The Balancer Report

For the week ending July 31st, 2021


V2 main net TVL surged to a new high of $906M from $763M last week. Polygon TVL also increased significantly to $173M from $122M last week. A bullish market combined with LP’s continuing to trickle in are the primary drivers I think.

Lifetime swap fees crossed $2.5M this week on main net, with polygon lifetime swap fees sitting at $600k. LP’s are earning around $50k/day in swap fees on average which has been the case since the liquidity mining migration from v1 completed.

Liquidity Mining

USDC/GRT still sitting comfy at 120% rewards APR, but down significantly from last week’s 240%. Otherwise everything looks in-line with comparable opportunities elsewhere. No changes are planned to main net liquidity mining for next week.

WMATIC/MTA/WETH and USDC/SNX/GRT/WETH saw some new money enter this week which reduced their rewards APR’s a bit, but they remain well above market. Otherwise everything remains largely in line with last week. The big jump in TVL here can be partially attributed to $11M entering the stable pool and someone depositing $23M BAL/WETH liquidity (not shown above as it doesn’t get rewards on polygon).

There is one small change to liquidity mining on polygon for next week - see bakamoto’s spreadsheet for the info.