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BalancerBalancerby0x9f74662aD05840Ba35d111930501c617920dD68eveballer.eth

[BIP-516] Exit from D2D/BAL pool

Voting ended over 2 years agoSucceeded

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/699

Intro

PrimeDAO, issuer of D2D tokens, has a long relationship with Balancer. Back in Nov’21, a partnership was approved by governance to seed liquidity in a D2D/BAL pool. This pool has suffered severe losses and, as of today, Balancer is practically its sole LP, with ~$32k worth in its position. Currently, the pool sees little to no action and Prime DAO only has incentives to LM on D2D/USDC (Ethereum) and D2D/rETH (Arbitrum).

Proposal

This proposal seeks to unstake and withdraw proportionally (50/50) from the position, keeping both the D2D and BAL tokens back in the Treasury.

It’s our expectation that BAL with grow in value somewhat still correlated to ETH, and D2D might not see the same upside, therefore taking even more IL in this position. This way, we can save whatever BAL we have left (~4k at the time of writing).

There’s not enough liquidity on-chain to sell D2D and we are not looking to kill our partnership, so other strategies for using the D2D may be presented to governance as appropriate.

Noting that these assets were not under Karpartkey's management.

Specification

The DAO multisig on Ethereum 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f interact with the D2D-BAL BPT token contract at 0x8f4205e1604133d1875a3E771AE7e4F2b0865639 and call transfer with arguments recipient as the Maxis LM multisig 0xc38c5f97B34E175FFd35407fc91a937300E33860 and amount as 136955000000000000000000 representing the LP tokens currently held by the DAO multi-sig After the funds have been transfered to the Maxi LM multi-sig, it will execute a withdrawal and transfer of funds to the Balancer DAO multi-sig concluding the transaction.

Pool: D2D/BAL BPT Token holdings reference: https://etherscan.io/token/0x8f4205e1604133d1875a3e771ae7e4f2b0865639?a=0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f

Off-Chain Vote

Yes, let's do it
4.64M veBAL100%
No, this is not the way
0 veBAL0%
Abstain
0 veBAL0%
Quorum:232%
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Discussion

Balancer[BIP-516] Exit from D2D/BAL pool

Timeline

Dec 21, 2023Proposal created
Dec 21, 2023Proposal vote started
Dec 25, 2023Proposal vote ended
Mar 16, 2026Proposal updated