# BDSP September Update

**URL:** <https://forum.balancer.fi/t/bdsp-september-update/6075>\
**Category:** Service Providers\
**Created:** [October 9, 2024, 2:24am UTC](https://forum.balancer.fi/t/bdsp-september-update/6075 "2024-10-09T02:24:16Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![lipman](https://yyz1.discourse-cdn.com/flex027/user_avatar/forum.balancer.fi/lipman/32/3015_2.png) [@lipman](https://forum.balancer.fi/u/lipman)\
**Post date:** [October 9, 2024, 2:24am UTC](https://forum.balancer.fi/t/bdsp-september-update/6075/1 "2024-10-09T02:24:16Z")

</div>

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.

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

  - 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.

  - 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](https://dune.com/balancer/arbitrum-lgp?End+date_d9e9d1=2024-04-19+00%3A00%3A00)**
    - **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](https://app.galxe.com/quest/Balancer/GCFMLtvSC6_) 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](https://app.charmverse.io/op-grants/balancer-yba-dex-liquidity-7241529389308983) application**
    - **Spoke with Base about [this](https://app.charmverse.io/op-grants/grow-the-superchain-economy-by-incentivizing-defi-builders-on-base-19840544427340534) but won’t be live until January**
    - **Working with Mode on [this](https://app.charmverse.io/op-grants/mode-8040250934164535)**

- 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.