# \[BIP-920\] veBAL Compensation Airdrop
**URL:** https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025
**Category:** Governance
**Created:** [April 22, 2026, 9:33am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025 "2026-04-22T09:33:50Z")
**Posts on this page:** 8
**Page:** 1
### Author:  [@maxyz.xyz](https://forum.balancer.fi/u/maxyz.xyz)
#### Post date: [April 22, 2026, 9:33am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/1 "2026-04-22T09:33:51Z")
# TL;DR
As proposed and ratified in BIP-919, veBAL holders are [entitled to compensation](https://forum.balancer.fi/t/bip-919-bal-tokenomics-revamp/7001#p-16776-vebal-economics-cutoff-compensation-campaign-10) for the fact that their locked positions will not receive any more incentives going forward. An amount of 500k USDC shall therefore be airdropped proportionally to the following addresses:
| receiver | amount |
| --- | --- |
| `0xaf52695e1bb01a16d33d7194c28c42b10e0dbec2` | 336074.189827 |
| `0x9cc56fa7734da21ac88f6a816af10c5b898596ce` | 48326.065883 |
| `0xea79d1a83da6db43a85942767c389fe0acf336a5` | 38055.351773 |
| `0x4281e53938c3b1c1d3e8afd21c02ce8512cdbc93` | 15237.338795 |
| `0x1c8bcb6348c84122e67a50e513a1e183c0e6929a` | 12462.504703 |
| `0x849d52316331967b6ff1198e5e32a0eb168d039d` | 10622.031402 |
| `0x36cc7b13029b5dee4034745fb4f24034f3f2ffc6` | 8466.044677 |
| `0xb1e81d0107c5efe867ad850f73db3b21b442835a` | 2694.813735 |
| `0x1aaa4eb61fa895e7c6803b9eb8c875ea510bf7d7` | 2044.850779 |
| `0xe65c2be6254731e93368cc071a2420b0c961451b` | 1831.026418 |
| `0xa85f2cc4f5436c229532c566713ece023042ee50` | 1760.433425 |
| `0x9cc66daa49c54050c2b392bd5228e7d24514a274` | 1731.127454 |
| `0xebe3d676d7474a86090ab05a274c2fa6d24a443d` | 1190.167177 |
| `0x29c7b44e0584624c1e877d3ee0856520e2851ba6` | 1187.191095 |
| `0xba5c2f2165ddd691f99e12a23ec75cc1519930b4` | 1152.432748 |
| `0xc69adca4485c0c494f34e9aa6b0a31f343f76411` | 1143.897617 |
| `0xe99c303a75b635631259af89f7f42ffecf813595` | 930.303337 |
| `0xcb926f497763ea5cf993912a442431e6a91d5a64` | 858.537347 |
| `0x2ef7341f68e597e07eff4c171cdea1e409456baa` | 848.371392 |
| `0xa9de1b0e51eaa822c624f4ee646608e9300d90e8` | 805.050348 |
| `0x8a8959bdff8f49981edd127a5b5a72674c817b79` | 781.740959 |
| `0xea06e1b4259730724885a39ce3ca670efb020e26` | 712.697770 |
| `0x81d8cddbf9cb98489eb3e1b32d2e18841e9a429a` | 682.812236 |
| `0x250dc31d9ecd8af562f506b40d0de4349c987e92` | 664.999761 |
| `0x0742b271173f93d62de082e881892d853a73cd6c` | 648.560682 |
| `0x601913d41031f75398537ccc944072e7da3d4495` | 507.157711 |
| `0xb867ea3bbc909954d737019fef5ab25dfdb38cb9` | 504.649202 |
| `0x624de6bfc2431a147373ffb0ea620981e97e280b` | 495.199184 |
| `0xf95805355e68006a3fecac338706d9c19e81890d` | 457.548586 |
| `0xbc1939b8b22d47aff7119917c2e8ea241d1c367d` | 455.724211 |
| `0xf42ba29aac77363665bdd7fbbbbcfce612e49986` | 450.652600 |
| `0x1888e041d2c9a3dff6792d03ddb843c6dd5508cc` | 449.226638 |
| `0x6aee9dc09702dffab334f3f8e6f3f97c0e7261f4` | 445.129052 |
| `0xfcf024bc9a0ccc9b7b5e578f8a60fbf5d32b016f` | 428.174072 |
| `0x78679242587cf979482b605eb7b60476bb4e8ce4` | 420.999826 |
| `0x64b6ebe0a55244f09dfb1e46fe59b74ab94f8be1` | 413.085701 |
| `0x123c1661cbb822a726c3f4167e453aa57f767ba1` | 360.851380 |
| `0x3f06b60ef62378c7c31fd6f448015ecb83df214a` | 309.816359 |
| `0xdf67c7d23199353361437ee257e04e06ccee1c28` | 269.885769 |
| `0x87d93d9b2c672bf9c9642d853a8682546a5012b5` | 232.033087 |
| `0xf62b2e3c421c76f1063f65f45c30540393243762` | 198.965116 |
| `0x6c2693f5a936f37ed03cfa8465bf2d8beff19a0f` | 196.249679 |
| `0x94a468fcb53a043bf5cd95ef21892e02c71134be` | 170.988367 |
| `0x783577d7081dbe04c025674aa6abdd70de778757` | 170.730929 |
| `0xe58585b22cc2ac4270a2b92c2d2d8c5db5a3330e` | 113.425271 |
| `0x15c577f4b9fbe66735a9bff9b0b5d3ea2854bfaa` | 105.149649 |
| `0x79330aab8c32e616b4b9b177eeb72264c611118a` | 94.246168 |
| `0x1f08863f246fe456f94579d1a2009108b574f509` | 94.006025 |
| `0xb8d626be13f79f07ca5423a50f070b77c05efd62` | 85.811941 |
| `0x891ca7e61d3868b9edbf20ddd045fc7d579e77d5` | 85.763496 |
| `0x87ade546353bf88bc84d356ef6983e06c5ccbd2e` | 84.083918 |
| `0xc960338b529e0353f570f62093fd362b8fb55f0b` | 83.467063 |
| `0x27b5491b519e72ce52f0dc9ccc9d7dc3d1e7b964` | 81.766171 |
| `0xf8fb3009db52f13aab673481dde89c87c415b120` | 80.631222 |
| `0xe6a1d45f531b1b327462b9b2ec5e810b4c2306ba` | 79.996499 |
| `0xa01876dfa59ebc1442d146ba42c08ba92dc96436` | 78.015782 |
| `0xef2cd02960bd303c000c48c6ea95f651cfb83205` | 75.985204 |
| `0xa3f834db7de947523438fd375a9122a0045d8b7b` | 72.124727 |
| `0x14bdfda5b5b829f14332a52c15129386284ce36a` | 67.218849 |
| `0xe4255168472564eb1b8aa8f53248e13754a6a230` | 63.187850 |
| `0xba34ffa13857284bba51f9fda60fce5d7cee8955` | 61.874246 |
| `0xeb1e9e1544851a7230c54e7cafd7b2f56ba1cafb` | 60.198682 |
| `0x6e143394af5f4f5701bcf4298074d5c28eea1c99` | 58.933519 |
| `0x0e3aace3868229798f989c6f002a6b64b54e8c6b` | 58.422927 |
| `0xd50f6325b568a978a0d95106f35e368fac475332` | 53.667297 |
| `0x3c0a8cf359b6f2ae552bd2b11224aa920daa2e7a` | 39.173525 |
| `0x91c77c0b92a7d54be7b3c4f48d95b687cfedbf78` | 35.927706 |
| `0x5a28300f1c3d6eeb044aa6e96af38391cc6e47f2` | 33.955404 |
| `0xc348b5dd7c64a47ef461cd325611b7b8155d16bc` | 32.239388 |
| `0x784a4ca4982c5c3ebbe37c8e4f9483a04e74cb7b` | 31.664724 |
| `0xea9991acee7d9d56f591947177d1bcd23a8f894a` | 30.667896 |
| `0x08e305f123faff04a6a24243f47984a7a9702417` | 29.982495 |
| `0x0db6bff4127183bf64eedd2bc77baa374b9ea92f` | 19.610399 |
| `0x421a8a0c6388faa1550e2636538d8d7605a8cede` | 16.879337 |
| `0x73a403d4d015835b5621bd23013f1e86743f1a01` | 15.694008 |
| `0xd3ce8ffe3024650e6c09215197cbad57482a9ef4` | 15.363576 |
| `0x0c52c24245e40362250185dda980996a47585396` | 13.020321 |
| `0xf632499bf9e43d01deea618a656c3c38ebce866b` | 12.779361 |
| `0x74366e861394076436001a7b66f9d754c2f134a5` | 10.969935 |
| `0xedddc164b3491d6b8b644548ec32d32319ed66bd` | 10.894872 |
| `0x937d7cc16cba02ad33ecf406f0d06e07f273cfab` | 10.614220 |
| `0x19e2d8c011f264ad07a28d28f39864a69f92cf8f` | 10.035820 |
| `0xaf32b493e3ce5c6ad19bf08b3aaad736af0b05be` | 9.372405 |
| `0x30438122bdb37690c9c07f7adfa42ae31086d736` | 8.974419 |
| `0x1bc5cb7ce82d474edb6dc4bac0dd374b095b2fb7` | 8.582816 |
| `0x2ef171f02bff551d80e59f2520a951bcbf10a892` | 8.243521 |
| `0xe66498c07a5247a2bebebc93880dffe89c19cb20` | 7.497892 |
| `0x409e44037c5a341fcc04d2e9171d50a92ddc046b` | 7.417092 |
| `0x4acb948ef92b9e1cd1beda2b7221f1c45358694f` | 5.834835 |
| `0x7256aa0ec4139a90869856f2819680f4af9bcb75` | 5.686039 |
| `0x67d8eab49d13ec3b476269dbefbdd2597e27b242` | 5.161072 |
| `0x3e0e3a214a32de2087359ed182b99c03908815d7` | 5.109154 |
| `0xe5f8a81f072150701c25fba31c910884fa33098c` | 4.943459 |
| `0x14216e381bf6410494c174f120bd7c66f476be15` | 4.918298 |
| `0x119030ad7e6fea8f694782898038da2e768cf6bf` | 4.668537 |
| `0x811976a9f6e5c48cc41caf3cadd9cd6e73f78c1a` | 4.537146 |
| `0x4936f33b7b060c7336fd0e4c61316ea248da6827` | 4.188379 |
| `0x8e61fe0f2a9b3ff763cb704fe937f1e674ab4633` | 4.072367 |
| `0x80dcbf146f8a9a90f5d5751f268edf8ce0e91a19` | 3.753414 |
| `0xaeaef01615566bf9f216829bcb46b9fe69448d18` | 3.751433 |
| `0x44537005262af983c37d79d5a8a74d963b4c8726` | 2.940477 |
| `0x9c4d592042f959254485d443bbc337d29572264f` | 2.771877 |
| `0x375db778e254ef5c1cb9628276e083ceb4eb68c1` | 2.418697 |
| `0x9acf6a469ed9cc94cbb13a4f055f396ec2b88fa2` | 2.328865 |
| `0xa9c708999111e178d76a96bc3f5abf1029adabb9` | 2.328034 |
| `0xe393c2f28a5e7f9e5159caea972213d760ca0fca` | 2.217464 |
| `0xc0e88f859de5c9ebdddd7e5c4c46ab7fcecd65d7` | 2.089245 |
| `0xa50174f4f25f6f767a7dad2e587f0788ea103781` | 1.955277 |
| `0xdfe66b7dd823531f32e002209d6ccd5552c6c356` | 1.873287 |
| `0xad55275d52186a2b6c9e5e83fe2452f42e3c4ac4` | 1.813986 |
| `0xf6800ba50c37686a46d59ca1695d805927a4d88b` | 1.549890 |
| `0xe1f65dc643599614d347bae72ec560ec46392161` | 1.388770 |
| `0x204dac213492a815421a2735c0d06dba0cf99caf` | 1.330701 |
| `0x6f5264e6fb9b700ad2d63877adef0dcecf89e7e1` | 1.294599 |
| `0x661691ef5249745b1b7e61faed5c73f5629e7945` | 1.293989 |
| `0x95e9a0c113aa9931a4230f91ade08a491d3f8d54` | 1.287605 |
| `0x53143d37caa2cf41177b8d66e0125731a1247af7` | 1.161324 |
| `0x5569b5d4b33b77e9aaab86f98eb12d94ee0c3562` | 1.081185 |
| `0x26d863eef3b7302dcfeaeadea3a550bfc1fbf923` | 1.048295 |
| `0x1434a8ab47210bfb144450be4ac64470379e351f` | 1.039344 |
| `0xfb221214c66358606daac130d39f3dcfa8982536` | 1.016509 |
Note that a threshold of 1 USDC was applied. Ref: [https://dune.com/queries/7324952](https://dune.com/queries/7324952)
## Period
It is hereby proposed to skip BIP-919’s specification which states that the compensation “will be distributed over a 6-month period”. Instead, an actual direct (CSV) airdrop requiring no claiming by the beneficiaries will be executed.
## Smart Contracts
The top three of these addresses are the only ones that are neither EOA nor Safe multisig contracts:
- `0xaf52695e1bb01a16d33d7194c28c42b10e0dbec2` (auraBAL locker)
- `0x9cc56fa7734da21ac88f6a816af10c5b898596ce` (tetuBAL locker)
- `0xea79d1a83da6db43a85942767c389fe0acf336a5` (sdBAL locker)
Retrieving airdropped assets from these contracts might not be technically possible. If so, please reply here with an alternative destination for the airdrop (@0xMaha, @belbix, @Le_Tube?).
---
### Author:  [@chago0x](https://forum.balancer.fi/u/chago0x)
#### Post date: [April 22, 2026, 2:47pm UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/2 "2026-04-22T14:47:47Z")
Stake DAO can receive the airdrop on the address 0xDBd24b092f686b12650EC1450e3A7138F714506c.
---
### Author:  [@Fry](https://forum.balancer.fi/u/Fry)
#### Post date: [April 22, 2026, 2:59pm UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/3 "2026-04-22T14:59:04Z")
Can the Aura share be sent to the Aura treasury on Ethereum mainnet.
0xfc78f8e1Af80A3bF5A1783BB59eD2d1b10f78cA9
---
### Author:  [@robtg4](https://forum.balancer.fi/u/robtg4)
#### Post date: [April 23, 2026, 7:42am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/4 "2026-04-23T07:42:28Z")
The principle is correct. People locked tokens under one set of rules, the rules changed, and compensation is warranted. But the distribution reveals something governance should be transparent about.
The top address receives $336K of the $500K pool. That is 67.2% of total compensation going to a single wallet. The top 3 addresses account for roughly 85%. This is not a flaw in the methodology. Pro-rata compensation on a concentrated distribution should produce concentrated payouts. But calling it an “airdrop” implies breadth that does not exist here. This is a payment to a handful of large holders, and governance should acknowledge that plainly.
The question that matters: who is that top wallet? If it is a team or insider-controlled address, you are paying $336K from protocol treasury to protocol insiders as compensation for a governance change that protocol insiders drove. If it is an external whale or another protocol’s treasury (Aura, for example), the dynamics are different. Either way, the identity should be disclosed.
On the valuation: $500K was ratified in BIP-919 without published methodology. Locked veBAL holders are foregoing future incentives for the remaining duration of their locks. The fair value of that foregone income depends on expected BAL emissions, bribe/vote market revenue, remaining lock duration, and a discount rate for illiquid positions. All of these are calculable. Publishing the math would set a precedent, not just for Balancer, but for every protocol that will eventually need to compensate locked holders during a tokenomics migration. How Balancer handles this becomes the reference case.
Support. You honor commitments. But publish the methodology.
-– Robby Greenfield | [tokedex.org](https://tokedex.org)
---
### Author:  [@maxyz.xyz](https://forum.balancer.fi/u/maxyz.xyz)
#### Post date: [April 23, 2026, 7:51am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/5 "2026-04-23T07:51:47Z")
The top 3 wallets are indeed other protocols; they are labelled in the [Smart Contracts section](https://forum.balancer.fi/t/bip-xxx-vebal-compensation-airdrop/7025).
For the methodology for calculating the 500k USDC we can only refer to BIP-919 (relevant section also linked in the post above; [“entitled to compensation”](https://forum.balancer.fi/t/bip-919-bal-tokenomics-revamp/7001#p-16776-vebal-economics-cutoff-compensation-campaign-10)), this current proposal simply follows up on that.
---
### Author:  [@belbix](https://forum.balancer.fi/u/belbix)
#### Post date: [May 4, 2026, 8:08am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/6 "2026-05-04T08:08:31Z")
Tetu Bribes claimer msig on Ethereum is our prefrred address
`0xB9fA147b96BbC932e549f619A448275855b9A7D9`
---
### Author:  [@maxyz.xyz](https://forum.balancer.fi/u/maxyz.xyz)
#### Post date: [May 4, 2026, 3:12pm UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/7 "2026-05-04T15:12:28Z")
The final airdrop CSV file as being proposed here can be found at [https://raw.githubusercontent.com/balancer/multisig-ops/60782e1913204ef4feda2befb211b223160f6cbb/BIPs/2026-W20/BIP-920-vebal-compensation-airdrop.csv](https://raw.githubusercontent.com/balancer/multisig-ops/60782e1913204ef4feda2befb211b223160f6cbb/BIPs/2026-W20/BIP-920-vebal-compensation-airdrop.csv)
---
### Author:  [@maxyz.xyz](https://forum.balancer.fi/u/maxyz.xyz)
#### Post date: [May 6, 2026, 11:24am UTC](https://forum.balancer.fi/t/bip-920-vebal-compensation-airdrop/7025/8 "2026-05-06T11:24:06Z")
[https://snapshot.org/#/s:balancer.eth/proposal/0x133a531f0c0a428522e7791d7c099c9e8f5a17085ccf9bfc6ceee896365ee385](https://snapshot.org/#/s:balancer.eth/proposal/0x133a531f0c0a428522e7791d7c099c9e8f5a17085ccf9bfc6ceee896365ee385)