Abstract
Implement the dual voting system from BIP-919. Replace the two veBAL-based Snapshot strategies with a seven-strategy stack denominated in raw BAL across all production chains with BAL deployed.
Voting Power Formula (BalVotingPower.sol)
Instead of giving voting power based on (decaying) veBAL balances, the DAO switches to a simple “1-BAL-1-Vote” model based on raw BAL balances and delegations across all production chains. In addition, BAL underlying any 80/20 BAL/WETH BPT position is included, both held directly and locked in veBAL (face value, i.e. decay ignored).
For voter u at the snapshot block:
- Every chain:
BAL.balanceOf(u)+ delegated-in raw BAL (per chain’s Snapshot Delegate Registry) - Ethereum only:
+ BAL underlying 80/20 BAL/WETH BPT held by u - Ethereum only:
+ BAL underlying 80/20 BPT locked in veBAL by u
This formula is implemented in a stateless, ownerless, singleton view contract on Ethereum. It has one function: votingPower(address) which returns uint256. See GitHub - balancer/bal-voting-power · GitHub.
Strategy Stack
| Chain | Strategy | (BAL) Address |
|---|---|---|
| Ethereum | delegation(contract-call(BalVotingPower)) |
0x411e723E6652347FF3Dd31749913A834e3D43DB4 |
| Gnosis | erc20-balance-of-delegation |
0x7eF541E2a22058048904fE5744f9c7E4C57AF717 |
| Arbitrum One | erc20-balance-of-delegation |
0x040d1EdC9569d4Bab2D15287Dc5A4F10F56a56B8 |
| Base | erc20-balance-of-delegation |
0x4158734D47Fc9692176B5085E0F52ee0Da5d47F1 |
| Polygon (PoS) | erc20-balance-of-delegation |
0x9a71012B13CA4d3D0Cdc72A177DF3ef03b0E76A3 |
| Optimism | erc20-balance-of-delegation |
0xFE8B128bA8C78aabC59d4c64cEE7fF28e9379921 |
| Avalanche (C-Chain) | erc20-balance-of-delegation |
0xE15bCB9E0EA69e6aB9FA080c4c4A5632896298C3 |
Any other chain Balancer is deployed on is excluded because it is either deprecated (zkEVM, Fraxtal, Mode; BIP-906) or does not have canonical BAL deployed (HyperEVM, Monad, Plasma). Polygon/Optimism/Avalanche are “under review” per BIP-918; they remain included until formally sunset.
erc20-balance-of-delegation is a default Snapshot strategy which sums raw token balance + delegated balance for that chain. Note that this is a Snapshot Pro strategy, and thus requires the current active subscription for it to remain active. delegation(contract-call(BalVotingPower)) is a combination of the default delegation and contract-call strategies. It simply calls the votingPower(address) function on the BalVotingPower contract mentioned above, adding any delegated voting power.
Threshold Changes
Quorum for a vote to be valid is simply converted from the current 2M veBAL to 10M BAL (rough scaling vector of 5x). The minimum voting power required to submit a proposal is removed; only registered members of the balancer.eth space can submit proposals. As per BIP-838, new governance proposals have to pass through the forum anyway before they can be submitted, so submitting a proposal to Snapshot directly is outdated. Lastly the 45% delegation cap (BIP-521) is removed.
Delegation
Per chain via Snapshot’s native Delegate Registry (0x469788fE6E9E9681C6ebF3bF78e7Fd26Fc015446, deterministic on all supported chains). Holders delegate once per chain they hold BAL on. Note that existing delegations for the current veBAL-based strategies will not carry over!
Technical Specifications
Update the balancer.eth Snapshot space to use the following new configuration JSON: feat: new snapshot config by gosuto-inzasheru · Pull Request #3 · balancer/bal-voting-power · GitHub