This proposal seeks to gather Balancer community support and approval for Solace DAO to launch and operate a new Balancer Friendly Fork on Aurora chain, an EVM within the NEAR ecosystem. This newly deployed protocol will be called Holdr, with the governance token HLDR, and ultimately governed by Holdr DAO.
If approved, this proposal will result in:
- Solace DAO launching Holdr as an officially recognized Balancer Friendly Fork on Aurora
- Balancer DAO Treasury receiving 4% of HLDR total supply
- BAL tokenholders receiving 1% of HLDR total supply
- Solace DAO and Balancer DAO research and co-marketing collaboration
This proposal is shared by Solace’s team and was written by Nikita Buzov (founder). Solace has received a grant of $20,000-worth of AURORA tokens from Aurora to pursue this proposal and launch a Balancer V2 friendly fork. Also, back in summer 2021, Solace DAO has also received a NEAR grant worth of $30,000 from NEAR Foundation to develop Solace, a DeFi Insurance protocol (live across Ethereum, Polygon, Fantom, Aurora). Therefore, Solace has been well supported and integrated within the NEAR ecosystem community, which, along with successful experience operating DeFi protocols, makes Solace team a natural partner within the Aurora’s and NEAR’s ecosystems.
Both NEAR and Aurora ecosystems have been steadily growing and developing their unique technology. Over the years they have shown a strong commitment to innovation and user experience, developer community, as well as security! Because of this continued growth, Solace is excited to support their ecosystem and, together with Aurora, identified a need for Balancer V2 technology to become present there.
Solace is a DeFi insurance protocol, founded back in 2020 and first launched in 2021 on Ethereum, later expanding to Polygon, Fantom, and Aurora. Over the past years Solace team has been awarded grants from Polygon, Aave, NEAR, Celer, and Aurora, following successful completion of the specified goals. Additionally Solace DAO has been funded through a seed round in 2021 (raised $1.1M). The team has displayed over time a great track-record of shipping products, developing and setting up complex architectures, operating protocols on multiple chains. Solace’s team is currently composed of 10 people: 5 engineers, 1 UI/UX designer, 2 BD & marketing, 1 operations, 1 founder (also an engineer).
Solace is set to launch Balancer V2 fork in the most current production deployment, including all the core technology. With security in mind, Solace will not make any changes or updates (unless explicitly requested by Balancer DAO, or an emergency response to a verified vulnerability is required) to the core smart contracts. This work has been complete and the contracts are live in production. I invite you to check and verify both the application and the deployed contracts following these links:
- Website (access the app through the link on there): https://holdr.fi/
- Smart contracts: https://holdr.gitbook.io/holdr-protocol-overview/developers/deployment-addresses
Please note that LBP UI and the Bribe market functionality are still in development, but should be completed in the following weeks, ahead of the HLDR token launch (tentatively scheduled for December’22).
Holdr will also follow the exact same governance process and tokenomics design as veBAL, locking 80/20 HLDR/wNEAR BPT with a max period of 1 year to control the HLDR liquidity mining emissions across gauges.
The total supply of HLDR will be 100,000,000 HLDR tokens and distributed through the following allocations and schedules:
A portion of the Holdr protocol should be owned by both the Balancer’s treasury and BAL holders. This would be following a standard set by a previous Balancer friendly fork, Beethoven X. We propose, in a similar fashion, that 5% of the total supply of HLDR should be allocated as follows:
- 4% provided to the Balancer DAO Treasury (2y linear vesting, 6mo cliff).
- 1% provided as an airdrop to BAL holders as follows:
- A backdated snapshot will be taken for all BAL holders
- Only holders with a BAL value greater than $100 USD will be eligible
- A 2x multiplier will be assigned to BAL and BAL/ETH 80/20 BPT holders, including the holders of veBAL locking their BPTs, on Ethereum
- A 1x multiplier will be assigned to Arbitrum BAL and BAL/ETH 60/40 BPT holders
- A 1x multiplier will be assigned to Polygon BAL, USDC/MATIC/WETH/BAL 25/25/25/25 BPT, and BAL/ETH 80/20 BPT holders.
To achieve a more equitable distribution of the airdrop tokens, they will be distributed based on the weights above, not based on the USD value of the holdings. Note, any qualifying address will need to have a Holdr LP position, worth at least $100, staked in incentivized liquidity mining. A snapshot date will be announced within a month after the launch, if this vote is passes. The distribution mechanism of the tokens will be defined collaboratively between the Solace team and the Balancer community and the requirements outlined here are subject to small revisions.
This allocation will be awarded across Solace DAO, Solace Launch DAO, and the active team members to compensate for the on-going work and to support Holdr protocol operations. The distribution will happen on a 2 year linear vesting schedule with a 6-month cliff.
The Holdr DAO will be formed overtime by the community and will inherit this treasury to govern and financially support any future developments, grants, contributor compensations, etc. Solace team’s goal over the next couple of years will be to pass on the governance as the Holdr DAO matures. This treasury will be be vesting linearly for 5 years, with a 1-year cliff.
This allocations will be utilized to effectively partner with various protocols within NEAR and Aurora ecosystems, as well as to raise some capital to finance any operational costs. Vesting will follow a linear schedule of 2 years, with a 6-month cliff, similar to the Balancer DAO and Solace DAO allocation.
These funds will be used to seed and launch HLDR token using Liquidity Bootstrapping Pool.
Similar to Balancer’s schedule, Holdr will adopt emissions halving every 4 years. The initial emissions rate will start at 150,000 HLDR/wk.
If accepted by the Governance process of both DAOs, this friendly fork will start effective immediately. There is no expiry date to the agreement; however, both DAOs can override this Friendly Fork agreement through their governance process to remove the Friendly Fork title with a one-month notice period. If such decision passes a vote, Balancer DAO will loose claim to all unvested HLDR tokens granted to their DAO Treasury.