PR With Payloads
Summary and Motivation:
As we enter Q1 of 2025 the veBAL gauge system is expected to see aninflux of new gauges due to Balancer v3’s launch. This proposal will act to disable a large sum of Balancer v2 gauges which have been inactive for several voting epochs, and hold insignificant TVL, less than 100k USD. If executed this will set a framework for the Balancer Maxis to review the inactivity of gauges meeting this specific criteria quarterly, and put forward a kill proposal. The benefit is reducing operational spend on the gauge checkpointing operations done every voting round.
The criteria is straightforward, but can later be adjusted and is subject to exceptions if a gauge is vouched for on the forum.
- The gauge is flagged as worth killing if it has not received veBAL votes for >60 days, and the TVL has been under 100k USD equivalent for >60 days.
- Gauges can still be killed at any time due to externalities, the rules above are simply meant to keep the system lean and efficient.
This proposal will also enable several new gauges for pools on Balancer v3. Lists of both will be outlined below in the attached payloads, and can be cross checked against this spreadsheet.
Balancer v3 has successfully onboarded 30M TVL with minimal incentivization and diversity of assets thus far. In order for continued bootstrapping and veBAL voters to allocate their votes on v3 pools this will make the interface much more streamlined for everyone involved. This will also simplify the Aura, Hidden Hand, and Paladin markets in terms of voting and partner interactions. Based on the tokenomic updates coming to Balancer v3 pools related to yield fees and recycling of revenue. The core pool cycle will go live at the earliest convenience of the Balancer Maxis, with the expectation for the automation to be fully functional by the last week of January. All of each v3 pools revenue up until that point will be utilized in the first active incentive round.
In the scope of this proposal the ACX/wstETH pool on Balancer v2 will have it’s gauge weight changed to 100%, as opposed to 2% as it has proven to earn more than enough fees to deserve this increase.
Specifications:
Gauge Kills
Due to the sheer size of the gauge kill list, the table will be left out of the proposal but can be referenced via this google sheet.
The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptorEntrypoint at 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction using 0xab8f0945 for the data(bytes) argument and the “Root Gauge Address” list for each pool below will be used for the target(address) argument.
Increase of ACX/wstETH Gauge weight cap:
The Balancer DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 calling grantRole with the following arguments:
role: 0xae60dce27f51ce5815357b9f6b40f200557867f8222262a1646c005d09b7dfba
This role corresponds to setRelativeWeightCap(uint256) on mainnet gauges and can be confirmed here in the Balancer deployments repo.
account: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f
The Balancer DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptorEntryPoint at 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and call performAction with
target: 0xf7b0751fea697cf1a541a5f57d11058a8fb794ee being the ACX/wstETH root gauge and data 0x10d3eb040000000000000000000000000000000000000000000000000de0b6b3a7640000 to set the cap to 100%
The Balancer DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 calling revokeRole with the following arguments:
role: 0xae60dce27f51ce5815357b9f6b40f200557867f8222262a1646c005d09b7dfba
account: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f to revoke the previously assigned role to change gauge weights.
Gauge Adds for Balancer v3
| Network | Pair | Pool Address | Root Gauge Address |
|---|---|---|---|
| Ethereum | Lido wETH/wstETH | 0xc4ce391d82d164c166df9c8336ddf84206b2f812 | 0x4b891340b51889f438a03dc0e8aaafb0bc89e7a6 |
| Ethereum | Aave wETH/ETHx | 0x4ab7ab316d43345009b2140e0580b072eec7df16 | 0x1f3a4c8115629c33a28bf2f97f22d31d256317f6 |
| Ethereum | Aave wETH/osETH | 0x57c23c58b1d8c3292c15becf07c62c5c52457a42 | 0x70a1c01902dab7a45dca1098ca76a8314dd8adba |
| Ethereum | Aave USDC/USDT | 0x89bb794097234e5e930446c0cec0ea66b35d7570 | 0xeec405b834c90b59122bcc2357f27110b2adb4b7 |
| Ethereum | Aave USDe/USDT | 0xc1d48bb722a22cc6abf19facbe27470f08b3db8c | 0x95d260ac86b58d458187c819f87aad2c7c4203ef |
| Ethereum | rsETH/hgETH | 0x6649a010cbcf5742e7a13a657df358556b3e55cf | 0xcbc0a61E99fE3adba90BEAD3738446952bCb8002 |
| Ethereum | shezUSD/sDAI | 0xac035537edf62beef0c7208181379f89def22119 | 0xf6A9bbB5D9733fa6F77120683636061bc26E7E85 |
| Gnosis | Aave wstETH/GNO | 0x272d6be442e30d7c87390edeb9b96f1e84cecd8d | 0x40B04058fF35fD3164E6cc66C4E6398c1E5E68c8 |
| Gnosis | Aave wETH/wstETH | 0x6e6bb18449fcf15b79efa2cfa70acf7593088029 | 0xfD151734ffC9A4A55C50fed4b66c15B06Bbb390B |
| Gnosis | Aave GNO/sDAI | 0xd1d7fa8871d84d0e77020fc28b7cd5718c446522 | 0x5C36197A631649441649028110fa503a3be00162 |
| Gnosis | sDAI/BRLA | 0xa91c3c043051e7e680b61d79b3a733d3e2c0fb5e | 0x7632c11C49E6091504Bb0395c0C81C8BE48f4a8C |
The Balancer Maxi LM Multisig 0xc38c5f97B34E175FFd35407fc91a937300E33860 will interact with the GaugeAdderv4 at 0x5DbAd78818D4c8958EfF2d5b95b28385A22113Cd and call the addGauge function with the following arguments based on the table above:
gauge(address): Root Gauge Address
gaugeType(string): Network