[BIP-919] BAL Tokenomics Revamp

Governance
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@maxyz.xyz will be best qualified to respond to these question in regards to timeline, but our efforts are now looking at the more urgent changes needed (halting emissions, fee sweeping, etc).

  1. we are looking to do one single payment, since the snapshot is retroactive from the time of the proposal - tbd on method, but will keep the community posted
  2. noted
  3. stablecoins
22

A proposal on how to handle the compensation has been posted here: [BIP-XXX] veBAL Compensation Airdrop.

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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