Business Development SP - April 2024 Update

April has continued the pace of progress from Q1 and the BDSP is progressing against all of its key milestones. Below is a recap and updates for the key Q2 objectives.

  1. Initiate the launch of new chains:
  • Finalize the selection of chains for Balancer’s launch. Done (Linea, Mode, and Fraxtal)
  • Conclude agreements with the chosen chains, including incentive structures, seeding liquidity, co-marketing, etc. Finishing final details.
  • Collaborate with engineering, Maxis, and marketing teams for the deployment on these new chains. In progress. Current expectation is mid Q2 launch.
  • Establish a comprehensive partnership network and ecosystem on the new chains, encompassing liquidity providers, yield-bearing assets, lending protocols, etc. In progress
  • Complete grant applications and administrative tasks necessary to secure incentives and other advantages from the new chains. In progress
  1. Enhance presence on existing chains:
  • Develop, coordinate, and execute growth initiatives on Layer 2 solutions for existing chains, focusing on Arbitrum, Optimism, and Base networks.
    • Base examples
      • In discussions with Base defi team about strategic ways to grow Balancer
      • Bringing new partners to Base (e.g. Etherfi, sfrxETH, sDAI, etc.)
    • OP examples
      • Applying for OP grant to grow LSTs/LRTs on OP.
      • Bringing new partners to OP (e.g. Kelp, sDAI, etc.)
    • Arbitrum examples
      • Applying for STIP Bridge grant program (potential 600k ARB for incentives)
      • Bringing new partners to Arbitrum (e.g. Ethena, jitoSOL, Gyro rehype pools, etc.)
  • Expand the yield-bearing thesis initiative. In progress. In addition to those mentioned above, new gauges have been approved for pufETH (puffer) and mstETH (Eigenpie). Rate provider reviews are under way for multiple additional LST/LRT pools across chains.
  • Launch new pools for LSTs and LRTs on mainnet. Eigenpie and pufETH. Finalizing agreement with Liquid Collective for Balancer to become first permissionless protocol for lsETH.
  • Introduce new pools for yield-bearing stablecoins. sDAI / aUSDC on OP, sUSDe on ARB and ETH
  • Bring LST/LRT partners to new chains where Balancer is deployed In progress. See OP/ARB/Base discussion above.
  1. Extend the ve8020 governance initiative. In progress.
  • Explore ve8020 collaborations with pre-token projects, such as LRT projects.
  • Promote ve8020 to projects with existing tokens.
  1. Manage the application, monitoring, and execution of the Optimism grant program. Application is complete. Grants should be awarded by May 8th.
  2. Streamline partner onboarding: Cross-functional project team has been created to complete this work
  • Find ways to reduce friction in partner onboarding processes.
  • Iterate on the notion pack, created by Marketing, to highlight the benefits of Balancer and guide new partners through the onboarding process.
  • Collaborate with a small project team, including design, marketing, and Maxis, to rethink the partner onboarding process, potentially introducing a self-service UI.
  • Evaluate CCIP with Chainlink and implement it if necessary to streamline the rate provider onboarding process.
  1. Prepare for v3 launch and seek partnerships: Lipman is leading a cross-functional team for v3 GTM / partnership activity. This activity spans more than just the 3 bullets below (e.g. aggregator support)
  • Seek integrations and partnerships in anticipation of the v3 launch.
  • Collaborate with the Maxis to identify innovative use cases for exploration.
  • Reach out to projects to present the v3 opportunity and establish partnerships ahead of the launch.
  1. Continue ad hoc outreach to projects, exploring new partnerships and opportunities.
    - Examples include:
    • Friendly fork on SEI approved (Jellyverse)
    • Joined twitter spaces for Monad and Mode to discuss Balancer
    • Aggregator/solver support for v3 (began discussions with 1inch, Paraswap, OTEX, Odos, Barter, 0x Labs, Kyber, etc.)
    • Peapods finance in discussion with Gyro
    • New pools being discussed with Aspida, Badger, Claystack, Stakestone, sFRAX (zkevm), Inception, USDM, Maple Finance, Origin, etc.
    • Joined Mode’s $10m incubator program funded by Mode network as a partner to have projects build on Balancer
    • Turtle Club - helping partners such as GHO and Kelp secure liquidity through TC network
    • Co-developed better system and communication with marketing

All of the above is a team effort. Hats off to the various SPs and working groups for their support in helping grow Balancer.