StableNode Delegate Thread

Delegate Citadel
#1

Hey everyone,

I am applying on behalf of StableNode.

ENS name: stablenodegov.eth

Twitter: https://twitter.com/bybobbay

Name: StableNode

Discord username/TG username: bobbay#4885

We have read and understood the Delegate process: Yes

We understand that becoming a delegate is a significant commitment: Yes

Our reasons for wanting to be a delegate:

StableNode is a governance research and investment firm focused on the DeFi and NFT space. StableNode also provides a full suite of services around governance with both implementation and active participation as a delegate.

The Governance Lab of the StableNode team is on a mission to provide decentralized governance best practices to ecosystems. There is no one-size-fits-all solution but a framework of principles and tools that articulate alternative paths based on each ecosystem’s maturity level. Our primary focus is working with the community to develop this framework and continue to facilitate innovation within this domain.

Our view on Fernando’s vision for Balancer:

We see it as a journey of exploration and experimentation as Balancer expands beyond its role as a leader as an AMM, instead becoming a tool for protocols to reach their own vision. Open source protocols like Balancer are the greatest contributors to the space as they prioritize collaboration over competition, and this is why we look forward to being a delegate at Balancer.

We recognize the importance of clear and concise communication to reduce the obstacles of adoption and with our experience on governance and growth, we could help support Balancer in this domain.

Collaboration is essential in this space and we believe that Balancer shares a similar goal to StableNode to pushing the boundaries of Web3 in a safe and sustainable way. We understand the importance and the influence of Delegates as we are active delegates at various protocols.

We believe that partnerships are vital for adoption as many protocols aren’t aware of all the options available, due to the overwhelming amount of information available. Reaching out to protocols or providing grants is a great way to encourage adoption. In combination with liquidity mining, this is a great way to attract protocols.

Our web3 interests:

DAOs, Data and analytics, DeFi, Governance, Social impact

Languages we speak/write:

en, ko, da, de, es, zh

Our skills and areas of expertise: Governance and Growth

At StableNode we currently act as governance delegates across various protocols such as InstadApp, Klaytn, MakerDAO, and others. We are looking forward to participating as a Balancer delegate and would focus on strategic initiatives and experimentation to tackle common governance problems such as plutocracy and voter apathy and help build a decentralized workforce.

Having participated in the MakerDAO governance community for a long time, we have developed a systematic and robust approach to governance in decentralized networks. Creating principles that optimize the objective outcome of the decision-making process is key to successful governance.

Here are a few key highlights of our success so far:

  • Supported Klaytn and Polygon in accelerating the growth of their ecosystem
  • Recognized Delegate at MakerDAO
  • Lead Governance Delegate at InstaDapp

Other web3 projects we are involved in:

MakerDAO, Element Finance, Klaytn, Polygon, and others.

What voters can expect from StableNode:

We will use our expertise to import the most promising practices within governance to guide Balancer governance to a more sustainable approach.

We want to help facilitate discussions where we can identify the best practices and recognize how to tackle core problems within governance such as plutocracy, voter apathy, and lack of experimentation.

As delegates, we pursue:

  • Active participation in votes
  • Transparency for each vote
  • Open discussion and contribution to the DAO forum
  • Contribute to the innovation and development of governance frameworks

Conflicts of Interest

StableNode acts as delegates on other protocols. All of our governance participation is public.

4 Likes
#2

Introduce ChildChainGaugeTokenAdder

Vote: Yes

It’s important to get gauges working on other chains in a safe and secure manner.

Send back 3CRV stuck to Stake Dao Multisig Address

Vote: Yes

Clear answer. We should support StakeDAO in recovering their tokens.

TribeDAO: boost delegation

Vote: Yes

No risk to us and it builds a good relationship with Tribe. This migration supports them greatly.

Allocate BAL to a Ribbon Finance Vault

Vote: No

It is quite a big risk for such a small reward. For 12% of our treasury, we should consider the worst-case scenario and that is losing over $4m which is a large sum. We could reconsider using 5% of the treasury, lower reward but less exposure.

I think it is great to explore different opportunities like these but the risk is too much and we can explore safer options. For future situations, it would be good to see more simulations using a variety of balances and outcomes so we have various outlooks.

#3

Hi @Bobbay_StableNode, it’s great to see StableNode here!

I apologize if this has been mentioned somewhere that I missed, what is the address your using for voting and being a delegate?

#4

Hey @LongJuanSilverado, here it is.

ENS name: stablenodegov.eth

or address: 0x1D1a13b16667c284b87de62CAEEfF0ce89E342B2

Both should work

1 Like
#5

[BIP-1] Operating Framework for Balancer DAO

Vote: Yes

A good start in the direction of formalizing working groups.

[BIP-2] Allowlist GnosisDAO’s treasury in VotingEscrow

Vote: Yes

Gnosis is a long-term partner and it will great to see them get involved in governance.

[BIP-3] Allocate BAL towards Ethereum<>Optimism Bridge Liquidity

Vote: Yes

Great way to help users avoid the 7-day withdrawal period.

[BIP-4] Implement New Gauge Requirements

Vote: Yes

This sets a good standard for the future and hopefully prevents further situations similar to the incident outlined in the proposal.

[BIP-5] Tribe DAO: Unclaimed BAL Rewards

Vote: Yes

Even though it is a Tribes mistake it is a sign of good faith from Balancer.

1 Like
#6

[BIP-6] Execute SNX Recovery Coordinator

Vote: Yes

This is necessary to help the “affected funds”

#7

Proposals 7-13

We voted yes on all of the proposals. Most were around whitelisting or enabling gauges except proposal 9.

Proposal 9: Due to the increase in veBAL supply, it makes sense to increase the quorum to 200k.

We have some worry that not all votes will pass as there might be decreased participation due to current market conditions. We need to make it easier for people to delegate, so there is more active voting power to pass proposals.

#8

BIP-14
Vote: Yes

This helps the DAO become more autonomous and it is a sign of our first steps to further decentralization, especially with SPs.

BIP-15
Vote: Yes

This will help contribute to Balancer. We believe that this gauge will help increase revenue to the protocol.

BIP-16
Vote: Yes

An increased pool of reliable signers would help. Especially in the case of an emergency.

BIP-17
Vote: Yes
It is only right that we honour our agreements to agreed-upon situations.

BIP-18
Vote: Yes
They are a key part of the organisation and contribute to many departments. We look forward to seeing the maxi team expand in the future.

3 Likes
#9

[BIP-19] Incentivize Core Pools & L2 Usage

Vote: Yes

[BIP-20] Funding Proposal for Orb Collective

Vote: Yes

[BIP-21] Funding Proposal for Ecosystem Ops and Development Squad

Vote: No

[BIP-22] Fund Balancer Grants for Q3

Vote: Yes

[BIP-23a] AURA/ETH/graviAURA Gauge [Ethereum]

Vote: No

[BIP-23b] auraBAL/ETH/graviAURA Gauge [Ethereum]

Vote: No

[BIP-24] Allocate BAL to a Ribbon Finance Vault

Vote: Yes

[BIP-25] Enable AURA/ETH 50/50 Gauge

Vote: Yes

[BIP-7] Enable auraBAL/[8020 BAL/WETH bpt] Gauge [second vote]

Vote: Yes

1 Like
#10

[BIP-26] Enable MAGIC/USDC Gauge [Arbitrum]

Vote: Yes

The team has an open-mind to adjusting their pools and we support it in a 50-50 split. We hope to see a fruitful partnership between Treasure and Balancer in the future. Magic/USDC is a great alternative to the more common MAGIC/ETH

[BIP-27] Enable DIGG/wBTC/graviAURA 40/40/20 Gauge [Ethereum]

Vote: No

The volume for digg isn’t too high and with this approach we don’t see a large value add to Balancer. It is an interesting multi-token approach and we look forward to seeing other protocols potentially using it.

[BIP-8] Enable TetuBAL/20WETH-80BAL Gauge [second vote]

Vote: Yes

This is a great win-win situation and will help strengthen the liquidity on polygon.

2 Likes
#11

[BIP-28] Kill CREAM/WETH Gauge [Ethereum]

Vote: Yes

The Cream gauge is not a win-win partnership for Balancer as emissions aren’t fairly matched by protocol fees. This is not sustainable for the long-term and will hinder Balancers’ progress. Gauges are meant to create a win-win for both parties as the aim of these emissions is to help bootstrap Balancer’s growth, but the CREAM/WETH Gauge do not fit this.

This is a good learning curve for us to understand what we expect from gauges, and maybe it’s something we should detail a bit further so we as a community can recognize a productive and unproductive gauge.

2 Likes
#12

[BIP-29] Introduce GaugeAdder v2

Vote: Yes

This is a good step forward in making gauges safe and more effective.

[BIP-30] Purge Unused Gauges

Vote: Yes

They receive little to no votes, so it makes sense to remove these gauges since they don’t bring value to Balancer. People are more than welcome to “re-activate” gauges, so we do not see an issue with this.

[BIP-31] Authorize the Batch Relayer v3

Vote: Yes

It is important to sort the vulnerability out soon rather than later.

[BIP-32] Funding Proposal for Daoism Systems: PROTOCOL REVENUE SHARING FOR POOL & FACTORY CREATORS

Vote: Yes

We look forward to having external teams join Balancer in the new SP format and believe DAOism will bring value to the Balancer ecosystem.

[BIP-33] Orb Marketing Budget Proposal for the Remainder of Q3

Vote: Yes

The proposal included every detail necessary to support their request. We look forward to seeing the fruits of the labour.

#13

[BIP-30] Purge Unused Gauges [second vote]

Vote: Yes

Similar to our last vote.

We believe this is a good step in trimming Balancer. Many too emissions were not providing value back to Balancer, and we need to prioritise gauges that create a win-win solution, for both gauges and Balancer.

[BIP-34] Enable the 50/50 RBW/wETH Gauge on Polygon

Vote: Yes

RBW has had a recent slump in volume, but that is due to the current market conditions. They are quite popular on Polygon and will hopefully drive a fair amount of fees to Balancer.

[BIP-35] Whitelist the Laguna Games’ Gnosis Safe for Balancer’s Voting Escrow

Vote: Yes

It’s always great to see protocols get involved in the governance activities of Balancer. We need to see more actors get involved.

[BIP-36] Enable TEMPLE/DAI 80/20 Gague (Ethereum)

Vote: Yes

Initially, we weren’t sure about this due to the current purge narrative.

However, as they plan to deploy a fair amount into the Balancer LP + get involved in governance, we think this should be fine. We want to keep an eye on this pool and review it soon though.

1 Like
#14

[BIP-37] Allocate BAL Liquidity to Polygon & Arbitrum Multichain Bridge

Vote: Yes

This simplifies a user’s flow of bridging BAL; even though fees won’t be earned through this liquidity, it will indirectly support the protocol.

[BIP-38] Request for BAL Allocation to Orb Collective

Vote: Yes

It follows their original schedule and should be held.

[BIP-39] Repay Aura Treasury for Unclaimable Rewards

Vote: Yes

Since this was a fault of Balancer rather than Aura, it is only fair to compensate Aura for this inconvenience.

1 Like
#15

[BIP-40] Enable FOLD/ETH 50/50 Gauge [Ethereum]

Vote: Yes

This is an excellent addition to the Balancer ecosystem, with the 50/50 pool & a somewhat acceptable MC.

[BIP-41] Whitelist THX Network Gnosis Safe multisig for Balancer’s Vote-Escrow

Vote: Yes

It is great to see THX get involved in governance since they have been with Balancer since the beginnings.

[BIP-42] Enable rETH/weth Metastable Gauge [Optimism]

Vote: Yes

Optimism gauges are part of the plan, and this is a great start. We look forward to seeing how the gauge performs on Optimism and onboarding further gauges.

1 Like
#16

[BIP-43] Redeem Treasury FEI for USDC

Vote: Yes

Practically, it’s much easier to use USDC over FEI, since most of the DAO expenses are in USDC.

[BIP-44] Support Balancer Space delegation on Snapshot for vlAURA holders

Vote: Yes

Makes complete sense as it allows vlAURA holders to now delegate to Balancer delegates, rather than only having Aura delegates as the option

[BIP-45] Balancer LP BAL into MLP

Vote: Yes

Equal partnership for both BAL and MYC. DAO treasury will earn other assets and diversify without too much risk. I would prefer if they had still completed an audit.

[BIP-46] Enable SILO/ETH Gauge on Ethereum

Vote: Yes

Supporting this now, but depending on how it goes, its worth reviewing its success shortly.

[BIP-47] Balancer <> Across Protocol for Bridging Tokens Across Chains

Vote: Yes

With the issues with multi-chain, it’s ideal to have multiple bridges, and since Across is unlikely to have a similar issue to multi-chain - it reduces issues for users who are trying to bridge.

Open to having liquidity on Stargate too. It’s better to have it spread across multiple bridges.

#17

[BIP-48] Kill FEI/WETH Gauge

Vote: Yes

The project is taking a turn and we shouldn’t support it anymore. It won’t benefit us in anyway

[BIP-49] ComposableStable and AaveLinearPools: permission granting

Vote: Yes

It’s needed to make it safer.

[BIP-50] Set Protocol Fee on Yield

Vote: Yes

This is needed to help bring some additional revenue to the DAO.

[BIP-51] Gauge Migration to Composable Stable Pools

Vote: Yes

Reduced risk and allows LPs slowly transition to the new pools. It’s a win-win for everyone in a fair way.

[BIP-52] Allocate BAL Liquidity to Aave

Vote: Allocate 100k BAL

Would have preferred a split of (around 75-100k on mainnet at 50k on polygon) but the options are quite limiting. Fine to support 100k on both, since its better than 50k, but not ideal.

[BIP-53] Enable crosschain Gauges via LayerZero

Vote: Yes

This heavily supports the protocol. Enabling cross chain gauges will improve Balancer and with the support from LayerZero, it should be a smooth process.

[BIP-54] Authorize Balancer Labs to initiate distributions on Optimism gauges

Vote: Yes

OP is a growing ecosystem and its good to get this started.

[BIP-55] Funding Proposal for the Balancer OpCo

Vote: Yes

Looking forward to seeing Balancer OpCo support the protocol further. They have done some great work in the past and am sure they will continue to do so.

#18

[BIP-56] Re-enable CREAM/WETH 80/20 Gauge [Ethereum]

Vote: No

Generally, I don’t think any gauges should be enabled till the framework is introduced. Specifically, this gauge is not healthy for the protocol and should not be re-introduced.

[BIP-57a] Introduce Gauge Framework v1

Vote: Yes

We need a standard to evaluate gauges.

We didn’t participate in the discussion as much since it became more argumentative, and I don’t believe the conversation was entirely helpful.

[BIP-57b] Introduce Gauge Framework v1

Vote: 2%

2% seems like the ideal start for now.

[BIP-58] Increase Snapshot Quorum

Vote: 500k

There is more governance participation with more individuals with large amounts of tokens, so it only makes sense to increase the quorum. We can expect to increase it again shortly too.

1 Like
#19

[BIP-59] Enable MAI/USDC Gauge on Ethereum

Vote: Yes

Rationale: QIDAO has done some good work. I have seen them on Polygon and Optimism and believe they are a great addition to the balancer ecosystem.

[BIP-60] Enable XSGD:USDC “FXPool” Gauge [Polygon]

Vote: Yes

Rationale: Recently found out that they are a grantee project, and they have done well to come this far. I look forward to seeing them add value to the Balancer ecosystem.

[BIP-61] Operating Procedures for DAO’s Selling Their Locked BAL Position OTC

Vote: Yes

Rationale: This makes sense to prevent taking advantage of the system.

[BIP-62] Stable v2, composableStable, Weighted v2 Permission Granting

Vote: Yes

Rationale: 6/11 out of signers isn’t always feasible so the emergency subDAO having this extra responsibility is logical.

[BIP-63] Enable IB/WETH 80/20 Gauge w/2% emissions cap [Optimism]

Vote: Yes

Rationale: A big fan of a small project going under the new 2% cap. I am looking forward to seeing how it progresses.

[BIP-64] Revised Gauge Migration to Composable Stable Pools

Vote: Yes

Rationale: It is an important step to keep balancer safe.

[BIP-65] Enable INV/DOLA 50/50 Gauge on Ethereum w/2% emissions cap

Vote: Yes

Rationale: Same as BIP-63.

[BIP-66] Migrate Lightly Used Gauges to Capped

Vote: Yes

Rationale: No major changes, and since they aren’t close to the limit it makes sense.

[BIP-67] Enable rETH/RPL Gauge [Ethereum]

Vote: Yes

Rationale: Rocket Pool is an essential player in the staking ecosystem and will continue to play a crucial part.

[BIP-68] Enable wstETH/LDO Gauge [Ethereum]

Vote: Yes

Rationale: Lido is an essential player in the staking ecosystem and will continue to play a crucial part.

2 Likes
#20

[BIP-69] Whitelist Beethoven X Gnosis Safe for Balancer’s VotingEscrow

Vote: Yes

Rationale: Beets have been great so far as a FF. This is a good commitment and great to see them getting involved in governance.

[BIP-70] Authorize the Batch Relayer v4

Vote: Yes

Rationale: Necessary infra update.

2 Likes