Balancer Liquidity Mining Begins
The proposal of distributing Balancer Governance Tokens (BALs) to liquidity providers on Balancer has received very positive feedback across the board. Some interesting questions have been discussed on our discord channel, and one common desire by the community has become clear: before liquidity mining starts, a tool for the creation of custom pools was necessary. This would ensure no one would be left out.
Pool Creation Tool
Even though Balancer Labs had already made available a step by step tutorial on how to create a balancer pool using etherscan.io, we admit that only tech-savvy users would be able to get through it. Now there is a very simple and easy to use tool to create new pools directly on our UI:
This tool only allows for the creation of shared pools, i.e. the pool you create will be immutable and accessible to anyone who wants to provide liquidity to it, including you. In the near future, Balancer Labs is going to release an enhanced tool that not only allows for the creation of private pools, but also for their management (as private pools can be freely customized/updated after their creation).
Liquidity Mining Start Date
On Monday, June 1st at 00:00 UTC (i.e. at midnight from Sunday to Monday), Balancer Labs will start considering liquidity held on Balancer protocol for the distribution of governance tokens. For details on the specifics please refer to our previous post.
The script for the exact BAL distribution calculation will be released soon after the end of the first week after liquidity mining starts. Anyone will be able to independently run the distribution calculations to make sure that they are correct. Balancer Labs will also give a chance for the community to raise any issues with the calculations and review them if necessary.
The liquidity mining proposal has been as inclusive as possible: any token listed on CoinGecko is eligible. However, this does not mean the Balancer community will tolerate attempts of gaming the distribution process.
Actual BAL Distribution
Even though the liquidity mining of BALs is going to start on June 1st, the actual distribution of BAL tokens is going to happen soon thereafter (weeks, not months). Balancer Labs is still working out the last details of the deployment of BAL smart contracts. There will be another announcement with more details when tokens are ready to be distributed.
Conclusion and Next Steps
If you want to be part of the decentralized governance of Balancer Protocol you can start receiving BALs by providing liquidity to existing pools or by creating a new pool with the characteristics you desire.
Please let us know if you have any questions or suggestions on our discord channel.