Summary
A series of actions need to happen for the new veBAL tokenomics system to be deployed. This proposal asks for the governance multisig to grant permissions for the coordinator smart contract in order to enable it to perform the actions necessary to successfully deploy the ve system.
Core proposal
As approved by governance[1], the ve system pioneered by Curve has been chosen to be used as the new tokenomics for BAL.
Since the community approved that proposal, some Balancer Labs engineers and community members have been hard at work to make this viable. I’m excited to share that we have defined dates for the deployment of the system:
- 28th March: launch of veBAL. On this date all smart contracts necessary for the system to work as described in the new tokenomics proposal will be active, with the exception of the bridges for Arbitrum and Polygon which will take a couple extra weeks. In the meantime, LM for Arbitrum and Polygon will continue as is today.
- 7th April: beginning of Liquidity Mining using onchain ve contracts for Ethereum mainnet gauges. Since Balancer LPs need to have some time to stake their BPTs into the new gauge system, I propose we consider all BPTs as still eligible for liquidity mining until April 7th 0:00 UTC. From this day on, only staked BPTs will be able to claim BAL from LM.
Implementation
The governance multisig needs to call the authorizer[2] with the following inputs: authorizer.grantRole(0x0000000000000000000000000000000000000000000000000000000000000000, coordinator) , which means it will grant full admin powers to the coordinator smart contract.
Only by end of next week (March 25th) will the coordinator be deployed, as it’s currently undergoing final adjustments. Since it hasn’t been deployed yet, its address is not known. However, the Balancer community will be able to verify the coordinator address by that date on Balancer’s github in the deployment output folder[3]. This link will point to a json file with entry veBALCoordinator followed by the coordinator’s address on mainnet:
{ veBALCoordinator: 0xabced...., }
After deploying the whole system and activating the Liquidity Mining on the new ve system on April 7th, the coordinator will renounce all given permissions and will not be usable anymore.
Voting
Since this governance permission has to be granted before the 28th March for the above deployment plan to work, this proposal should be posted to snapshot ideally by no later than March 22nd. It has no unexpected requests and simply aims at executing the already well discussed and approved veBAL tokenomics, so I hope it will be unanimously welcomed by the Balancer community.
Happy to answer any questions as always =)