The Balancer Report
Unveiling Ecosystem Updates, Key Metrics, Governance Proposals, and More!
Embark on a journey through the latest developments in the Balancer ecosystem as we delve into essential data such as Total Value Locked (TVL), Swap Fees, and Volume. Discover the pulse of governance with insights into proposals shaping the future. Join us as we unpack the week’s highlights and insights!
Now let’s explore the latest ecosystem news:
Balancer is nearing feature completion for v3 and has opened its codebase for feedback and contributions ahead of final audits. Balancer v3 aims to simplify, extend, and make its architecture more flexible compared to v2, which was versatile but complex for developers. Key improvements include a redesigned Vault, support for yield-bearing tokens, and 100% boosted pools. The new Vault simplifies pool contracts and ensures consistency, while introducing features like transient accounting and re-entrant pool lifecycle hooks. v3 also facilitates custom pool development and introduces a hooks framework to extend pool functionalities. The Balancer DAO is supporting this evolution with grants and a bounty program to encourage innovation and new product development on the platform.
GHO has launched on Arbitrum, initiating its rollout with a GHO/USDC Rehype Pool to bootstrap liquidity. TokenLogic and Karpatkey have contributed 12,300 ARB in incentives for the first week, aiming for a $2 million Total Value Locked (TVL) at 25% APR, with more incentives planned for the future.
- Balancer’s Latest Pool: Boosted Points for Mellow and Symbiotic
A new pool on Balancer is now live, featuring Re7LRT, rstETH, amphrETH, steakLRT, and wsteth. The current points distribution provides a 3x points boost for Mellow and 1x points on initial LRTs for Symbiotic.
- High Yields, Lower Risks: A New Joint Initiative for Yield Farmers
A joint initiative has been announced for high-yield enthusiasts who are wary of smart contract risks. In collaboration with Balancer, Nexus Mutual, and Aura Finance, the new offering focuses on covered leveraged yield farming.
- Balancer Grants Wave 12: Completed Projects and V3 Focus
Wave 12 of Balancer Grants is complete. The final report details the funded projects, their progress, and what has been delivered. The focus on V3 development remains strong.
As is always the case, HiddenHand incentives can be explored here, the current round ends on July 10, 2024. And to date it has the following details:
- Total Votes: 4,736,010
- Total Rewards: USD 60,330.01
- Emission $/10k Votes: USD 519.5791
- Incentive $/ 10k Votes: USD 127.3857
Balancer: TVL and Stats — Defilytica
Balancer’s Total TVL across all networks is sitting at $786,53m.
The Total Mainnet TVL is $589,38m with a dominance of 74,93%.
Speaking of protocol volume metrics, in this last week we were able to see a cumulative volume of $334,56m.
As for protocol fee metrics, we can verify cumulative fees of $284,23k.
As for our liquid wrappers, they are under the following parity to veBAL:
This section will list the top three expected pools to receive most of the next period’s emissions. Voting is open for four more days, and the next period is scheduled to start on Thursday at 00:00 am UTC.
- Mainnet — WETH / rETH — currently at 13.69%
- Mainnet — WETH / ezETH — currently at 6.65%.
- Mainnet — STG / USDC — currently at 4.77%.
You can find an overview of the current incentives on the Balancer Mainnet below:
This week there are 7 active proposals on Snapshot including the following:
The joint deployment of Balancer and Beethoven X on Optimism is currently using Mimic’s smart vault v2 architecture for fee processing. They are now prepared to migrate to the v3 architecture, following the precedent set by previous Balancer deployments like BIP-488 and BIP-552. Instructions and addresses for Mimic v3 deployment on Optimism are available. Once the v3 fee processing is fully operational, permissions for the existing v2 smart vault will be revoked.
This proposal aims to update the multisig signers for the Emergency subDAO to align with the current strategic direction and team composition, ensuring efficient and secure management across all networks. The proposed changes include removing Markus, Solarcurve, Fernando, and Zekraken, and adding Hypernative, Franz, Daniel, and Xeonus. These updates will apply to multisig safe addresses on Ethereum, Polygon, Arbitrum, Optimism, Gnosis, Avalanche, zkEVM, Fraxtal, Mode, and Base. The new signers need to confirm their agreement, and the update process will involve interacting with the GnosisSafeProxy contract on each chain to replace the old addresses with the new ones.
This proposal seeks to build a payload enabling Inverse and Threshold to utilize Paladin’s latest feature, bribing for liquidity mining, for their veBAL gauges. Paladin quests allow DAOs to redirect incentives meant for veBAL votes to direct incentives if the expected ROI is not met through vote purchasing. Balancer Maxis set up gauges for Paladin’s questboard contract to distribute rewards in necessary tokens, particularly for Inverse Finance and Threshold. With Paladin upgrading to a new questboard version, a new contract must take over token distribution. The current quest contract cannot renounce its distributorship, so this proposal requests the DAO multisig to execute a transaction to transfer distributorship to the new Paladin quest contract. Inverse Finance and Threshold are incentivizing liquidity provision across various pools, but the effectiveness of voting incentives has decreased in free markets due to the correlation between incentive volume and vote dilution.
The following proposals are related to new gauges.
- [BIP-650] Enable GHO Gauges on Arbitrum
- [BIP-654] Enable Gauges for baoETH-wstETH, baoETH-rETH, baoUSD-sUSDe, baoUSD-sDAI w 2% cap [Ethereum]
- [BIP-655] Enable Initial Fraxtal Gauges
- [BIP-656] Enable gUSDC-USDC gauges [Arbitrum]
This week Dubstard shares another set of security tips that will help you stay safe:
- Do not open any links sent to you in DMs from any one pretending to be a “mod”, “admin” “staff member” and etc.
- Do not message anybody offering help if you DMs them first, those are scammers.
- Remember, Balancer operates primarily under the following domain: https://balancer.fi/
- Never share private keys, seed phases with anyone.
- Remember, there is NO AIRDROP!
- There is no such thing as “Node RPC fix”, “Encrypt Wallet”, “Node Sync”, “Wallet Synchronization”, “Rectification”, “Remediation”, “Fee Reduction”, “NFT sync”, “Synchronize wallet” and so on. All those are fake sites and imaginary “tech” sounding reasons to bait users to visit the bogus sites.
- Avoid using your main wallet for participating in airdrops, especially if they are promising very high awards. Do not sign BPT (Balancer Pool Token) approvals willy-nilly. Sign only if you know what you are doing. Do not sign approval, transfer and permit transactions willy-nilly. Always double check everything.
Balancer has a flourishing ecosystem. You’re welcome to contribute to it whether you’re a dev, a community person, or a graphic designer! We strive toward onboarding every new member in a smooth and personalized way.
Join the Ballers and start your Balancer journey now: http://discord.balancer.fi/
Are you looking for a grant? Learn more here.
This article is for informational and educational purposes only. It should not be construed as investment or trading advice or a solicitation or recommendation to buy, sell, or hold any digital assets. Transactions on the blockchain are speculative. Carefully consider and accept all risks before taking action.
