Overview
We’ll be using the dune analytics dashboard to track TVL across v1 and v2 going forward. Because the community dashboard uses the subgraph to calculate TVL (uses pool’s last trade to calculate price of assets) compared to dune which uses the market price of all assets, the dune number is quite a bit lower than the subgraph number. Taking the market price is probably the most accurate metric though.
In any case, v1 currently stands at $1.8 billion and v2 at $68.75 million TVL. A week ago v2 TVL was $8.6 million. Back on v1, LP’s collected $2.21 million of fees on $906 million swap volume - both strong numbers but not the records we saw the previous week.
Liquidity Mining
We’ll also be moving to monitor only v2 liquidity mining going forward as v1 winds down over the next 7 weeks. APY’s for these pools are in line with expectations, though BAL/WETH v1 APY is currently 50.38% so LP’s migrated a bit too aggressively there.
Week 2 will see the existing three pools boosted to Tier 2 (5k BAL/wk) from Tier 3 (2.5k BAL/wk) and two new pools added to Tier 3: GTC/WETH 80/20 and MKR/WETH 60/40. GTC launched this week with a massive airdrop and most of its liquidity is on uniswap v3. Balancer is a big supporter of open source development so the Ballers recognize this as a way to bring in new LP’s to v2 and hopefully establish v2 as the best place to trade GTC. Currently the GTC pool has $286k of assets - we’ll see how much that increases next week. MKR/WETH was one of the earliest pools on v1 and has 77 unique LP’s at the moment with $26.2 million assets so this seemed like a fairly safe choice to incentivize.
Ecosystem
Gauntlet executes the first set of fee changes on v2
Balancer Labs raises $24.25M to accelerate the growth of Balancer Protocol from a group of investors
Week 2 Liquidity Mining Proposal is live for voting on the Baller-only snapshot
Governance
I submitted a proposal to allocate BAL to AAVE/WETH stakers