BDSP July Update

Service Providers
1

Below is an update from the Business Development Service Provider in July. Please note that Lipman was out of office for vacation for 1 week during the month.

Key Objectives for Q3-2024 (updates in bold)

  • Execute the launch of Mode and Fraxtal
    • Build liquidity on new chains.
      • Secured Balancer AMO of $55m PoL with Frax. Frax moving PoL to Balancer imminently
      • In collaboration with Maxis and Aura, set up necessary infrastructure for gauges, bribing markets (e.g. hidden hand), and infra for rewards, etc. on Fraxtal
      • Launched $OP superfest pools on Mode and Fraxtal (Fraxtal 1, Fraxtal 2, Mode 1) generating $1m+ in TVL
    • Implement, monitor, and adjust incentive strategies on new chains
      • Working closely with Frax to implement efficient direct incentives / bribing strategies on Fraxtal
      • Collaborating with Mode on potential ecosystem-wide ve8020 program for $MODE (also note, we’ve held back a more comprehensive launch on Mode until this program is fleshed out given its potential impact to Balancer and Mode)
    • Establish a comprehensive partnership network and ecosystem on the new chains, encompassing liquidity providers and networks, yield-bearing assets, lending protocols, etc. In progress. For example, Iconic on Mode will be deploying their own ve8020 program using Balancer on Mode.
    • Complete governance requirements for various activities (e.g Frax for PoL deploying on Balancer) See above from Fraxtal
  • 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
      • Launched 5pool with Mellow Protocol earning 3x mellow points and 1x symbiotic points
      • Engaged with multiple other risk managers with pools upcoming on Mellow (e.g. Infstones)
    • Introduce new pools for yield-bearing stablecoins. Multiple new pools with STIP
    • Bring LST/LRT partners to new chains where Balancer is deployed
  • 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 nearly 2x since program started
      • Several new ibAsset pools (gUSDC, GHO, wUSDM, etc.)
      • Began designing quests with Layer3 and Galxe (secured 70k ARB for quests)
    • Support existing grant programs (e.g. Balancer’s OP LST/LRT incentive program being managed by Beets, etc.) Ongoing
    • Apply for new grant programs
      • Secured 45k $OP from Superfest campaign
      • Secured ~50k OP from Retro OP grant
  • 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 and Iconic
    • Explore ve8020 collaborations with pre-token projects or tokens with recent TGEs, such as LRT projects.
    • Promote ve8020 to projects with existing tokens.
  • Develop leads and opportunities for Balancer ecosystem projects (e.g. Gyroscope, CowAMM, Xave, QuantAMM, etc.)
    • Helped Gyroscope secure $300k AVAX grant
  • Continue ad hoc outreach to projects exploring new partnerships and opportunities.
    • Launched balETH proof-of-concept by Tokemak, Zeebu, M^0, Yieldnest, Crypto.com (cdcETH), dForce (sUSX), Theia (liquid fund manager), Teahouse, Ion, Ethermail, Rootstock, Etc (too many to list)
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