Here Comes the Sun — veBAL Gauge Voting on Optimism
Dear Friends and Fellow Ludwigs,
Since our launch on Optimism we have grown to $8m in TVL, putting us in the Top 10 as per DefiLlama.
At the time of writing we have also attracted $22.5m in volume, which has attracted 241k swaps that generated $90k in swap fees.
This was possible through our original launch plan of doing a dual BEETS and BAL liquidity mining incentive.
We are now very excited to be heading into the next phase of our Optimism launch plan where we transition into the veBAL gauge voting system.
Based on the current timelines, Optimism will be fully integrated into the veBAL gauge system before the end of August. In order to manage this transitionary period we are doing a slight deferment in some of the rewards, this is to extend the current program by a week. The full schedule for rewards can be found here:
As you can see, if the veBAL integration only happens towards the end of the month, there will be a small amount of time where no rewards will go to the pool. This is so that we can gear ourselves to best optimize the 3M BEETs, incoming OP incentives and the protocol fees collected to date.
You will experience a reduction in the rewards for the new week starting later today, Friday 15th of July. The reason for this is to extend the introductory rewards for another week to minimize the amount of time with no rewards as we transition to veBAL voting.
In addition to this, if you have been following our friendly bird app you would have noticed that the code for the new factory pools is currently under review. This will enable us to roll out the pools where yield-bearing assets allow us to take a protocol fee. The pools implemented must undergo strict considerations. Ensuring users’ safety and simultaneously producing a reliable protocol revenue source is pivotal.
Those that have been following some of the discussions on the Optimism forums will have some insight into which protocols we have been speaking to.
So please don’t be alarmed if our music sounds a bit off key over the next few weeks, we are just in the process of fine-tuning all the instruments in our orchestra before we start playing one of our finest symphonies, perhaps a piece that will be one of Optimism’s greatest.