Per Coinbase’s recent public communications the official public launch of Base is likely to be in early August. Balancer contributors are actively working to ensure Balancer is available from day 1 which was authorized with the passing of BIP-263. I request an initial allocation of 50,000 USDC from the treasury to be used towards Base launch incentives. This would be used over a period of no less than one month post launch. Another proposal will be put forward at that time if circumstances warrant additional funding.
It’s difficult to present any hard numbers because the network is not live yet and we don’t know what will be available on launch day. The reasons I think funding incentives pre-launch is a good idea are the following:
Balancer would be one of a small number of dapps with active incentives on launch day
We’ll start strong which is likely to bring interest from other Base projects
Gives us the ability to match partner incentives for a period of time
How quickly these funds are spent will depend on what opportunities present themselves and what activity the network is seeing post launch.
The Balancer Maxis will be responsible for allocating these funds.
If approved, the DAO Multisig eth:0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will transfer 50,000 USDC to the Maxi LM Multisig eth:0xc38c5f97B34E175FFd35407fc91a937300E33860.
I think getting to Base early and aggressively makes a lot of sense. But 50k and no match to me doesn’t sound like a commitment so I would rather keep the cash in the treasury until we have a plan in hand that we are going for and then make a decision around that.
Certainly no lack of trust in the Balancer Maxi’s to manage the funds responsibly and respect the views of others that might differ from mine on this vote.
To me this proposal makes sense as much as these funds spent attract so much initial liquidity that we have enough momentum to earn meaningful fees and also show commitment for potential other incentive programs. It seems others agree so it will be interesting where we will stand with this one
Thanks Trit. Tbf, this doesn’t really show any causation between the 50k allocated and the revenues generated. But regardless, glad to see a good outcome and I hope I was wrong about the 50k and it turns into 50 mil!
it won’t turn into 50 mil. but it does allow us to launch early with incentives. without this money we’d launch and have zero activity, which would probably mean we just wouldn’t launch until gauges are ready.
instead, we could launch and get some activity going to generate fees to allow us to place voting incentives on base gauges when those come online.
it’s a fair opinion that this money might be better spent on salaries. I would argue this spend is far more valuable personally.