Tribe DAO : boost delegation

[Eswak]

Hi everyone,

As explained in this other post, the Tribe DAO now has a 2-contract setup to interact with the veBAL system:

• VeBalDelegatorPCVDeposit vote-locks the 112,041 B-80BAL-20WETH tokens held by the DAO into veBAL
• BalancerGaugeStaker (behind eip-1967 proxy) to stake the protocol-owned liquidity BPTs in various gauges (e.g. the 252,865 B-70WETH-30FEI currently held)

This approach does not allow our gauge staking to benefit from veBAL boosting (that can boost BAL earned from the LM program by up to 2.5x if the staking is spread across enough gauges).

After discussions with the Balancer Labs team (and particularly Nicolas Venturo), a solution to this problem could be for the Balancer devs to deploy a new version VotingEscrowDelegation contract that include methods that allow the Tribe DAO to delegate its boost from the VeBalDelegatorPCVDeposit to the BalancerGaugeStaker eip-1967 proxy (and hardcode the existing 6 boost delegations in the constructor of the new contract, to keep the same delegations during migration).

Would the Balancer DAO consider doing this small migration soon, before Convex-like platforms launch (at which point, a lot more boost delegations will happen, and migration will be harder) ?

Thanks,

Erwan

[solarcurve]

100% in support of this. cost is very low for Balancer while it helps Tribe quite a bit.

[zekraken]

makes sense to me, as long as the devs are onboard with the timing

[nventuro]

We’ve deployed a version of the VotingEscrowDelegation which includes the following:

• a fix for a bug on the original Curve implementation
• a preseeding with all of the boosts created until now (these can be found by looking at interactions with the current delegation contract
• a preseeding with a call to set the address designated above as the operator of the TribeDAO contract. This will let the operator call create_boost, extend_boost, etc., using TribeDAO’s veBAL balance.

The preseeding was executed in this transaction, which can be inspected to look at the boosts created and approvals granted.

The address of the new delegator can be found on the Balancer Labs repository. For a migration to happen, the delegation proxy’s setDelegation function must be called from an authorized account (one with the permission 0xac0fcdc4520d7bde1c58bbefd7c8dd39aaf382a20c27991134c14fe63d2c96f3).

It should be noted that any boosts created starting now will not be migrated as they’re not included in the preseeding, and would require manual re-creation.

[Eswak]

Amazing, thanks a lot for arranging all of this and coding a migration so swiftly!

[solarcurve]

will send this up the chain to start the vote tmrw AM EST

[solarcurve]

https://snapshot.org/#/balancer.eth/proposal/0xea5d85ea83360d496e5154ed92d2f247c8269296095810d94cf50ca6c9044528