[BIP-919] BAL Tokenomics Revamp

Governance
23

Update: we calculated the final numbers for NAV per share ((Assets - Liabilities) / Total number of outstanding shares) and the cap for the treasury buyback.

Treasury Assets

For USD values we rely on this Octav snapshot report closest to the BIP-919 forum post.

Total assets: $10,072,684.13

Treasury Liabilities

  • BAL: $385,600.37
  • BAL (Aave V3): $49,512.84
  • BAL (BAL80WETH20/WETH): $33,560.20 * .5 * .8 = $13,424.08
  • BAL (Across V2): $12,840.45
  • BAL (Axlbal): $3,098.20
  • BAL (Aave V2): $9.05
  • BAL (Multichain): $3.28

Total liabilities: $464,488.27

Outstanding Shares

All following calls are made at the block height of the first BIP-919 forum post; 24722036.

  • BalancerTokenAdmin.getAvailableSupply(): 72,697,103

Reduced by the following non-buybackable BAL tokens:

  • BAL.balanceOf(treasury): 2,491,603
  • BAL.balanceOf(treasury(positions)): 504,855
  • BAL.balanceOf(balancerLabsVestingSafe): 980,541
  • BAL.balanceOf(balancerLabsFundraiseSafe): 1,599,054
  • BAL.balanceOf(tetuBAL(position)): 2,504,238

Total outstanding shares: 64,616,812

NAV per Share

NAV per share = (Assets - Liabilities) / Total number of outstanding shares
NAV per share = ($10,072,684.13 - $464,488.27) / 64,616,812

NAV per share: $0.1487

Cap

Cap = (Assets - Liabilities) * .35
Cap = $9,608,195.86 * .35

Cap: $3,362,868.55

Conclusion

Treasury will buyback BAL tokens at a price of $0.1487 per share, with a total cap of $3,362,868.55 (~22,615,121 BAL tokens).

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