[BIP-851] Staking POL Tokens and Delegating to Balancer’s Governance Profile

PR with Payload

https://github.com/BalancerMaxis/multisig-ops/pull/2154

Introduction

This proposal outlines the intention to stake 74,810 POL tokens on the Polygon network and delegate these tokens to Balancer's designated governance delegate profile, under the stewardship of the Balancer Foundation. This action solidifies Balancer's commitment to active participation in Polygon's System Smart Contracts Governance, as previously proposed and discussed under BIP-721.

Motivation

The proactive staking of POL tokens and their delegation to Balancer’s profile signifies a tangible step towards fostering deeper collaboration and enhancing decentralization within the Polygon ecosystem. By contributing a substantial stake, Balancer demonstrates its conviction in Polygon’s future and its dedication to the shared vision of robust, community-driven governance.

This delegation will amplify Balancer's voice and influence in critical decision-making processes concerning Polygon protocol upgrades and System Smart Contracts (SSC) governance, directly leveraging Balancer's expertise in technical smart contract management and decentralized systems, while also providing a seat at the table to advocate for policies and initiatives that benefit our shared vision for the wider DeFi community.

Note: Polygon chain and tokens are currently not under @kpk managed assets.

Expected Outcomes and Benefits

This staking and delegation initiative is expected to yield several key benefits:

• Enhanced Influence: A significant stake directly increases Balancer's voting power within Polygon's governance, allowing for more impactful contributions to PIPs and SSC discussions.
• Increasing Rewards: As per the Delegate Incentive Program, delegates receive rewards for meaningful participation, therefore increasing the DAO’s stack of POL tokens via Foundation.
• Stronger Collaboration: This concrete commitment reinforces the partnership between Balancer and Polygon Labs, paving the way for more integrated efforts in advancing the DeFi ecosystem.
• Decentralization Support: By actively staking and delegating, Balancer contributes to the overall decentralization and security of the Polygon network.
• Community Representation: The delegation to Danko ensures that Balancer's community perspectives and deep technical expertise are effectively represented in Polygon's governance.

Conclusion

Staking 74,805 POL tokens and delegating them to the Balancer Foundation is an exciting commitment to Polygon governance. This action will reinforce Balancer's position as a vital contributor to the Polygon ecosystem, ensuring a strong, knowledgeable voice in shaping its future.

Technical Specification

Upon approval, the following actions will be executed:

• Token Amount: 74,805 WMATIC to be sent to the Polygon LM multisig 0xeE071f4B516F69a1603dA393CdE8e76C40E5Be85, then upgraded to POL tokens; bridged to mainnet, staked and delegated.
• Delegate Profile: The delegation will be formally associated with @0xDanko profile, reflecting his role as Director of the Balancer Foundation and the designated representative for this governance participation.
• Any granted rewards from the Delegate Incentive Program will be forwarded to the Polygon LM multisig and restaked quarterly.