[BIP-XXX] veBAL Compensation Airdrop

Governance
1

TL;DR

As proposed and ratified in BIP-919, veBAL holders are entitled to compensation 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

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?).

[BIP-919] BAL Tokenomics Revamp
2

Stake DAO can receive the airdrop on the address 0xDBd24b092f686b12650EC1450e3A7138F714506c.

1 Like
3

Can the Aura share be sent to the Aura treasury on Ethereum mainnet.

0xfc78f8e1Af80A3bF5A1783BB59eD2d1b10f78cA9

1 Like
4

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

5

The top 3 wallets are indeed other protocols; they are labelled in the Smart Contracts section.

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”), this current proposal simply follows up on that.

1 Like