Vote-lock the protocol’s BAL inside the new veBAL system.
This vote is used to determined the amount of BAL locked.
Context / Motivation
Balancer is releasing their new tokenomics, similar to Curve, where the new token that hold governance power is veBAL (vote-escrowed LP token of the 80 BAL / 20 WETH pool).
The protocol currently holds the equivalent of ~271k BAL:
- 261,146 inside the BAL/WETH pool (20% of the LP position is actually WETH)
- 8,525 on the BAL/WETH PCVDeposit
- 2,000 on the FEI/WETH PCVDeposit
Notable difference with Curve: the locking period for “veBAL” is maximum 1 year, and “veBAL” is actually a LP token, not a simple wrapper around BAL.
Re-use the contract used to manage veANGLE, in order to manage veBAL.
I suggest an approval vote, the option with the most approval gets proposed onchain:
- Vote-lock 100% of protocol BAL
- Vote-lock 80% of protocol BAL
- Vote-lock 50% of protocol BAL
- More discussions needed
Feel free to suggest another way to vote, but I think we should go to snapshot this week.
In my opinion, locking 100% makes the most sense, because holding naked BAL/WETH BPTs doesn’t provide much utility & dilutes the DAO’s meta-governance power. The main reason why the DAO should lock less than 100% is if there is a plan to sell (there is not, afaik), or if a reserve was kept in case Convex (or a fork) launch a similar product to what they do for CRV/FXS. But it this case, the DAO could vote-lock 100%, and reserve future rewards to allocate in such protocol.