BAL Whitelist - Round 12

On behalf of the Balancer community, I’d like to propose the following modifications to the token whitelist used for BAL governance distribution. As a reminder, these whitelist proposals are now pre-approved on objective technical criteria only, so they are not subject to community vote. All new tokens will be placed at cap1 for liquidity mining, meaning each token’s measured BAL-eligible liquidity is scaled to a maximum of $1M (at time of writing). At any time, community members may propose to increase a token’s cap to the next tier. For reference, please see the previous proposals which detail the motivation for creation of the whitelist and define the list of tokens used to date:

https://forum.balancer.finance/t/proposing-the-token-whitelist-for-bal-distribution
https://forum.balancer.finance/t/bal-whitelist-round-2
https://forum.balancer.finance/t/bal-whitelist-round-3
https://forum.balancer.finance/t/bal-whitelist-round-4
https://forum.balancer.finance/t/bal-whitelist-round-5
https://forum.balancer.finance/t/bal-whitelist-round-6
https://forum.balancer.finance/t/bal-whitelist-round-7
https://forum.balancer.finance/t/bal-whitelist-round-8
https://forum.balancer.finance/t/proposal-to-update-the-whitelist-process
https://forum.balancer.finance/t/bal-whitelist-round-9
https://forum.balancer.finance/t/bal-whitelist-round-10
https://forum.balancer.finance/t/bal-whitelist-round-11

Proposed Modifications

The FXC token has migrated to new contract address and changed its name to AMP. I’d like to propose replacing the existing whitelist entry for FXC with a new one for AMP:

    MIGRATE		FXC->AMP	0x4a57E687b9126435a9B19E4A802113e266AdeBde->0xfF20817765cB7f73d4bde2e66e067E58D11095C2

I would also like to propose adding the following new tokens to the whitelist:

    ADD			BOOST		0x3e780920601D61cEdb860fe9c4a90c9EA6A35E78
    ADD			GBP			0x0cf58006B2400ebec3eB8C05b73170138a340563
    ADD			GRO			0x09e64c2B61a5f1690Ee6fbeD9baf5D6990F8dFd0
    ADD			HAKKA		0x0E29e5AbbB5FD88e28b2d355774e73BD47dE3bcd
    ADD			NOIA		0xfc858154C0b2c4A3323046Fb505811F110EBdA57
    ADD			PICKLE		0x429881672B9AE42b8EbA0E26cD9C73711b891Ca5

The proposed changes will go into effect at 00:00 UTC on Monday, September 14. Pools containing whitelisted tokens will begin to accrue BAL rewards beginning at 00:00 UTC on Monday; but they may not appear on the Balancer pools UI with symbol/logo until a bit later in the week, most likely Tuesday or Wednesday. Please be patient. Furthermore, whitelisted tokens will not be added to the Balancer exchange UI; the core team adds tokens to the official exchange UI at their own discretion and considers a variety of factors. Tokens can always be traded using contract addresses in place of symbols, and anyone is free to fork the open source exchange UI to add more symbols.

Resulting Soft/Hard Pegs

In the future, I will utilize this section to explain which of the new incoming tokens form soft and/or hard pegs with existing whitelisted tokens. There are no such pegs this week.

Omissions

The following token has a rebasing mechanism, which violates Whitelist Criteria #5: The token must not be vulnerable to the so-called “gulp() attack,” which is exposed when a pool’s token balance changes unbeknownst to the pool. For now, known cases include tokens that charge a transfer fee and tokens that periodically rebase. A rebasing token utilizing an atomic rebase+gulp should be safe from such attacks, but none has yet been discovered.

    REBASING		YFBETA				0x89eE58Af4871b474c30001982c3D7439C933c838

The following tokens lack price feeds on CoinGecko, which violates Whitelist Criteria #7: The token must have a price feed accessible via CoinGecko’s API. This is instrumental to calculating a pool’s eligibility for BAL rewards. If a token meets all of the remaining criteria but not this criterion, it can be added to the UI whitelist and reconsidered for the mining whitelist once the price feed becomes available.

    NO PRICE FEED	ORTC				0x0b11D5d078955C6E5913beEaba85660202A4FC55
    NO PRICE FEED	MTLX				0x2e1E15C44Ffe4Df6a0cb7371CD00d5028e571d14

The following token is a Uniswap LP token. No official policy has been formulated yet, but preliminary signaling on Discord indicates that Uniswap LP tokens should be omitted from the whitelist.

   LP TOKEN		UNI-V2 ETH-PASTA	0xE92346d9369Fe03b735Ed9bDeB6bdC2591b8227E

This and other Uniswap LP tokens will be temporarily held back from the whitelist pending additional discussion. The reasons cited for omission thus far include:

  1. Adding Uniswap LP tokens to the Balancer whitelist incentivizes token holders to provide their liquidity to Uniswap (instead of Balancer), and then leech BAL from the liquidity mining program by dumping their LP tokens into Balancer pools. This could be perceived as an attack on the Balancer protocol’s governance distribution.
  2. Each whitelisted ERC-20 token could invite at least one additional Uniswap LP token, and frequently more than one (e.g. TOKEN-WETH, TOKEN-DAI, TOKEN-USDC, etc.), thereby flooding the whitelist and diluting all BAL mining rewards.