Balancer

Proposal

The following is a proposal for the re-whitelisting of the CREAM<>WETH pool gauge to be found here.

Background

On July 14th 2022, a BIP was presented for voting to the Balancer Community for the “killing of the CREAM gauge” (BIP-28). The majority of veBAL weight voted in favour and, consequently, a transaction to “kill the gauge” was executed by the Balancer DAO multisig. Vote results (54,88% YES vs. 45,12% NO) can be found here.

On July 21st 2022, BIP-30 was also presented to the Community for voting. This time the proposal was to “purge” unused gauges. On the BIP-30 the majority of veBAL voted against the implementation with the following voting result: 53,43% NO vs. 46,57% YES. Voting submission was one of the highest ever recorded with roughly 3M veBAL votes (15 times higher than the quorum).

Despite the high voting participation that should give legitimacy to the result, it was decided to have a Community vote again, on the same topic, without giving any kind of robust rationale that could support the decision. The only reasoning found is the loose statement of a supposed “wide support of Delegators”. This claim, however, is not backed by any publicly available evidence and does not represent a valid condition for a vote to be reconsidered. Additionally, we would like to remind the Community that neither Delegates nor Gov. Council members have veto powers.

Consequently, on July 28th 2022 (only one week later), the same vote was repeated (among other things using the same BIP number [BIP-30]) and reverted the previous result.

The event created a historical precedent: the BalancerDAO Governance can disregard (and therefore possibly revert) a legitimate voting result without the need to present any kind of reasonable motivation or display any sort of supporting evidence.

We take this opportunity to point out that there is no indication of what conditions must occur for a vote to be repeated. The only official guidelines (vague and generic) only outline what conditions a Forum Proposal needs to meet so to be voted on Snapshot. This information can be found on the Governance Process Revamp 2.0.

Motivation

For the reasons expressed above, we request a vote for the reestablishment of the CREAM<>WETH gauge as we believe we face a similar Governance environment/conditions to the examples detailed above: the vote to kill the [CREAM<>WETH] gauge passed with similar margins to the [BIP-30] (Purge unused gauges) and we would like to follow the same iter as the BIP-28. We consider the BIP-28 re-vote a valid precedent.

Specification

We request to have a vote to add back a gauge to the CREAM<>WETH pool.

If the Community votes YES, the BalancerDAO will add a gauge to the 80/20 CREAM/WETH pool.

#1 The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will call grantRole on the Authorizer 0xA331D84eC860Bf466b4CdCcFb4aC09a1B43F3aE6 with the following arguments:

role: 0x076e9815202aa39577192023cfa569d6504b003183b2bc13cd0046523dfa23ea account: 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f

The role can be verified here. This will give the DAO Multisig the ability to call unkillGauge on a pool’s gauge.

#2 The DAO Multisig 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f will interact with the AuthorizerAdaptor at 0x8F42aDBbA1B16EaAE3BB5754915E0D06059aDd75 and call performAction using 0xd34fb267 for the data(bytes) argument and 0x9F65d476DD77E24445A48b4FeCdeA81afAA63480 for the target(address) argument.

Additional information regarding pool details and original proposal can be found here.

Risks

BalancerDAO Governance has demonstrated a certain degree of unreliability when it comes to vote results/rules/guidelines compliance and the above example should serve as clear evidence. We expect this proposal to go to a snapshot vote when enough debate has been achieved and feedback received. The failure to bring this proposal to a vote by any of the members in charge, will be considered a case of Governance Mutiny and consequential actions will be taken.

Additional notes

This proposal follows the general guidelines proposed by the Governance Process Revamp 2.0 to be found here and intends to follow the additional recommendations specified on BIP-4.