diff --git a/docs/.vuepress/components/DecisionTree.vue b/docs/.vuepress/components/DecisionTree.vue index f1370db7..72a801ab 100644 --- a/docs/.vuepress/components/DecisionTree.vue +++ b/docs/.vuepress/components/DecisionTree.vue @@ -1,15 +1,28 @@ @@ -25,7 +38,7 @@ export default defineComponent({ data() { return { currentStepId: 'start', - steps: partnerDecisionTreeConfig + steps: partnerDecisionTreeConfig, }; }, computed: { @@ -34,7 +47,7 @@ export default defineComponent({ }, isResult(): boolean { return !!this.currentStep?.result; - } + }, }, methods: { goToStep(stepId: string) { @@ -42,8 +55,8 @@ export default defineComponent({ }, reset() { this.currentStepId = 'start'; - } - } + }, + }, }); diff --git a/docs/.vuepress/constants/partnerDecisionTreeConfig.ts b/docs/.vuepress/constants/partnerDecisionTreeConfig.ts index bdcd2fdd..4726cb70 100644 --- a/docs/.vuepress/constants/partnerDecisionTreeConfig.ts +++ b/docs/.vuepress/constants/partnerDecisionTreeConfig.ts @@ -19,77 +19,98 @@ export const partnerDecisionTreeConfig: Step[] = [ 'What best describes your current product needs or primary use-case?', options: [ { - text: 'Correlated / Yield-Bearing Asset Liquidity', - nextStep: 'step1', + text: 'Yield Optimization & Liquidity Provision', + nextStep: 'yield_step', }, { - text: 'Optimised Liquidity for Governance Tokens', + text: 'Governance Token Liquidity', nextStep: 'resultD', }, - { text: 'Index-Fund Like Products', nextStep: 'resultC' }, { - text: 'Customised Pool Logic', + text: 'Index Products or Multi-Token Pools', + nextStep: 'resultC', + }, + { + text: 'Custom Pool Logic or Extensions', nextStep: 'resultE', }, { - text: 'Liquidity for LVR Protection', - nextStep: 'resultF', + text: 'Stablecoin or Correlated Asset Liquidity', + nextStep: 'stable_step', }, { - text: 'Stable Coin Liquidity', - nextStep: 'step2', + text: 'LVR Protection', + nextStep: 'resultF', }, ], }, { - id: 'step1', - title: 'Step 1', - question: - 'What feature do you need for correlated asset or yield-bearing liquidity?', + id: 'yield_step', + title: 'Yield Strategy', + question: 'What type of yield strategy are you looking to implement?', options: [ { - text: 'Deep liquidity pool for highly-correlated assets containing 50% yield-bearing tokens', + text: 'Maximum yield with 100% capital efficiency (v3)', + nextStep: 'boosted_step', + }, + { + text: 'Traditional yield-bearing token pool (v2)', nextStep: 'resultA', }, + ], + }, + { + id: 'boosted_step', + title: 'Boosted Pools (v3)', + question: 'What type of assets are you looking to boost?', + options: [ { - text: 'Deep liquidity for highly correlated assets which do not contain yield-bearing tokens', - nextStep: 'resultB', + text: 'Stablecoins with Lending Market integration', + nextStep: 'resultI', + }, + { + text: 'Other yield-generating strategies', + nextStep: 'resultJ', }, ], }, { - id: 'step2', - title: 'Step 2', + id: 'stable_step', + title: 'Stablecoin Strategy', question: - 'What feature do you need for hosting your stable coin liquidity?', + 'What is your primary goal for stablecoin or correlated asset liquidity?', options: [ { - text: 'Maximizing token utilization with additional yield generation of stable coins', - nextStep: 'resultG', + text: 'Maximize yield while maintaining deep liquidity (v3)', + nextStep: 'boosted_step', }, { - text: 'Customized invariant for highly efficient trading', + text: 'Optimized trading efficiency', nextStep: 'resultH', }, + { + text: 'Traditional stable pool (v2)', + nextStep: 'resultB', + }, ], }, { id: 'resultA', - title: 'Composable Stable Pools', + title: 'Composable Stable Pools (v2)', result: - 'A composable stable pool with a rate provider setup will best suit your needs. Consult our v2 onboarding guide for more details.', + 'A composable stable pool with a rate provider setup will best suit your needs. Consult our v2 onboarding guide for more details.', }, { id: 'resultB', - title: 'Composable Stable Pools', + title: 'Composable Stable Pools (v2)', result: - 'A composable stable pool without any special requirements. Use this community tool to create a pool. ', + 'A composable stable pool without any special requirements. Use this community tool to create a pool.', }, { id: 'resultC', - title: 'A multi-token pool', + title: 'Weighted Pools', result: - 'A multi-token pool with up to 8 tokens will suit best your needs. Create a pool now!', + 'A weighted pool with up to 8 tokens will best suit your needs for creating index-like products. Create a pool now!', }, { id: 'resultD', @@ -99,26 +120,32 @@ export const partnerDecisionTreeConfig: Step[] = [ }, { id: 'resultE', - title: 'Pools with Hooks', + title: 'Pools with Hooks (v3)', result: - 'A Balancer v3 pool with custom hook logic sounds like a perfect fit for your needs. Explore hooks now!', + 'Balancer v3\'s hooks system allows you to extend existing pool types with custom logic. Perfect for implementing unique features while maintaining core pool efficiency.', }, { id: 'resultF', - title: 'CowAMM liquidity pool', + title: 'CowAMM Liquidity Pool', + result: + 'A CowAMM liquidity pool based on their custom implementation might be best suited for your LVR protection needs.', + }, + { + id: 'resultH', + title: 'Gyroscope E-CLPs', result: - 'A CowAMM liquidity pool based on their custom implementation based on Balancer might be best suited for your needs', + 'Gyroscope\'s elliptical concentrated liquidity pools offer the best trading efficiency for highly correlated assets with customized trading curves.', }, { - id: 'resultG', - title: 'Boosted Pools', + id: 'resultI', + title: 'Lending Market Boosted Pools (v3)', result: - 'A boosted pool on Balancer v3 will guarantee additional yield generation and high utilization rates of stable coin pairings', + 'A v3 Boosted Pool is perfect for your needs. It offers 100% capital efficiency, maximizing yield through e.g. lending markets while maintaining deep liquidity for trades via an efficient buffer system.', }, { - id: 'resultH', - title: 'Gyroscope E-CLPs', + id: 'resultJ', + title: 'Custom Boosted Pools (v3)', result: - 'Gyroscopes elliptical concentrated liquidity pools offer the best trading efficiency for highly correlated assets with customized trading curves.', + 'A v3 Boosted Pool can be integrated with your chosen yield strategy. The buffer system ensures gas-efficient swaps while maintaining 100% capital utilization in your yield-generating protocol.', }, ]; diff --git a/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-dark.webp b/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-dark.webp new file mode 100644 index 00000000..0ab83b5f Binary files /dev/null and b/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-dark.webp differ diff --git a/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-light.webp b/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-light.webp new file mode 100644 index 00000000..f729d80e Binary files /dev/null and b/docs/concepts/protocol-fee-model/images/veBAL-pool-flows-light.webp differ diff --git a/docs/concepts/protocol-fee-model/protocol-fee-model.md b/docs/concepts/protocol-fee-model/protocol-fee-model.md new file mode 100644 index 00000000..e7228e0c --- /dev/null +++ b/docs/concepts/protocol-fee-model/protocol-fee-model.md @@ -0,0 +1,105 @@ +--- +title: Protocol Fee Model +order: 2 +--- + +# Protocol Fee Model and Core Pool Framework + +This documentation outlines Balancer's protocol fee model and core pool framework across Balancer v2 and v3, as established by governance with [BIP-734](https://snapshot.org/#/s:balancer.eth/proposal/0x7a451385e49e341dce818927bf36aa35dfc6e42dabe328cb34e873c84fa452e4). + +## Summary + +Balancer's protocol fee model is designed to optimize revenue generation and redistribution for liquidity providers (LPs), veBAL holders, and the DAO. The model differs between Balancer v2 and v3, with v3 introducing a more LP-friendly yield fee structure to drive adoption of boosted pools technology. + +::: info Key Changes in v3 +- Reduced yield fees from 50% to 10% to increase adoption +- Universal 50% swap fees across all pools +- Simplified fee distribution model +- Introduction of boosted pools technology + ::: + +![veBAL Pool Flows](./images/veBAL-pool-flows-dark.webp) + +## Fee Structure Overview + +| Fee Type | Balancer v2 | Balancer v3 | +|----------|-------------|-------------| +| Yield Fees | 50% | 10% | +| Swap Fees | 50% | 50% | + +## Fee Distribution Model +Balancer protocol fees are distributed differently based on pool classification. Pools are classified as either core pools or non-core pools: + +- **Core Pools**: Pools that meet specific criteria (detailed in Core Pool Framework) and participate in the protocol's incentive flywheel. These pools typically contain yield-bearing assets or serve as primary liquidity venues. +- **Non-Core Pools**: All other pools that don't meet core pool criteria or haven't applied for core pool status. + +### Core Pools + +| Recipient | Percentage | +|-----------|------------| +| Voting Incentives | 70% | +| veBAL Holders | 12.5% | +| DAO | 17.5% | + +### Non-Core Pools + +| Recipient | Percentage | +|-----------|------------| +| veBAL Holders | 82.5% | +| DAO | 17.5% | + +## Fee Model on Balancer v3 + +### Fee Structure +- Yield fees: 10% on yield-bearing asset yields +- Swap fees: 50% on all collected swap fees + +::: tip Boosted Pools +V3 introduces boosted pools that deploy underlying liquidity into yield-generating markets, allowing any token with an external yield market to be transformed into a yield-bearing asset. +::: + +## Fee Model on Balancer v2 + +### Fee Structure +- Yield fees: 50% on yield-bearing asset yields (unchanged) +- Swap fees: 50% on all collected swap fees (unchanged) + +::: warning V2 Changes +The non-core pool fee redirect to core pools (introduced in [BIP-457](https://snapshot.org/#/s:balancer.eth/proposal/0x97856a0a66781666509f8e2d3dfa05aceabc543526e7fa546321f36f44030c03)) has been discontinued. +::: + +## Core Pool Framework + +The core pool framework establishes criteria for pools to achieve core status and access enhanced benefits. + +### Composition Requirements +- Minimum 50% yield-bearing or boosted tokens for weighted or composable stable pools +- 80/20 weighted pools that utilize Balancer as their primarily liquidity hub (e.g. RDNT:WETH 80/20 pool on Arbitrum). Protocols need to apply to core pool status for such pool types (Check the ALCX/ETH [proposal](https://forum.balancer.fi/t/bip-290-designate-alcx-eth-80-20-as-a-core-pool-with-10-emissions-cap/4753) as a good example) +- Must maintain a minimum $100k TVL consistently + +### Technical Requirements +- No yield fee exemption +- Fee settings delegated to Balancer governance in some form or another (no sovereignty on fees) +- Alternative protocol fee setting required if default settings unavailable + +### Token Requirements +- Verified smart contracts for all tokens +- No transfer restrictions or rebasing mechanics + +### Core Pool List Maintenance +The Balancer Maxis are running and maintaining automation jobs that query on-chain states of all pools deployed on Balancer v2 and v3 that also have a veBAL gauge active. Based on this data following procedures are executed: +- Bi-weekly evaluation of core pool status by checking that a gauge is active and TVL is >= $100k USD +- New pool types require governance approval +- Regular framework review through DAO governance + +::: danger Important Note +Core pool status can be lost if requirements are no longer met during bi-weekly evaluations. The currently active core pool list is publicly available via the bal_addresses Maxis [repository](https://github.com/BalancerMaxis/bal_addresses/blob/main/outputs/core_pools.json). +::: + +## References and Additional Resources + +1. [Protocol Fee Dune Dashboard](https://dune.com/balancer/protocol-fees) +2. [Core Pools Analytics Dashboard](https://balancer.defilytica.com/#/corePools) +3. [Automatic Core Pool List](https://github.com/BalancerMaxis/bal_addresses/blob/main/outputs/core_pools.json) +4. [Fee Distribution Model Analysis](https://docs.google.com/spreadsheets/d/1dx82Hqcw53AwnXOkY3CFSJMshojjT7BzlsKf3zQa-FQ/edit?gid=759201376#gid=759201376) +5. [Core Pool Framework BIP](https://forum.balancer.fi/t/bip-457-core-pool-incentive-program-automation/5254) diff --git a/docs/partner-onboarding/balancer-v2/core-pools.md b/docs/partner-onboarding/balancer-v2/core-pools.md deleted file mode 100644 index 5232b80a..00000000 --- a/docs/partner-onboarding/balancer-v2/core-pools.md +++ /dev/null @@ -1,38 +0,0 @@ ---- -title: Core Pool Framework -order: 1 ---- - -# Balancer v2's Core Pool Framework -The core pool framework was designed by Balancer contributors to align token emissions with pool performance in terms of fees collected. At Balancer, fees are collected for swaps and for yield on yield bearing tokens (see [here](https://docs.balancer.fi/concepts/governance/protocol-fees.html#governable-protocol-fees)). Core Pools are pools that have all protocols fees redirected back into the same pool that generated them to initiate a sustainable incentive flywheel. - -A pool can become a core pool if the following condition is met: - -- The pool contains at least 50% yield bearing tokens that Balancer earns protocol fees on -- The pool meets all technical requirements as described [here](./onboard-yb-token.md) -- The pool has been voted in by governance as such and has a gauge rewards can be streamed to - - -Fees collected by a core pool are tracked and processed every 2 weeks. All tokens are swapped to USDC and then distributed. The reasons for this bi-weekly schedule are two-fold: - -- Cooldown of 10 days after veBAL votes have been placed -- Bi-weekly voting schedule on the yield aggregator Aura which directs incentives through locked veBAL in their protocol via votes from vlAURA holders - -The collected fees are then split up in the following way: - -- 50% are distributed as core pool incentives, meaning fees earned are placed as voting incentives on secondary voting markets. The goal is that pools with lots of fees earned shall receive more BAL (and AURA) emissions by encouraging stakeholders to vote for those gauges -- 32.5% of all these fees are distributed to veBAL and vlAURA holders as part of our revenue share model -- 17.5% of fees collected are paid out to the DAO. These funds are mostly used to fund service providers to advance the protocol - - -::: info -Swap fees that have been collected from non-core pools will be recycled and distributed to core pools providing an additional boost in voting incentive sizing and therefore BAL emissions. -::: - -To summarize: core pools participate in the ecosystem flywheel by being entitled to more token emissions and participating in the success of the protocol in a unique way. -![Core Pool Framework](/images/corePoolFramework.png) - -## Helpful Resources to Learn More -- [BIP-19: Incentivize Core Pools and L2 Usage](https://forum.balancer.fi/t/bip-19-incentivize-core-pools-l2-usage/3329) -- [Core Pools Dashboard](https://balancer.defilytica.com/#/corePools) -- [Protocol Fee Dune Dashboard](https://dune.com/balancer/protocol-fees) diff --git a/docs/partner-onboarding/balancer-v2/direct-incentives.md b/docs/partner-onboarding/balancer-v2/direct-incentives.md deleted file mode 100644 index dec628dc..00000000 --- a/docs/partner-onboarding/balancer-v2/direct-incentives.md +++ /dev/null @@ -1,19 +0,0 @@ ---- -title: Direct Incentives -order: 6 ---- - -# Overview -Apart from receiving BAL incentives, a pool can also configure direct incentives for their desired token. Prerequisites for this feature are a functional staking gauge for a given pool where reward tokens can be streamed to. Incentives can either be placed directly through Reward injectors created by community contributors or by utilizing secondary protocol infrastructure like direct reward injection on AURA gauges. - -## Direct Incentives on Balancer: Reward Injectors -The Balancer Maxis created Reward injector contracts as a means to time and manage reward injections into a gauge contract. Depending on the deployment, infrastructure can be set up to either create a single gauge injection schedule or a more complex set of injection schedules for secondary rewards. - -### Direct incentives on L2 deployments -Given rewards shall be streamed to a gauge on L2 (e.g. Arbitrum), contributors can assist in setting up a rewards injection schedule based on our [injector infrastructure](https://github.com/BalancerMaxis/ChildChainGaugeInjectoooor). Following conditions apply when setting up an injector -- Rewards can only be set up for weekly emission schedules on a pre-defined time -- Programs need to be funded to be triggered -- Secondary reward injectors are not maintained by Balancer labs but are a service of the Balancer Maxis Service Provider. - -## Direct Incentives on Aura Finance -Aura Finance is a yield aggregator protocol built on top of Balancer. It allows to configure and stream rewards to their staking contracts (gauges) through their UI. Consult [their docs](https://docs.aura.finance/developers/how-to-___/add-extra-incentives-to-aura-pools) on how to set up direct incentives. Note that incentives placed on the AURA UI will only be streamed to AURA staking gauges and not Balancer gauges! diff --git a/docs/partner-onboarding/balancer-v2/onboard-yb-token.md b/docs/partner-onboarding/balancer-v2/onboard-yb-token.md index 19eb2789..962d5ba1 100644 --- a/docs/partner-onboarding/balancer-v2/onboard-yb-token.md +++ b/docs/partner-onboarding/balancer-v2/onboard-yb-token.md @@ -3,93 +3,75 @@ title: Yield-bearing Asset Onboarding order: 2 --- -# Onboard your Yield-bearing Asset to Balancer v2 -Onboarding of your yield-bearing asset involves a few steps to fully leverage Balancer tech. These steps include -whitelisting of your token, provision of a rate provider for optimized trading as well as applying to a Balancer gauge -to receive BAL rewards if your project wishes to do so. -The following chapters outline the steps needed and points towards all relevant resources to deploy your liquidity on -Balancer v2. +# Onboarding Yield-bearing Assets -## Token Whitelisting +This guide outlines the process of onboarding yield-bearing assets to Balancer v2. To fully leverage Balancer's technology, you'll need to complete several key steps including token setup, rate provider implementation, pool creation, and optional gauge setup for BAL rewards. -Whitelist your token by doing a Pull-Request [here](https://github.com/balancer/tokenlists). This is needed to fully enable trading of your token on our platform. +## Step-by-Step Onboarding Process -1. Provide token images and store png files with the token address like `0xba100000625a3754423978a60c9317c58a424e3D.png` -2. Update `tokenlists/balancer/tokens` and the corresponding network typescript file by adding your token address ( - e.g. `tokenlists/balancer/tokens/arbitrum/0x…`) +### 1. Token Setup +First, ensure your token is properly whitelisted on Balancer. See our [token whitelisting guide](./token-whitelisting.md) for detailed instructions. -## Rate Provider -::: tip -Consult our [rate provider onboarding FAQ](../onboarding-overview/rate-providers.md) for more details -::: -Given you want to onboard a yield-bearing asset stable pair with a stable pool, it is required that you provide a vetted -in rate provider upon pool creation. -For security reasons and to make sure your rate provider adheres to -Balancer’s standards, please initiate a rate provider review [here](https://github.com/balancer/code-review/issues) - -::: info -Depending on the complexity of your rate provider, reviews usually take up to 1-2 weeks for Balancer labs to complete. -Consult the [issue board](https://github.com/balancer/code-review/issues) for the review status +### 2. Rate Provider Implementation +::: tip Documentation +For detailed information, see our [rate provider onboarding FAQ](../onboarding-overview/rate-providers.md) ::: +For yield-bearing asset stable pairs using a stable pool, you must provide a vetted rate provider during pool creation: -A registry of already reviewed providers can be -found [here](https://github.com/balancer/code-review/tree/main/rate-providers) +1. Review existing rate providers in our [registry](https://github.com/balancer/code-review/tree/main/rate-providers) +2. If needed, submit your rate provider for review [here](https://github.com/balancer/code-review/issues) -## Pool Creation and Initialization +::: info Review Timeline +Rate provider reviews typically take 1-2 weeks for Balancer Labs to complete. Monitor the [issue board](https://github.com/balancer/code-review/issues) for review status. +::: -Create the pool (with the help from Balancer contributors) +### 3. Pool Creation and Initialization -- Go to the [community pool creator tool](https://pool-creator.web.app/) -- Choose ComposableStable Pool and make sure `Yield Protocol Fee Exempt` is `false` -- Approve and Add your token and your rate provider that has been approved in step 2 -- Add any other token (and rate providers) for up to 5 tokens -- Create the pool +Use the [community pool creator tool](https://balancer.defilytica.tools/pool-creator-v2) to create your pool: -After successful pool creation, make sure to perform an init join for this pool type to seed initial liquidity +1. Select ComposableStable Pool type +2. Set `Yield Protocol Fee Exempt` to `false` +3. Add your token and approved rate provider +4. Add additional tokens (up to 5) with their rate providers +5. Create the pool +6. Perform an init join to seed initial liquidity -## Data Endpoints for Yield metrics (APR) +### 4. APR Data Integration -Provide an API endpoint for your yield bearing token, ideally with api-yourtoken and the APR as one of the -return values. Contributors -will make sure the APR is propagated in our front-end. -You can provide your endpoint in our [yield token registry](https://github.com/balancer/yield-tokens). This will -guarantee that our backend will pick up token yield correctly and ultimately display the rate correctly on our front-end -deployments. +To ensure accurate yield metrics display: -## BAL Rewards and Gauges +1. Provide an API endpoint for your yield-bearing token + - Format: `api-yourtoken` + - Include APR in return values +2. Register your endpoint in the [yield token registry](https://github.com/balancer/yield-tokens) +3. This ensures correct APR display across Balancer frontend deployments -If you want to receive BAL rewards, set up a proper root gauge on the network your pool was deployed and [apply for a -gauge](./../onboarding-overview/gauge-onboarding.md) +### 5. BAL Rewards Setup (Optional) -#### Create a gauge +If you want to receive BAL rewards, you'll need to set up a gauge and apply through governance. -:::info -A detailed overview of target chain gauge creation endpoints can be -found [here](https://forum.balancer.fi/t/instructions-overview/2674) +#### Gauge Creation +::: info Network-Specific Instructions +Find detailed gauge creation endpoints for different networks in our [instructions overview](https://forum.balancer.fi/t/instructions-overview/2674) ::: -Depending on the network you want to create a gauge, several steps are needed to onboard your pool to receive BAL -rewards. In essence following steps need to be performed in terms of gauge creation - -### Apply for receiving BAL rewards through Balancer governance +#### Governance Application Timeline -For more details, consult our [gauge onboarding guide](./../onboarding-overview/gauge-onboarding.md). The timeline to onboard a gauge is as follows: - -1. Post a proposal based on the gauge - proposal [instruction set](https://forum.balancer.fi/t/instructions-overview/2674/2) -2. Balancer contributors will make sure all criteria are met and post votes by Thursdays -3. The voting round lasts from Thursday 8PM CET until the following Monday 8PM CET -4. After a successful vote, an on-chain transaction to add gauges to the gauge controller has to be executed. This - usually happens until Tuesday evening CET -5. The newly voted in gauge should be visible to vote for on - the [veBAL voting page](https://app.balancer.fi/#/ethereum/vebal) - -::: tip -If your gauge is deployed on Ethereum mainnet, BAL rewards will flow shortly after the last voting round concludes. If -you deployed a gauge on any L2 network (e.g. Arbitrum, Polygon POS) there is a one week delay until rewards are streamed -to the corresponding gauge. -::: +1. Submit proposal following the [instruction set](https://forum.balancer.fi/t/instructions-overview/2674/2) +2. Contributor review by Thursday +3. Voting period: Thursday 8PM CET to Monday 8PM CET +4. On-chain gauge controller transaction by Tuesday evening CET +5. Gauge appears on [veBAL voting page](https://app.balancer.fi/#/ethereum/vebal) +::: tip Reward Distribution +- Ethereum mainnet: BAL rewards begin after voting round +- L2 networks (Arbitrum, Polygon POS): One week delay before reward streaming + ::: +## Additional Resources +- [Gauge Onboarding Guide](../onboarding-overview/gauge-onboarding.md) +- [Rate Provider Documentation](../onboarding-overview/rate-providers.md) +- [Core Pool Framework](../onboarding-overview/core-pools.md) +- [Protocol Fees Documentation](../../concepts/governance/protocol-fees.md) diff --git a/docs/partner-onboarding/balancer-v2/token-whitelisting.md b/docs/partner-onboarding/balancer-v2/token-whitelisting.md new file mode 100644 index 00000000..c2d345d2 --- /dev/null +++ b/docs/partner-onboarding/balancer-v2/token-whitelisting.md @@ -0,0 +1,63 @@ +--- +title: Token Whitelisting +order: 2 +--- + +# Token Whitelisting + +This guide explains the process of whitelisting tokens on Balancer and important security considerations. + +## Security Advisory + +::: danger Important Security Note +Due to a known vulnerability in Balancer V2's Vault (discovered March 2023), new tokens require careful verification before being added to pools. While this vulnerability doesn't affect existing tokens or funds in the V2 Vault, it's important to follow the proper whitelisting process for new tokens. + +The vulnerability only potentially affects token addresses that: +- Are not currently live on-chain +- Would eventually be deposited in the Balancer V2 Vault + +For full details, see the [vulnerability disclosure](https://forum.balancer.fi/t/balancer-v2-token-frontrun-vulnerability-disclosure/6309). +::: + +## Whitelisting Process + +To whitelist your token on Balancer, you need to submit a Pull Request to the [Balancer tokenlists repository](https://github.com/balancer/tokenlists). This process ensures your token is properly verified and can be traded on our platform. + +### Requirements + +1. Token contract must be verified on Etherscan (or equivalent explorer for other networks) +2. Token must be already deployed and live on-chain +3. Token must have no transfer restrictions or rebasing mechanics that could interfere with pool operations + +### Steps + +1. Prepare Token Images + - Provide PNG files of your token logo + - Name the file using your token contract address: `0xTOKENADDRESS.png` + +2. Update Tokenlist Files + - Add your token to `tokenlists/balancer/tokens` + - Update the corresponding network typescript file + - Example: `tokenlists/balancer/tokens/arbitrum/0x...` + +3. Submit Pull Request + - Create a PR with your changes + - Include relevant token information and documentation + - Wait for review from the Balancer team + +## Post-Whitelisting + +After your token is whitelisted: +- It will appear in the Balancer interface +- Users can trade it through the frontend +- You can create pools including the token + +::: warning Note +For new projects looking to integrate with Balancer, we recommend using Balancer V3 which is not affected by the V2 vulnerability. +::: + +## Additional Resources + +1. [Balancer Tokenlists Repository](https://github.com/balancer/tokenlists) +2. [Token Requirements Documentation](../../concepts/vault/token-types.md) +3. [V2 Vulnerability Disclosure](https://forum.balancer.fi/t/balancer-v2-token-frontrun-vulnerability-disclosure/6309) diff --git a/docs/partner-onboarding/balancer-v2/v2-overview.md b/docs/partner-onboarding/balancer-v2/v2-overview.md index 7b042c7c..6981fa06 100644 --- a/docs/partner-onboarding/balancer-v2/v2-overview.md +++ b/docs/partner-onboarding/balancer-v2/v2-overview.md @@ -3,75 +3,60 @@ title: Overview order: 0 --- -## Onboarding to Balancer v2 -Balancer v2 has been a core pillar of DeFi since 2021. By leveraging innovative pool types Balancer v2 has attracted -liquidity in the liquid staking token (LST) and liquid restaking token (LRT) sector. +# Onboarding to Balancer v2 -Balancer Technology provides decentralised infrastructure for DAOs, which enables efficient scaling of Yield Bearing assets, creating advanced Governance positions, and developing customised pool types. In addition, the Balancer ecosystem facilitates the streamlined scaling of liquidity for DAOs through core pool incentive flywheels and its network of liquidity enhancing protocols. +Balancer v2 has been a core pillar of DeFi since 2021. By leveraging innovative pool types, Balancer v2 has attracted liquidity in the liquid staking token (LST) and liquid restaking token (LRT) sector. -### Onboarding Steps -Onboarding to Balancer v2's tech stack involves various steps depending on the specific needs. In general the onboarding journey consists of following steps: +Balancer Technology provides decentralized infrastructure for DAOs, enabling efficient scaling of Yield Bearing assets, creating advanced Governance positions, and developing customized pool types. The Balancer ecosystem facilitates the streamlined scaling of liquidity for DAOs through core pool incentive flywheels and its network of liquidity enhancing protocols. + +::: warning Security Advisory +Before integrating new tokens with Balancer V2, please review our [token whitelisting](./token-whitelisting.md) documentation and security considerations. For new integrations, we recommend using Balancer V3. +::: + +## Onboarding Steps + +Onboarding to Balancer v2's tech stack involves various steps depending on your specific needs: 1. Choosing and launching your pool 2. Providing initial liquidity -3. Onboard to Balancer's gauge system -4. Voting Incentive Markets - -#### Choosing and Launching A Pool -Balancer v2 offers a wide variety of exciting pool types. The following table provides a rough overview of examples and use cases - -| Pool Type | Use-Cases | Examples | -|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------| -| Composable Table Pool | Provision of highly correlated asset liquidity | [wstETH:WETH pool](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2) on mainnet | -| Weighted Pools incl. 80/20 | Creation of pools with any weight distribution with up to 8 tokens. | [BAL:WETH 80:20 pool](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2) | -| Gyroscope E-CLPs | Specialized pools with [customized liquidity curves](https://docs.gyro.finance/gyroscope-protocol/readme) | [USDC:GYD Stable Pool](https://app.balancer.fi/#/ethereum/pool/0xc2aa60465bffa1a88f5ba471a59ca0435c3ec5c100020000000000000000062c) on mainnet | -| Managed pools | Specialized pools with dynamic pool weights. See [Kassandra Finance](https://app.kassandra.finance/) for an example implementation use-case | [Example index fund](https://app.kassandra.finance/pool/1370xc22bb237a5b8b7260190cb9e4998a9901a68af6f000100000000000000000d8d) on Avalanche | - -- On Balancer v2, many projects choose to utilize our highly efficient Composable Stable Pool technology. This allows to deploy deep liquidity while guaranteeing correct trades through [rate provider](../onboarding-overview/rate-providers.md) technology. Furthermore, by harnessing our [vault architecture](../../concepts/vault/README.md) design, pools benefit from direct trading routes, aggregator integration and deep liquidity. -- Our flexible weighted pool design allows for innovative pool design, letting you choose between any target weights and up to 8 token pools opening up the possibility to host governance token liquidity or build exciting index-fund like products. -- Gyroscopes E-CLPs leverage custom trading curves for even higher utilization rates and efficiency -- Managed pools are experimental products. Although certain solutions exist, their support is limited. - -#### Providing initial liquidity -Depending on the pool type, you can bootstrap liquidity directly through our UI or our community tooling: -- For weighted pools, use the [pool creation UI](https://app.balancer.fi/#/ethereum/pool/create) from the Balancer v2 front-end -- For Composable Stable pools, use the [community pool creator tool](https://pool-creator.web.app/) - - If you are considering to deploy liquidity with a yield-bearing asset, consult our [yield-bearing token onboarding guide](./onboard-yb-token.md) -- For E-CLP liquidity pools, consult with [Gyroscope](https://app.gyro.finance/) to set up your customized E-CLP - -##### Token Whitelisting - -Whitelist your token by doing a Pull-Request [here](https://github.com/balancer/tokenlists). This is needed to fully enable trading of your token on our platform. - -1. Provide token images and store png files with the token address like `0xba100000625a3754423978a60c9317c58a424e3D.png` -2. Update `tokenlists/balancer/tokens` and the corresponding network typescript file by adding your token address ( - e.g. `tokenlists/balancer/tokens/arbitrum/0x…`) - -#### Onboard to Balancer's gauge system -If your project intends to receive BAL rewards, consult our [Gauge Onboarding](./../onboarding-overview/gauge-onboarding.md) docs guiding you through any further steps needed. -::: tip -Are you interested in receiving core pool status? Read [here](./core-pools.md) -::: -Balancer's gauge system enables you to receive token rewards on your pool by providing a contract where Balancer [BPTs](../../concepts/core-concepts/balancer-pool-tokens.md) can be staked. To receive BAL rewards in particular, a gauge needs to [receive votes from veBAL](https://app.balancer.fi/#/ethereum/vebal) holders. Additionally, several other layers exist where emissions can be placed to a gauge such as: -1. [vlAURA](https://app.aura.finance/#/1/lock) votes from AURA finance -2. Direct Incentives on Balancer Gauges -3. Direct incentives on AURA Finance Gauges -4. Voting incentive Markets +3. Onboarding to Balancer's gauge system +4. Setting up voting incentive markets -Points 2 and 4 are explained in more detail further below. +### Choosing and Launching A Pool -#### Placing Direct Incentives -It is possible to stream direct incentives to Balancer staking gauges. Several options exist. Consult our [direct incentives docs](./direct-incentives.md) for more details. +Balancer v2 offers a variety of pool types to suit different needs: -#### Voting Incentive Markets -Balancer v2's tokenomics around veBAL encourage partaking in various voting incentive markets to attract BAL token rewards to certain gauges. These voting markets are operated by independent entities and leveraging these markets is absolutely not mandatory. The [core pool framework](./core-pools.md) guarantees that a fraction of protocol fees are distributed on voting markets without any further action from a partner. There are, of course, also other methods on how to participate, please consult the [voting market ](./voting-markets.md) section for more details. +| Pool Type | Use-Cases | Examples | +|-----------|-----------|-----------| +| Composable Stable Pool | Provision of highly correlated asset liquidity | [wstETH:WETH pool](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2) on mainnet | +| Weighted Pools incl. 80/20 | Creation of pools with any weight distribution with up to 8 tokens | [BAL:WETH 80:20 pool](https://app.balancer.fi/#/ethereum/pool/0x93d199263632a4ef4bb438f1feb99e57b4b5f0bd0000000000000000000005c2) | +| Gyroscope E-CLPs | Specialized pools with [customized liquidity curves](https://docs.gyro.finance/gyroscope-protocol/readme) | [USDC:GYD Stable Pool](https://app.balancer.fi/#/ethereum/pool/0xc2aa60465bffa1a88f5ba471a59ca0435c3ec5c100020000000000000000062c) on mainnet | +| Managed pools | Specialized pools with dynamic pool weights | [Example index fund](https://app.kassandra.finance/pool/1370xc22bb237a5b8b7260190cb9e4998a9901a68af6f000100000000000000000d8d) on Avalanche | +### Providing Initial Liquidity +Depending on your chosen pool type, you can bootstrap liquidity through: +- [Pool creation UI](https://app.balancer.fi/#/ethereum/pool/create) for weighted pools +- [Community pool creator tool](https://pool-creator.web.app/) for Composable Stable pools +- [Gyroscope platform](https://app.gyro.finance/) for E-CLP liquidity pools -## Onboarding Guides -- [Yield-bearing Token Onboarding](onboard-yb-token.md) -- [Rate Provider Onboarding](../onboarding-overview/rate-providers.md) -- [Gauge Onboarding](./../onboarding-overview/gauge-onboarding.md) -- [Core Pool Framework](core-pools.md) +### Gauge System Integration + +If your project intends to receive BAL rewards, consult our [Gauge Onboarding](../onboarding-overview/gauge-onboarding.md) documentation. The gauge system enables: +1. BAL rewards through [veBAL](https://app.balancer.fi/#/ethereum/vebal) holder votes +2. [vlAURA](https://app.aura.finance/#/1/lock) votes from AURA finance +3. Direct incentives on Balancer Gauges +4. Direct incentives on AURA Finance Gauges +5. Voting incentive markets +::: tip Core Pool Status +Interested in receiving core pool status? Read our [core pools documentation](../onboarding-overview/core-pools.md) +::: +## Additional Resources + +- [Yield-bearing Token Onboarding](./onboard-yb-token.md) +- [Rate Provider Onboarding](../onboarding-overview/rate-providers.md) +- [Token Whitelisting](./token-whitelisting.md) +- [Incentives Management Documentation](../onboarding-overview/incentive-management.md) +- [Voting Markets](../onboarding-overview/voting-markets.md) diff --git a/docs/partner-onboarding/balancer-v3/v3-overview.md b/docs/partner-onboarding/balancer-v3/v3-overview.md index 4748fc6b..6ca17405 100644 --- a/docs/partner-onboarding/balancer-v3/v3-overview.md +++ b/docs/partner-onboarding/balancer-v3/v3-overview.md @@ -3,7 +3,97 @@ title: Overview order: 0 --- -### Onboarding to Balancer v3 -:::info -This site is in development +# Onboarding to Balancer v3 + +Balancer v3 introduces a simplified and more efficient AMM infrastructure, optimized for scalability and developer experience. The v3 architecture brings native support for yield-bearing tokens, 100% boosted pools, and a flexible hooks system for custom pool extensions. + +::: tip Key Improvements +- Simplified pool development with core features managed by vault +- Native support for yield-bearing tokens +- Gas-efficient 100% boosted pools +- Flexible hooks system for custom extensions +- No token whitelisting required + ::: + +## Onboarding Steps + +1. Choosing and launching your pool +2. Providing initial liquidity +3. Implementing hooks (optional) +4. Setting up incentives through the gauge and our incentive management systems + +### Pool Types and Use Cases + +| Pool Type | Key Features | Best For | +|-----------|-------------|-----------| +| Boosted Pools | 100% yield-bearing exposure, gas-efficient swaps | Passive LPs seeking additional yield | +| Weighted Pools | Customizable weight distributions | Token pairs and index-style products | +| Composable Stable Pools | Highly correlated assets, native rate scaling | Stablecoin and LST/LRT pairs | +| Custom Pools | Fully customizable AMM logic | Specialized trading strategies | + +::: info +Consult our [pool type](../../concepts/explore-available-balancer-pools) section for more in-depth information on supported pools on Balancer v3. +::: + +### Pool Creation and Liquidity + +1. Use the [Pool Creation UI](https://pool-creator.balancer.fi/v3) to: + - Select pool type + - Configure parameters + - Set initial liquidity + - Deploy pool + +::: info Boosted Pools +Boosted Pools in v3 use an efficient buffer system that: +- Maintains 100% exposure to yield-bearing assets +- Provides gas-efficient swaps +- Automatically manages underlying token conversions + ::: + +Check out our pool creation [tutorials and docs](./pool-creation.md) for more details. + +### Implementing Hooks (Optional) + +Balancer v3 remains a platform for AMM experimentation and innovation, allowing custom pools to iterate on existing or define entirely new swap invariants. With the v3 vault handling much of the responsibility that was previously delegated to the pool contract, internally developed pools are significantly less complex. By shifting core design patterns out of the pool and into the vault, we believe v3 strikes a better balance and produces a 10x improvement in pool developer experience (DX). + +In addition to custom pools, we’ve introduced a hooks framework that allows developers to easily extend existing pool types at various key points throughout the pool’s lifecycle. While already present in v2, the v3 vault formalizes the definition of hooks and transient accounting enables secure vault reentrancy, unlocking an infinite design space. + +To showcase the potential of hooks, we’ve put together some simple examples: + +- [veBalDiscountHook](https://github.com/balancer/balancer-v3-monorepo/blob/main/pkg/pool-hooks/contracts/VeBALFeeDiscountHookExample.sol) +- [LotteryHook](https://github.com/balancer/balancer-v3-monorepo/blob/main/pkg/pool-hooks/contracts/LotteryHookExample.sol) +- [ExitFeeHook](https://github.com/balancer/balancer-v3-monorepo/blob/main/pkg/pool-hooks/contracts/ExitFeeHookExample.sol) +- [FeeTakingHook](https://github.com/balancer/balancer-v3-monorepo/blob/main/pkg/pool-hooks/contracts/FeeTakingHookExample.sol) + +::: tip Developer Resources +Check our [example hooks](https://github.com/balancer/balancer-v3-monorepo) for implementation guidance and our [hooks docs](../../concepts/core-concepts/hooks.md). +::: + +### Gauge System Integration + +The gauge system remains consistent with v2: + +1. BAL rewards through [veBAL](https://app.balancer.fi/#/ethereum/vebal) votes +2. Integration with [vlAURA](https://app.aura.finance/#/1/lock) +3. Direct incentive placement options + +See our [gauge onboarding documentation](../onboarding-overview/gauge-onboarding.md) for detailed setup instructions. + +::: tip Core Pool Status +Review our [core pools documentation](../onboarding-overview/core-pools.md) for information about enhanced benefits and requirements. ::: + +## Developer Support + +- Grants program offering up to 150k BAL for v3 implementations +- Hooks bounty program for innovative extensions +- Direct support through [Balancer Discord](https://discord.balancer.fi) + +## Additional Resources + +- [Technical Documentation](../../concepts/vault/README.md) +- [Core Pool Framework](../onboarding-overview/core-pools.md) +- [Gauge System Guide](../onboarding-overview/gauge-onboarding.md) +- [Incentives Management](../onboarding-overview/incentive-management.md) +- [Pool Creation Guide](./pool-creation.md) +- [Example Hooks Repository](https://github.com/balancer/balancer-v3-monorepo) diff --git a/docs/partner-onboarding/onboarding-overview/core-pools.md b/docs/partner-onboarding/onboarding-overview/core-pools.md new file mode 100644 index 00000000..aac2d107 --- /dev/null +++ b/docs/partner-onboarding/onboarding-overview/core-pools.md @@ -0,0 +1,81 @@ +--- +title: Core Pools +order: 6 +--- + +# Core Pools + +Core pools are a fundamental concept in Balancer's tokenomics model, designed to align token emissions with pool performance and fee generation. This document outlines the requirements and benefits of core pools across both Balancer v2 and v3. + +## What is a Core Pool? + +A core pool is a liquidity pool that meets specific criteria established by governance and participates in enhanced fee distribution and incentive mechanisms. Core pools receive additional benefits through voting incentives and participate in the protocol's sustainable incentive flywheel. + +## Requirements for Core Pool Status + +### Composition Requirements + +1. Token composition must meet one of these criteria: + - Minimum 50% yield-bearing or boosted tokens for weighted/composable stable pools + - 80/20 weighted pools using Balancer as primary liquidity hub (requires application) +2. Maintain minimum $100k TVL + +### Technical Requirements + +- No yield fee exemption allowed +- Fee settings must be delegated to Balancer governance +- If default protocol fee settings are unavailable, an alternative fee setting must be established + +::: warning Important +Pools without proper protocol fee settings (e.g., CoWAMM v1 pools) cannot achieve core pool status unless an alternative fee collection mechanism is implemented. +::: + +### Token Requirements + +- All pool tokens must have verified smart contracts +- Tokens cannot have transfer restrictions +- Tokens cannot implement rebasing mechanics + +## Core Pool Benefits + +Core pools receive several advantages: + +1. Enhanced fee distribution: + - 70% of collected fees distributed as voting incentives + - 12.5% to veBAL holders + - 17.5% to DAO +2. Participation in protocol's incentive flywheel +3. Increased visibility in the Balancer ecosystem + +::: tip Fee Processing +Core pool fees are processed every two weeks to align with: +- veBAL vote cooldown period (10 days) +- Bi-weekly voting schedule on yield aggregators + ::: + +## Maintaining Core Pool Status + +- Status is evaluated bi-weekly before fee sweeps +- Automated checks are performed by Balancer Maxis +- Pools must continuously meet all requirements +- New pool types require explicit governance approval + +## How to Apply for Core Pool Status + +If your pool meets the above requirements: + +1. For standard pools (50% yield-bearing): + - Ensure all requirements are met + - Pool will be automatically evaluated during bi-weekly checks + +2. For 80/20 weighted pools: + - Submit a governance proposal + - Include documentation of Balancer as primary liquidity hub + - Follow the template from [ALCX/ETH proposal](https://forum.balancer.fi/t/bip-290-designate-alcx-eth-80-20-as-a-core-pool-with-10-emissions-cap/4753) + +## Additional Resources + +- [Core Pools Analytics Dashboard](https://balancer.defilytica.com/#/corePools) +- [Protocol Fee Dashboard](https://dune.com/balancer/protocol-fees) +- [Automatic Core Pool List](https://github.com/BalancerMaxis/bal_addresses/blob/main/outputs/core_pools.json) +- [Fee Model Documentation](/concepts/protocol-fee-model) diff --git a/docs/partner-onboarding/onboarding-overview/incentive-management.md b/docs/partner-onboarding/onboarding-overview/incentive-management.md index 851931a2..65023696 100644 --- a/docs/partner-onboarding/onboarding-overview/incentive-management.md +++ b/docs/partner-onboarding/onboarding-overview/incentive-management.md @@ -126,4 +126,7 @@ Given the many steps involved in setting up a secondary rewards program, we made /> +## Direct Incentives on Aura Finance +Aura Finance is a yield aggregator protocol built on top of Balancer. It allows to configure and stream rewards to their staking contracts (gauges) through their UI. Consult [their docs](https://docs.aura.finance/developers/how-to-___/add-extra-incentives-to-aura-pools) on how to set up direct incentives. Note that incentives placed on the AURA UI will only be streamed to AURA staking gauges and not Balancer gauges! + diff --git a/docs/partner-onboarding/onboarding-overview/products/boostedpools.md b/docs/partner-onboarding/onboarding-overview/products/boostedpools.md index 7d99f72a..23664fc9 100644 --- a/docs/partner-onboarding/onboarding-overview/products/boostedpools.md +++ b/docs/partner-onboarding/onboarding-overview/products/boostedpools.md @@ -2,9 +2,72 @@ order: 0 title: Boosted Pools --- -### Boosted Pools -Balancer v3 will introduce an evolution of boosted pools that maximize the utilization of all the underlying pool liquidity into lending markets to optimize yield. Unlike traditional Boosted Pools, boosted pools in Balancer v3 deposit 100% of all liquidity into yield-generating strategies to optimize capital efficiency. Additionally, with the integration of all-new buffers, users can seamlessly swap between base assets (e.g. USDC and DAI) while LPs reap the benefits of pools holding 100% yield-bearing tokens (e.g. aDAI and aUSDC). Buffers are not pools and contain very simple and limited logic adjacent to the vault, avoiding possible security issues like the recent Boosted Pool incident. + +# Boosted Pools + +Boosted Pools represent a significant evolution in DeFi yield generation, combining the benefits of DEX liquidity provision and lending market yields in a single position. These pools maximize capital efficiency while maintaining a simple, passive user experience. + +## Overview + +Boosted Pools in Balancer v3 enable: +- 100% utilization of pool liquidity in lending markets +- Simultaneous earning from swap fees and lending yields +- Gas-efficient swaps through an innovative buffer system +- Simple UX with permissionless entry and exit ![Boosted Pool Overview](/images/boostedTokens.png) -Boosted pool technology ensures that all stablecoins on the DEX can harness the power of yield-bearing appreciation. Liquidity is seamlessly routed to external lending markets whilst the underlying assets are always available for swaps. This iteration of the boosted pool type showcases composable and connected smart contract technology and pave the way for sustainable yield generation in DeFi. +## How Boosted Pools Work + +### Architecture +Boosted Pools deploy 100% of liquidity into yield-generating strategies (e.g., Aave) while maintaining full swap functionality through a buffer system: + +1. **Underlying Assets**: Users deposit base assets (e.g., USDC, DAI) +2. **Yield Generation**: Assets are automatically converted to yield-bearing tokens (e.g., aUSDC, aDAI) +3. **Buffer System**: Facilitates efficient swaps between base assets + +::: tip Buffer Mechanism +Buffers are simple two-token systems that: +- Hold small amounts of both base and yield-bearing tokens +- Enable gas-efficient swaps without external calls for most transactions +- Automatically rebalance when needed for larger swaps + ::: + +### Key Benefits + +For Liquidity Providers: +- Earn both swap fees and lending yields +- Simplified position management +- Permissionless entry and exit +- Full exposure to yield-bearing assets + +For Traders: +- Seamless swaps between base assets +- Gas-efficient transactions +- Deep, reliable liquidity +- No additional complexity + +## Implementation + +Boosted Pools in v3 improve upon previous versions by: +- Eliminating nested pool structures +- Introducing efficient buffer mechanics +- Optimizing gas costs for all operations +- Maintaining 100% capital efficiency + +::: info Security +Buffers implement simple, limited logic adjacent to the vault, significantly reducing potential security risks compared to previous implementations. +::: + +## Use Cases + +Boosted Pools are ideal for: +- Stablecoin liquidity provision +- Passive yield optimization strategies +- High-volume trading pairs +- Long-term liquidity deployment + +## Additional Resources +- [Buffer Documentation](../../../concepts/explore-available-balancer-pools/boosted-pool.md) +- [Buffer Documentation](../../../concepts/vault/buffer.md) +- [Pool Creation Guide](../../balancer-v3/pool-creation.md) diff --git a/docs/partner-onboarding/onboarding-overview/products/lstandlrt.md b/docs/partner-onboarding/onboarding-overview/products/lstandlrt.md index e518a2e7..31d79021 100644 --- a/docs/partner-onboarding/onboarding-overview/products/lstandlrt.md +++ b/docs/partner-onboarding/onboarding-overview/products/lstandlrt.md @@ -11,13 +11,13 @@ counterparts. These tokenised assets allow users to gain exposure to both on-cha compounded within a single token. Compared to traditional AMM design, Balancer uses a variety of new concepts to leverage yield-bearing token liquidity while offering optimal results to liquidity providers (LPs) and traders by optimizing trade routes and exchange rates between assets. This is achieved by utilizing three core components: 1. [Rate provider](../rate-providers.md) technology -2. [Core Pool Dynamics](../../balancer-v2/core-pools.md) +2. [Core Pool Dynamics](../core-pools.md) 3. [Boosted pools](../products/boostedpools.md) #### Rate provider technology By utilizing [rate provider](../rate-providers.md) technology, Balancer guarantees optimal swaps for traders by quoting an on-chain rate of the yield-bearing asset. As a result a trader gets the most up-to-date quote and trading amount when routed through Balancer while LPs get more trading volume by optimizing and rebalancing the token composition in stableswap pools. #### Revenue Share Model: Core Pool Dynamics -To align token emissions with asset performance, Balancer governance introduced the [core pool framework](../../balancer-v2/core-pools.md). In short, if a pool consists of at least 50% yield-bearing assets it qualifies for receiving a share of the fees that the DAO collects on secondary layers such as voting markets which then increase token emissions to pools. +To align token emissions with asset performance, Balancer governance introduced the [core pool framework](../core-pools.md). In short, if a pool consists of at least 50% yield-bearing assets it qualifies for receiving a share of the fees that the DAO collects on secondary layers such as voting markets which then increase token emissions to pools. #### Boosted Pools With Balancer v3, you have the opportunity to combine your yield-bearing asset with boosted pool tokens to maximize yield for liquidity providers. Balancers [vault architecture](../../../concepts/vault/) guarantees deep liquidity out of the box. This is an optional but additional attractive feature that can be leveraged when onboarding your token to Balancer. diff --git a/docs/partner-onboarding/balancer-v2/voting-markets.md b/docs/partner-onboarding/onboarding-overview/voting-markets.md similarity index 83% rename from docs/partner-onboarding/balancer-v2/voting-markets.md rename to docs/partner-onboarding/onboarding-overview/voting-markets.md index 8c7dc9df..c662fca4 100644 --- a/docs/partner-onboarding/balancer-v2/voting-markets.md +++ b/docs/partner-onboarding/onboarding-overview/voting-markets.md @@ -1,6 +1,6 @@ --- title: Voting Incentive Marketplaces -order: 5 +order: 7 --- # Voting Incentive Marketplaces @@ -13,7 +13,7 @@ There exist several voting markets to encourage voting for Balancer gauges on Ba Balancer DAO does not endorse any voting market and encourages protocol participants to explore available options independently. ## Voting Markets and the Core Pool Framework -A fraction of core pool revenue is recycled back into voting markets as voting incentives to align BAL token emissions with pool performance. The core pool framework allows participants to benefit from Balancer's success and attract more liquidity through attractive emissions. The configuration of the emission ratio is decided by Balancer governance and is subject to change. The Balancer DAO currently places voting incentives in USDC on Ethereum mainnet. +A fraction of core pool revenue is recycled back into voting markets as voting incentives to align BAL token emissions with pool performance as part of our [fee model](../../concepts/protocol-fee-model). The [core pool framework](core-pools.md) allows participants to benefit from Balancer's success and attract more liquidity through attractive emissions. The configuration of the emission ratio is decided by Balancer governance and is subject to change. The Balancer DAO currently places voting incentives in USDC on Ethereum mainnet. ## Voting Market Emission Efficiency and Core Pools A topic that comes up frequently when interacting with voting markets is the analysis of emission efficiency. The emission efficiency is a ratio of the $ value of placed voting incentives vs emissions received for votes placed. Ideally, for an entity placing voting incentives, emission efficiency should stay above 1, so that more token rewards are emitted to a gauge than invested in $ value terms. Note that the voting marketplace landscape is a dynamic system and depends on many factors like overall incentive allocation, token prices and market dynamics. The core pool framework dictates placing of voting incentives independent of emission efficiency as per current [voted in governance](https://forum.balancer.fi/t/bip-19-incentivize-core-pools-l2-usage/3329). Therefore, it is crucial for parties interested in placing voting incentives to understand these implications and act accordingly.