Proposal - Whitelist Beluga for veBAL locking
Beluga is looking to acquire whitelisting for veBAL locking to launch its own beBAL locking vault.
Beluga is a multichain yield aggregator that is designed to maximize yields for its users using new and innovative vault strategies. Instead of traditional compounding which harms both yields and the protocols farmed by Beluga, we instead take a different approach towards vaults with our maximizer strategies which provide a hedge against the tokens farmed by your assets, maximizing your yield and benefitting the protocol that Beluga farms, unlike vampiric autocompounding protocols which simply sell all rewards back into the assets staked, pushing the price down.
Beluga was also the first protocol to launch vaults for BeethovenX, a Balancer-endorsed fork.
Beluga is looking to launch a liquid locking wrapper for Balancer’s veBAL model. With Beluga’s beBAL vault, users will be able to lock their 80/20 Balancer LPs to mint beBAL tokens.
Unlike other veBAL wrappers, beBAL is designed with a difference approach towards locking and managing fees.
As a beBAL holder, you will be entitled to a 7% kickback on all BAL farmed by Beluga’s Balancer vaults, rewarded simply by holding beBAL tokens.
Alongside kickbacks, you will also earn the fees yielded by veBAL. These fees will be put to work in Beluga’s maximizer vaults to maximize the yield on the fees generated by veBAL locking.
For voting power beBAL holders, Beluga holders will have control over where veBAL voting power is allocated. Alongside voting power being governed by the holders, Beluga will also allocate 6.9% of the veBAL voting power towards a (80/20)BAL-beBAL liquidity pool.
For any future bribes on Balancer, beBAL will be setup into two layers:
Bribe Layer 1, bribes for all veBAL holders
Bribe Layer 2, bribes exclusive to BELUGA holders
beBAL holders will be able to earn yield from both bribing layers.
As a beBAL holder, you will earn yield from Layer 1 AND 6.9% of all Layer 2 bribes!
Audits and Security
Beluga was audited by Callisto Network last year and we also plan to get another audit in the near future.
Beluga also employs a timelock over all of its upgradeable contracts, giving you peace of mind as a user.
Alongside our timelock, we also employ other methods of security such as whitelisting external smart contracts (preventing flashloans from interacting) as part of our commitment towards security.