Authors: Humpy, Aura, Balancer
The last few months have been interesting, to say the least. While we don’t always see eye to eye with others, rational discourse is valuable in decentralized organizations. Balancer is stronger when differing viewpoints can be presented in a civil, constructive manner, and individuals have a voice in governance.
Over the last few days, a constructive dialogue has been opened between Aura, Balancer, and the veBAL whale, Humpy. We have come to the following agreement, which we’d like to formalize on chain as a BIP.
- Aura will withdraw support for https://forum.balancer.fi/t/bip-xxx-cap-vebal-wrapper-stableswap-pools-at-5-of-emissions-each/3997/43 and recommends that proposal not be moved to Snapshot.
- All parties mutually recommend that the following proposals not be moved to Snapshot:
- All parties have agreed that no hard caps shall be implemented for the tetuBAL gauge. Instead, Humpy shall move his votes to 17.5% on the tetuBAL gauge, and avoid putting more than 17.5% on any single gauge in the future.
- Humpy has committed to using his remaining votes on voting incentives where the “bribe $ per veBAL” is greater than the “$ value of emissions per veBAL.”
A. Aura has agreed to facilitate the creation of a script for Humpy to help him allocate his votes optimally.
- Humpy has expressed support in voting for pools that are beneficial to the long-term growth of Balancer in line with other major stakeholders.
- All parties have agreed to a gentleman’s agreement to not meddle in each other’s affairs.
- To ensure that 51% attack is off the table, Humpy has agreed not to increase his position, and to unwind ~750k veBAL starting immediately, and allow Balancer governance to blacklist his addresses if they extend unlock time. Likewise, Balancer shareholders have agreed to unwind ~750k veBAL in the same time period as well.
A. Humpy addresses:
B. Balancer shareholder addresses:
- After AURA/BAL unlock periods, Humpy has agreed that Aura/Balancer will have 14 days to assist him in finding an OTC deal (within 10% of market price) to help reduce sell pressure, and maximize value.
- Finally, Humpy has agreed to withdraw his delegation from Andrea81, who will no longer be representing Humpy going forward. We recommend that Andrea81 be withdrawn as the Tetu delegate as well.
For this BIP, in the spirit in which it was made, we request that discussion be as friendly as possible. Compliments and mutual respect are valued; emotional and inflammatory language should be avoided. To put this behind us, all parties and their current/former representatives have agreed that repeatedly revisiting these same issues is undesirable, so all will seek to limit public discussion on these subjects in any manner that is nonconstructive or reflects negatively on any of the involved parties.
All parties are ready to move forward with this process, and respectfully request that this BIP be moved to Snapshot at the Balancer community’s earliest convenience.
All in favor here!!
Good governance doesn’t just mean more features; it means cohesive decision-making about the features of our community in both a timely and efficient manner.
Thank you Humpy, seems everyone’s motives and varied perspectives, while loosely coupled from one another, are tightly coupled to the sustainable well-being of Balancer, Aura, and the whole ecosystem.
This is perhaps one of the most glorious days in the land of Balancer that has occurred since I started paying attention.
Balancer is an incredible DEX with so many unique, albeit sometimes somewhat complex and hard to understand, capabilities. veBAL has the potential to make people think long and hard about what can be done, and to engage builders and DAOs to use it as a base layer.
Since soon after veBAL launch, far too much focus has gone into trying to align all stakeholders, and not nearly enough into building the bright future of decentralized finance.
This treaty represents a long-needed agreement/alignment between key players in the ecosystem. The way it was achieved, by senior decision makers from each entity actually taking taking time to really understand each other, should result in alliances being built that are of tremendous value to everyone invested in these tokens.
Bravo @humpydumpy007. Bravo Balancer. Bravo Aura. Lets BUIDL together!!!
I am glad we finally came to a peaceful resolution. Thanks to everyone who played a role in seeing that the right decisions were made. Hopefully we don’t have to revisit an issue of this magnitude again. Thanks everyone. Big ups @humpydumpy007 a true Chad.
Congratulations to all stakeholders of this discussion, this is excellent news for the Balancer ecosystem as a whole!
Humpy has committed to using his remaining votes on voting incentives where the “bribe $ per veBAL” is greater than the “$ value of emissions per veBAL.”
A. Aura has agreed to write a script for Humpy to help allocate his votes optimally.
We have buit a very robest internal analytics tool to allocate bribes internally for Paladin, on all available bribe marketplace, we’d love to re-tool it for Humpy’s vote!
Wow. I’m impressed. Job really well done, everyone. And @humpydumpy007 - my hat’s off to you, sir.
Well bring on the champagne!
Awesome stuff to all parties Involved. Looking forward to a brighter future for all balancer and aura stakeholders !
I fully acknowledge all the terms of this peace treaty.
I will endeavor for a lasting peace that will certainly lead to prosperous times for Balancer and its ecosystem.
Very positive for the ecosystem - RIP veBAL bribe APRs.
I am deeply grateful that an agreement has been found. Balancer is a jewel in the DeFi space and I am so happy that we can now focus on pushing the protocol forward!
BadgerDAO is happy to help as our bribing in the convex ecosystem have been consistently beating llama airforce by 3%+ in the recent bribe rounds since a new system has been implemented.
I normally stalk these forums rather than speak out/worsen disagreements,
but would like to say i’m very happy an agreement has been reached on this issue!
Should make for a healthy Balancer ecosystem- and forum.
Generally good to see. However, given this is a gentlemans agrrement - we will see how long it lasts.
This also reads like a hostage note “Finally, we’ve all come to appreciate Humpy as a reasoned, intelligent individual that brings great value to any project he’s involved with. Much of the conflict over the past several months has been a series of miscommunications and escalations due to the passion of various middlemen. Humpy now has a direct line to Aura/Balancer, and as such, has agreed to withdraw his delegation from Andrea81, who will no longer be representing Humpy going forward. We recommend that Andrea81 be withdrawn as the Tetu delegate as well.”
I think you’re misunderstanding, this is a binding agreement.
I echo all the positive comments about this peace treaty and stress how grateful I am for @humpydumpy007 to be joining forces with us all so we can work together for the long-term success of Balancer!
We are glad to see this! We are happy to put a pause on our original proposal and to move forward with the peace treaty. We all want to be working towards a better future for Balancer, and this is a good step in that direction.
I’m glad that forces will be joined and instead, we can focus on other issues to elevate Balancer to becoming an essential piece of DeFi.
Great to see positive steps being taken for the health of the entire ecosystem. Growing together makes a lot of sense and providing certainty to the defi community will increase participation
Side issue, but interesting: Who are the ‘middlemen’ between the Principal, Humpy, and the protocols? In crypto, middlemen are to be avoided as much as possible. What does Humpy feel the middlemen are adding? What do Balancer/Aura feel like they are adding? Based on experience, in crypto, ‘middlemen’ are to be treated with max scepticism. Why are they involved, why are they allowed to cause problems, and what can we all learn from this?
Perhaps Solarcurve, Andrea, and Tritium can chime in here?