BDSP September 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.

      • Working with Frax about potential $10m-$25m coming to Balancer on Fraxtal
      • Secured Aegis strategic partnership on Fraxtal
      • Maxis and BD prepped veMode program (Ops, incentive distribution strategy, etc.) in anticipation of mid-October launch. Details about the program here

    • Implement, monitor, and adjust incentive strategies on new chains

      • As per above, working closely with Frax to potentially open up room in the voting markets for more efficient incentives and bring over strategic liquidity.
      • Discussing with partners such as EtherFi how to get more integrated into the veBAL / vlAURA flywheel
      • Working closely 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. Aegis on Fraxtal. New examples on Mode in Sept. included xLink, B2, Merlin, Ironclad, Mountain, and Angle.

    • Complete governance requirements for various activities 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 grant programs for yield bearing assets (more below)
  • Expand the yield-bearing thesis initiative. (launched balETH with Tokemak)

    • Continue developing liquidity for Eigenlayer LSTs and LRTs (began prepping ynETH launch with Gyroscope, multiple on Mode)

    • Develop liquidity for yield bearing assets within the Karak and Symbiotic ecosystems Rate providers in review for weETHs, eBTC, ultraETH, dvstETH. Began discussions with Vector Reserve on ksETH and krETH - expecting in October.

    • Introduce new pools for yield-bearing stablecoins.

      • Multiple new pools with STIP and rate providers reviewed or being reviewed on Mode (stUSD, wUSDM). Also msDAI on Mode.

    • Bring LST/LRT partners to new chains where Balancer is deployed Rate providers reviewed ahead of veMODE (e.g. wstETH, instETH) and wstETH on Fraxtal

  • 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 from 4200 ETH at the start to 12k ETH at the end of the grant)
      • ibStable pools up from $1.1m to $9.5m
      • Concluded $50k Galxe quest funded by Galxe
    • Support existing grant programs (e.g. Balancer’s OP LST/LRT incentive program being managed by Beets, etc.) Grant finishes in October
    • Apply for new grant programs
      • Helped Beets with new yield bearing asset application
      • Spoke with Base about this but won’t be live until January
      • Working with Mode on this
  • Prepare for v3 launch:
    • Seek integrations and partnerships in anticipation of the v3 launch. Engaged with Fyde Treasury for v3 hook
    • 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. Pitched to Movement and Zk Sync that both want Balancer to deploy
  • Develop leads and opportunities for Balancer ecosystem projects (e.g. Gyroscope, CowAMM, Xave, QuantAMM, etc.)
    • Introduced QuantAmm to Fraxtal and Mode teams. Working with Gyroscope to get nexus mutual coverage to enable deposits from asset managers. CowAMM - pitched Radiant, Layerzero, and GMX for pools
  • Continue ad hoc outreach to projects exploring new partnerships and opportunities.
    • Extensive conversations with AAVE Liquidity Committee about stkaBPT
    • New chains evaluation (Soneium, Taiko, Movement, Superseed, etc.)
    • BTC tripool (in progress, eBTC / lBTC, WBTC)
    • Paxos USDL ibStable (launching in October)
    • Getting other ibAsset in Balancer’s pipeline (lsETH, cmETH, mETH, uniBTC and uniETH, hETH, stBTC, lBTC,
    • Veda vaults (exploring multiple with their team)
    • Tokemak (balETH) launch and balETH / wstETH pool on mainnet
    • Infinex - discussing integration
    • Zeebu - deployed on Base and starting testing
    • etc.
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