[BIP-30] Purge Unused Gauges

Governance General Proposal
1

Motivation

Balancer currently has 50+ active gauges. The vast majority of these were grandfathered in when veBAL launched and many have never gotten votes. I propose to remove all gauges that meet both criteria below:

  • Gets less than 0.1% of the vote
  • 80/20 pool that is not the primary source of liquidity

Plus removing all gauges with exactly 0% of the vote unless recently approved in a gauge vote. These gauges are not likely to ever drive value to the protocol so there’s no reason to have them on the voting list. If desired, anyone can pursue a proposal to re-activate a gauge from this list in the future.

A full list of gauges to be killed:

  • 80 THX / 20 USDC (Polygon)
  • 80 GMX / 20 WETH (Arbitrum)
  • 80 MTA / 20 WETH (Ethereum)
  • 80 UNN / 20 WETH (Ethereum)
  • 80 BANK / 20 WETH (Polygon)
  • 80 VISION / 20 WETH (Polygon)
  • 50 USDC / 50 WETH (Polygon)
  • 80 SAND / 20 WMATIC (Polygon)
  • USDC/TUSD/DAI/USDT stable (Polygon)
  • USDC/FRAX/USDT/UST stable (Polygon)
  • 33 AVAX / 33 WETH / 33 SOL (Polygon)
  • 40 WMATIC / 40 MTA / 20 WETH (Polygon)
  • 60 MCB / 40 WETH (Arbitrum)
  • 80 GNO / 20 WETH (Arbitrum)
  • DAI/USDT/USDC stable (Arbitrum)
  • 80 TCR / 20 WETH (Arbitrum)
  • 80 LINK / 20 WETH (Arbitrum)
  • 80 MAGIC / 20 WETH (Arbitrum)
  • 80 GRO / 20 WETH (Ethereum)
  • 50 SILO / 50 WETH (Ethereum)
  • 50 WETH / 50 USDT (Ethereum)
  • 50 UMA / 50 USDC (Ethereum)

Specification

If approved, the DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction using 0xab8f0945 for the data(bytes) argument and the following list of contracts for the target(address) argument. Each contract will be its own transaction, thus there will be a total of 22 transactions.

80 THX / 20 USDC (Polygon) → 0x6D73Df7aFC4e0144DeC3BE083dFA3882E53c5BA5
80 GMX / 20 WETH (Arbitrum) → 0x3fDb6fB126521A28f06893F9629DA12f7B7266Eb
80 MTA / 20 WETH (Ethereum) → 0xbeC2d02008Dc64A6AD519471048CF3D3aF5ca0C5
80 UNN / 20 WETH (Ethereum) → 0x8F4a5C19A74D7111bC0e1486640F0aAB537dE5A1
80 BANK / 20 WETH (Polygon) → 0x022A843fFeE5A6FE1646C980b94286ef0D05F759
80 VISION / 20 WETH (Polygon) → 0xAb6efd2882BB25c732Bf0A5f8d98BE752f0DdAAF
50 USDC / 50 WETH (Polygon) → 0x45012035a728b0a9B344036e6bff6c775EE09769
80 SAND / 20 WMATIC (Polygon) → 0xDaE03Cd2ec908710E98ffc5f4Ff540Fe2c5C1e17
USDC/TUSD/DAI/USDT stable (Polygon) → 0xb5ad7d6d6F92a77F47f98C28C84893FBccc94809
USDC/FRAX/USDT/UST stable (Polygon) → 0xA6359EB485d23412EB40f1F0Dbd80e1A4Fe87e6b
33 AVAX / 33 WETH / 33 SOL (Polygon) → 0xCBbd866835433C620059129aaf12EE9c59dbC0d7
40 WMATIC / 40 MTA / 20 WETH (Polygon) → 0xE32080A12723e5b8f1b0cEd1F308FE2f9cF7e3c9
60 MCB / 40 WETH (Arbitrum) → 0xf30dB0Ca4605e5115Df91B56BD299564dcA02666
80 GNO / 20 WETH (Arbitrum) → 0x981Fb05B738e981aC532a99e77170ECb4Bc27AEF
DAI/USDT/USDC stable (Arbitrum) → 0xE0b50B0635b90F7021d2618f76AB9a31B92D0094
80 TCR / 20 WETH (Arbitrum) → 0x05e7732bF9ae5592E6AA05aFE8Cd80f7Ab0a7bEA
80 LINK / 20 WETH (Arbitrum) → 0x435272180a4125f3B47c92826F482FC6cc165958
80 MAGIC / 20 WETH (Arbitrum) → 0x785F08fB77ec934c01736E30546f87B4daccBe50
80 GRO / 20 WETH (Ethereum) → 0x7A89f34E976285b7b885b32b2dE566389C2436a0
50 SILO / 50 WETH (Ethereum) → 0xD61dc7452C852B866c0Ae49F4e87C38884AE231d
50 WETH / 50 USDT (Ethereum) → 0xdB7D7C535B4081Bb8B719237bdb7DB9f23Cc0b83
50 UMA / 50 USDC (Ethereum) → 0xf4339872Ad09B34a29Be76EE81D4F30BCf7dbf9F

1 Like
2

I support this effort, there are a number of gauges that bypassed governance since they were receiving liquidity mining rewards under the old model. In most cases they haven’t been voted on since inception and I’m not sure why that would change without any focus coming from the projects themselves. I think the community should make some effort to keep the list of gauges streamlined and populated with meaningful gauges. The UX experience could become unruly with no periodic review.

3 Likes
3

Absolutely needed! In full support.

2 Likes
4

https://snapshot.org/#/balancer.eth/proposal/0x12c8fd18c644c8c230b673fc468a22f93cd28ff3526b4e291005d13eeb85ad85

1 Like
5

Hi there, looks like our gauge (80 THX / 20 USDC) is being killed :cry:

It is both the primary source of liquidity, created with a LBP dec. 2021. It has had up to 0.3% of the vote and would have gotten over 0.1% next round, and in closing our DAO is about to acquire veBAL/vlAURA (see [Temperature Check] Support Polygon LP staking - #2 by 0xButterfield - Temperature Check - Aura Finance)

I understand where this proposal is coming from but I would like to add a few remarks;

  1. protocol value /= solely liquidity + fees. Balancer has always been vocal and supportive for bootstrapping projects creating 80/20 pools which I believe helps the whole ecosystem and should have a place also considering gauges
  2. this moved from proposal to execution in 6 days… In our case we watch @balancer and @balancerlabs twitter for governance info and I don’t think it was mentioned there. Perhaps consider to give projects some more time (e.g. 2 weeks) to review proposals and join the convo

In any case; I will do my best to watch BIPs more closely from now on directly on the forum. And we will discuss this development with our community and most probably submit a proposal to vote our gauge back in :crossed_fingers:

5 Likes
6

I’ll be requesting this goes to a second vote next week given the wide support from all delegates. Unclear why the CREAM whale voted it down - happy to hear his concerns if he feels like sharing. Cheers

4 Likes
7

second vote Snapshot

1 Like