PR with Payload
Summary
As per April 29th 2025 Fraxtal decided to change their gas token from frxETH to Frax. This causes issues for Balancer v2, as the gas token is hard-coded in the vault. Overall, the deployment still mostly operates as expected, however wrapping and unwrapping of frxETH is not supported anymore.
Given we would have to fully redeploy Balancer v2 as it is not working in its current state, we propose the following:
- Kill all gauges on Fraxtal
- Withdraw and process all fees collected in the fee collector and distribute proceeds to veBAL holders. Omit any core pool fee processing as the gauges will be killed
- Provide basic functional support (UI, API, security) but omit BAL emissions by killing all active gauges.
- Accrued fees will be processed on a quarterly basis by the Balancer Maxis and distributed to veBAL holders and the DAO based on the non-core pool fee-split on Ethereum mainnet (82.5% to veBAL, 17.5% to the DAO, BIP-734)
Motivation
As per official announcement by the Fraxtal team, the gas token on Fraxtal was changed from frxETH to Fraxtal. This breaks some of our chain functionality. Therefore, we propose to sunset any emissions and any future inclusion in our protocol fee framework for this deployment. As a result, we propose to kill following gauges:
| Pool | Root Gauge |
|---|---|
| sFRAX/sfrxETH | 0x5f0a99997ab2acc5097dc5349adf6985761336ac |
| sFRAX/sDAI | 0x58e71af9ce4378b79daaf2c4e7be9765c442dfc2 |
| sFRAX/sDAI/sUSDe | 0xea8ba6b0cb5908a5d803b01ceaea5a6e65d33508 |
| FRAX/USDe | 0x259371ca8ac5e7f3163704ce58b0da58820173ed |
Additionally, we propose to collect all pending fees from the fee collector and distribute them to veBAL holders on mainnet. As of the writing of this BIP, approximately $51k in protocol fees can be collected and withdrawn. Upon approval of this proposal, fees will be processed on a quarterly basis if they exceed $100 moving forward by the Balancer Maxis. Collected fees will be distributed to veBAL holders and the DAO based on the 82.5% / 17.5% fee split for veBAL / DAO based on the non-core pool fee model (BIP-734) with the next closest fee run.
Technical Specifications
The DAO multi-sig on mainnet 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will call the AuthorizerAdaptorEntrypoint at 0xf5dECDB1f3d1ee384908Fbe16D2F0348AE43a9eA and kill gauges by passing the root gauge in above list as target and data as 0xab8f0945 which corresponds to the kill action.