Dear Ballers!

The Balancer Team and Jellyverse community have met in recent weeks to explore an exciting opportunity! JellySwap, the decentralized exchange within Jellyverse, wishes to become a friendly fork of Balancer on Sei V2!

Jellyverse at a glance

[Want to try out Jellyverse yourself? Check out: app.jellyverse.org (under construction)]

Jellyverse addresses the limitations of many DeFi protocols by providing users with the opportunity to gain exposure not only to highly volatile cryptocurrency assets but also to both synthetic and non-synthetic real-world assets (RWA).

Jellyverse consists of multiple protocols and aims to become one of the biggest DeFi-Hubs, optimized for RWAs integration & highly flexible usage of liquidity. The platform's decentralized exchange (JellySwap), built on the well established Balancer protocol leverages Balancers highly flexible pool architectures to facilitate the creation of comprehensive portfolio pools.

Synthetic assets are crafted using the jAsset protocol, enabling users to easily mint tokens representing stocks, commodities, and more. Non-synthetic RWAs classified as commodities are offered through partnerships and are backed by tangible assets.

Consequently, users have access to a broader spectrum of assets, moving beyond the typically volatile cryptocurrency markets to enhance their DeFi experience.

Jellyverse operates on a permissionless basis, welcoming contributions from everyone. In a dedicated effort to preserve its decentralized nature, Jelly Labs is at the forefront of development. Jelly Labs has extensive experience in the cryptocurrency domain and a robust development team.

The Jellyverse community is eager to unite with the Balancer community and Balancer Labs on this journey.

Motivation and Conditions

This proposal seeks the Balancer community’s endorsement for Jellyswap to be officially recognized as a friendly fork of Balancer on Sei V2.

Jellyswap aims to establish itself as the premier decentralized exchange on Sei V2. Simultaneously, Jellyverse intends to secure its place as a leading DeFi hub for RWAs in web3. The community's confidence is rooted in the superior technology of Balancer V2 (and later V3), which they are excited to leverage to its utmost potential.

Jellyverse is committed to:

• Successfully position Balancer within a new and striving ecosystem.
• Facilitating the exchange of knowledge, resources, and mutual support between the communities & developers.
• Strengthen Balancers market perception with Jellyverse’s outstanding branding.
• Allocating JLY tokens to the Balancer community to align interests and share participation in future successes.

With this in mind, the Jellyverse community is committed to allocate 4% of the total token supply (TTS) to the Balancer Treasury with these funds being frozen (staked) for three years and their rewards and voting power reduced by 80% and up to 1% of the TTS to BAL, veBAL & auraBAL holders (the TTS will be 800 million JLY). All tokens have been initially donated by Jelly Lab AG to the Scaleswap DAO LLC Foundation, and will be distributed by the Scaleswap DAO LLC.

To achieve our goals Jellyverse envisions to:

• Announce a partnership between Balancer and Jellyverse publicly.
• Position JellySwap as official friendly fork of Balancer on the Sei Network.
• Execute joint marketing campaigns on platform X.
• Foster a lasting relationship with both the Balancer Foundation and its community.
• Seek further partnerships in the future, aiming to introduce Jellyverse's native applications to the Ethereum Mainnet

How to be eligible & conditions:

• Eligibility requires users to maintain a minimum balance of 200 BAL, 10 veBAL or an equivalent amount in staked auraBAL.
• A retrospective snapshot will be taken as of March 22, 2024.
• The minimum airdrop amount of JLY per recipient is set at 1,000 JLY.
• The maximum airdrop amount of JLY per recipient is set at 20,000 JLY.
• The drop will be distributed according to the following formula:
  • For BAL holders:
    • if BAL < 200: 0
    • if BAL > 200 and BAL < 40k: 1k + (balance - 200) * 0.477386934673367
    • if BAL > 40k: 20k
  • For veBAL holders:
    • if veBAL < 10: 0
    • if veBAL > 10 and BAL < 2k: 1k + (balance - 10) * 9.547738693467337
    • if veBAL > 2k: 20k
  • For auraBAL holders:
    • The tokens need to be locked in the Aura Locker contract: 0x3Fa73f1E5d8A792C80F426fc8F84FBF7Ce9bBCAC
    • The drop will be distributed according to the veBAL formula, with a conversion rate calculated at the time of the snapshot
    • The conversion rate will be: 1 auraBAL = (veBAL held by aura) / (total number of locked auraBAL tokens)
• The airdrop funds will be distributed via a Staking-NFT that encapsulates the JLY and will be vested over a 12-month period, including a 6-month cliff. These Staking-NFTs will not be eligible for rewards.
• Following the Token Generation Event (TGE), the Balancer community will be given a four-week window to claim their airdrop. Additional details will be provided shortly.

Jellyverse Overview

JellySwap

Jellyswap will serve as the heart of Jellyverse, offering users the opportunity to diversify their portfolios. Realworld assets (RWAs) will unveil unprecedented potential in portfolio pools, bolstered by Balancer's flexibility.

Jellyswap will initially launch with stable pools & weighted pools. We aim to slowly release all other pool types & add Balancer V3 functionalities to Jellyswap as soon as they become available.

jAssets

jAssets is an innovative protocol designed to mint synthetic assets across a wide spectrum, including stocks, commodities, and ETFs, all backed by crypto assets as collateral. By integrating synthetic real-world assets (RWAs) into the Jellyverse ecosystem, jAssets opens up unprecedented opportunities for portfolio diversification.

JellyStake

JellyStake enables users to earn from trading fees across all protocols, enhancing Jellyverse's sustainability beyond inflationary rewards. It bolsters JLY's value and establishes JellyStake as a key to Jellyverse's governance, where voting power depends on JLY staked amount and duration.

The team behind Jellyverse

The Jelly Labs Team boasts a track record in the Web 3.0 space, such as their leading development work on Polygon Edge for Polygon. Additionally, they've achieved top placements in numerous Hackathons focused on Solana and Ethereum Virtual Machine (EVM)-compatible platforms. This experience is complemented by their expertise in Go-To-Market (GTM) strategies, particularly through the DeFiChain Accelerator program.

Want to learn more?

Links to Jellyverse Website: https://jellyverse.org/ Twitter: https://twitter.com/jlyvrs Docs: https://docs.jellyverse.org/ Medium: https://medium.com/@jellyverse

Links to Sei linktr.ee/seinetwork