Even better, Maha! Thank you for sharing the contracts.
On a side note, do you guys have a preference on what asset to receive for this grant? For example, if it were to be in stables vs BAL?
Since this’ll be used for operational purposes, if the DAO were to pay in BAL then that’d create sell pressure. I’d encourage the DAO pay in stables if there’s a sufficient amount in the treasury.
I would rather receive the grant in BAL, borrow against it on Aave temporarily before repaying back Aura treasury to maximize BAL exposure for the protocol without creating any sell pressure.
We are pretty much ready to post this on Snapshot at this point in time.
There is a few additional details that needs to be ironed out on initial token distribution like the block this will happen, other DeFi communities included, we are thinking of doing it to maximize distribution without giving advantage to whale in a massive way.
This will be merged into 2.5% bootstrapping token holder base with a 2-3x boost for allowlist voter on their BAL balance. (This will be edited & reflected on the Snapshot proposal for clarity)
Edited Proposal to add a SPEC section & 2.5% bootstrapping change ty.
Great to hear!
When will the snapshot of BAL holders be taken? and does it have to be veBAL holders?
Our team would like some time to review your contracts if that’s acceptable. We also need the address that we will send the $300k BAL to if the vote passes.
Voters who vote the allowlist proposal show strong surpport on Aura. Although they may have smaller power than the whales. I think the voters should be directly rewarded as the initial proposal said. 2.5% with 2-3x boost will make the whales have the most part of inital supply and control the direct of the governance. * 0.5% to voters of our proposal (allowlisting) *should be retained.
Voters who vote the allowlist proposal show strong surpport on Aura. Although they may have smaller power than the whales. I think the voters should be directly rewarded as the initial proposal said. 2.5% with 2-3x boost will make the whales have the most part of inital supply and control the direct of the governance. * 0.5% to voters of our proposal (allowlisting) * should be retained.
Sounds good to me. Here you go ser 0x0Aae30aaEC6ed2726e6B7F59a724cAd3C7bf69e8
One thing that is unclear:
“*Voting positively on the allowlist proposal will have an additional 2-3x boost in the bootstrapping phase based on their BAL balance”
Is this meant to be veBAL balance or BAL balance. i.e., a user can simply hold a bunch of BAL. Lock a tiny amount to receive veBAL, vote in favor of the proposal and still receive the boost? Also why is it 2-3x and not a specific number?
After chatting with our SC we can commit to giving feedback about Aura’s code base by next Friday April 29th, unless something major/unexpected comes up.
We are unfortunately tackling lots of stuff at the same time with a small team so cannot manage to do this earlier. Appreciate your understanding!
I also would like to see more clarity on initial token distribution once it’s ready and what exactly you mean by 2-3x boost for allowlist voters.
Convex had a pretty straight-forward 1% for veCRV holders and 1% for veCRV holders who vote to whitelist. This is a play on capitalizing the holding propensity of the most ardent / comitted players, which translates into lower circulating supply, faster price appreciation for the airdropped token, faster accumulation of TVL in both protocols due to double-rewards outpacing other farming opportunities etc. I think any airdrop mechanics built around $BAL balance (as opposed to veBAL balance) brings in the risk of mercenary capital gaming the system and dumping $BAL and $AURA for short-term gains.
I do like the idea of tapping into other DeFi communities for a conversion play and would like to hear more from Aura team once it’s clear. If I were to propose some additional options that can be discussed:
1- Winback Airdrop (to convert some of the old balancer LPs above a specific threshold to rejoin the ecosystem)
2- Concentrated Vampire Attack (to convert some of the users (traders, LPs) in competitor ecosystems)
3- veBAL 1y lockers (announcing the mechanics in advance to create demand for BAL locking and reducing circulating supply)
Thanks for echoing my thoughts. I don’t think subsetting to specifically veBAL 1 year lockers is necessary if its based off veBAL balance and that is proportion to timelock.
Hello!
I’ve taken a look at the Aura contracts, not from the point of view of an auditor nor looking for potential issues, but rather to check that:
As of now, the VoterProxy contract has no controller setup, but my understanding is that said contract would be the Booster contract. None of the privileged accounts seem to be locked in, so any multisigs would be able to yield control to e.g. a voting solution if the Aura team decided to go in that direction.
Regarding compatibility, a concern I had was potential compatibility with on-chain governance the community may want to setup. This would likely be very similar to the Governor approach followed by Compound and many other teams, and now officially supported by the OpenZeppelin Contracts. Aura could work with such a solution if we simply modified the voting code to support EIP1271 signatures (which Aura supports) to delegate votes, a feature already present in this governance model.
With these vague requirements being met, and with the broad goal of being permissive at the beginning to bring actors into the system, perhaps a way to alleviate concerns would be to have an informal agreement where the team commits to moving towards a more decentralized solution by some date in the future.
Thanks Nico. We are committed to moving away from multisigs and would do so in ~4 months as stated in Makis post, giving time for the vlAURA holder base to mature, the vlAURA contract to be further battle tested, and the relevant voter contract(s) to be audited.
In the interim, the Balancer votes will be directed by vlAURA holders and executed by a 4 of 7 multisig with 2-3 Aura members (incl myself & Maki), 2 Ballers and 2-3 known DeFi developers.
likely bringing this to a vote Thursday as it is overdue! time to celebrate soon
Hey Maha, before the snapshot could you please shed some light on the concerns we are having with the 2.5% bootstrapping token holder base?
I.e. will it be based off veBAL balance or BAL balance + how is the boost determined?
I would like to thank the Aura team for their patience as we thoroughly vetted this proposal.
A thoughtful decision.
Hi ser. Trying to retain some mystery here but will clarify on the boost mechanics. As part of any potential allocation to $BAL holders:
user weight = $BAL balance (incl. $BAL in LP tokens & veBAL) + (Voting power * Bonus)
where Bonus = 3 for Yes, and 0 for No or Did not vote
Hi guys. Sorry but I’m a bit confused. I voted already but I can’t find any address to get the $AURA token? Thanks