity on new chains.
      • $2m of TVL on Fraxtal including $1m of sDAI / sFRAX POL.
      • FRAXTAL UPDATE: Frax notified the Balancer team last week they will not be able to move the Frax POL to Balancer as had been discussed due to market conditions until the market turns around. This was to be the POL in the Balancer AMO.
      • MODE UPDATE: Mode will be launching the first-of-its-kind veMODE governance campaign using a MODE / WETH 8020 pool where protocols can direct $OP and $MODE emissions using the BPT. Balancer has worked closely with Mode and Aragon to design this program and is targeting a late September / October launch. Balancer has purposefully held back incentivizing new pools on Mode (which would have been done using $MODE as direct incentives) in order to keep its $MODE in anticipation of the veMODE program.
    • Implement, monitor, and adjust incentive strategies on new chains
      • Ongoing - working closely with Frax to implement efficient direct incentives / bribing strategies on Fraxtal. This has been particularly challenging given Balancer/Aura’s negative bribe premium. Completed the OP Superfest Campaign on Fraxtal and Mode
      • Collaborating with Mode on ecosystem-wide ve8020 program for $MODE (see above)
    • Establish a comprehensive partnership network and ecosystem on the new chains, encompassing liquidity providers and networks, yield-bearing assets, lending protocols, etc. In progress. New examples on Mode in July included Lombard (BTC LRT), Bedrock (uniBTC), pumpBTC, and introducing HiddenHand to Mode for facilitating the veMODE program.
    • Complete governance requirements for various activities (e.g Frax for PoL deploying on Balancer) Done
  • Enhance presence on existing chains
    • Develop, coordinate, and execute growth initiatives on Layer 2 solutions for existing chains, focusing on Arbitrum, Optimism, and Base networks. Growth on Arbitrum and Optimism focused on current grant programs for yield bearing assets (more below)
  • Expand the yield-bearing thesis initiative.
    • Continue developing liquidity for Eigenlayer LSTs and LRTs
    • Develop liquidity for yield bearing assets within the Karak and Symbiotic ecosystems None in August
    • Introduce new pools for yield-bearing stablecoins.
      • Multiple new pools with STIP
      • Launched sdeUSD / deUSD with Elixir on Mainnet
    • Bring LST/LRT partners to new chains where Balancer is deployed Several new pools created on Arbitrum including ECLPs. Additionally, began deeper relationship with Lido and began handling some of their incentive distribution on Arb and OP
  • Execute and explore grant programs
    • Execute the STIP Bridge program on Arbitrum (e.g. finding partners, managing incentives, seeking co-incentives, etc.)
      • Dune dashboard here
      • LST/LRT liquidity up ~2x since program started
      • ibStable pools up 6.5x since program started
      • Launched $50k Galxe quest funded by Galxe
    • Support existing grant programs (e.g. Balancer’s OP LST/LRT incentive program being managed by Beets, etc.) Ongoing
    • Apply for new grant programs
      • Applied for Sunny Awards
      • Provided launch material to AVAX to be included in Avalanche’s Insomnia Loyalty program
  • Prepare for v3 launch: Ongoing
    • Seek integrations and partnerships in anticipation of the v3 launch.
    • Continue supporting engineering to onboard aggregators
    • Collaborate on GTM and BD-related materials (e.g. pitch deck, website, docs, etc.)
  • Extend the ve8020 governance initiative. See comments on Mode
    • Explore ve8020 collaborations with pre-token projects or tokens with recent TGEs, such as LRT projects.
    • Promote ve8020 to projects with existing tokens. Helped @Tritium get connected with Compound team after Humpy got involved in governance to discuss Balancer’s involvement in their new governance strategy, which kickstarted this from Tritium."
  • Develop leads and opportunities for Balancer ecosystem projects (e.g. Gyroscope, CowAMM, Xave, QuantAMM, etc.)
    • Helped Gyro get Compound to develop a cToken wrapper that’s 4626 compliant (in audit now)
  • Continue ad hoc outreach to projects exploring new partnerships and opportunities.
    • Finalized balETH mainnet launch with Tokemak (target launch is mid Sept.), set up working group with AAVE liquidity committee, maxis, and karpatkey to address stkbpt being sunset from AAVE safety module, launched other new pools such as Crypto.com’s cdcETH, began working with Trident/Paxos to launch USDL pool in September, met with new chains (Ton L2s, Movement, Superseed, etc.), developed new relationships with protocols such as (Agora, Hinkal, Bril, Allora, Fun.xyz, Analog, dlcBTC, Abracadabra, and several others)
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