FIP-92: Vote-escrow the DAO’s BAL to veBAL
Summary
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 1 inside the BAL/WETH pool (20% of the LP position is actually WETH)
- 8,525 1 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.
Specification
Re-use the contract used to manage veANGLE, in order to manage veBAL.
Initial veBAL delegate for Snapshot voting will be eswak.eth (can be changed anytime by OA Timelock).
Voting
This is an approval vote, the option with the most approval gets proposed onchain, unless “More discussions needed” wins.
| Voter | Cast Power | Vote & Rationale |
|---|---|---|
 0x7929...42CF92 | 5.109M | Vote-lock 100% of protocol BAL |
 0x6ef7...5C6148 | 3M | Vote-lock 100% of protocol BAL |
 0x7E74...6001D2 | 2.5M | Vote-lock 100% of protocol BAL |
 0x72b7...0683F3 | 1.838M | Vote-lock 100% of protocol BAL |
 0xc290...717E68 | 1.021M | Vote-lock 100% of protocol BAL |
VOTE POWER
Proposal Status
- Fri April 01 2022, 02:47 pmVoting Period Starts
- Sun April 03 2022, 02:00 pmEnd Voting Period
Current Results
1-Vote-lock 100% of protocol BAL
15.947M