关键洞察力
◉ 2022年，veBAL面临许多挑战，协调游戏如果要可持续地发挥作用，仍然需要管理。
◉ 2022年，Balancer上的总价值锁定（TVL）下降了57%，比加密货币市场和领先的同行要好得多，这可能是由于Balancer的独特产品和激励奖励。
◉ 流动性供应商（LPs）的交易收入继续随着市场价格和活动而下降。Balancer处于一个独特的位置，通过提升池和激励奖励提供差异化的收入流。
◉ Balancer DAO必须继续注意库房，因为他们在过去两个季度有净流出。
关于Balancer的初步介绍
Balancer是一个去中心化的金融（DeFi）自动做市协议，使用新颖的自平衡加权池。该协议允许任何人创建一个资产池，并在池中预先定义权重。
Balancer努力成为DAO和其他协议的平台，为其终端用户和产品提供有用的流动性的工具。该协议由Balancer DAO社区管理，目前支持Ethereum、Polygon、Arbitrum和Optimism（由Beethoven X管理）。自2021年8月推出V2以来，Balancer的产品线已经扩大到包括几种类型的独特流动性池构造。
关键指标
业绩分析
流动性供应商的观点
本季度的交易量大致持平，受到11月FTX崩溃前后的波动的支持。Balancer在Polygon和Arbitrum的交易量在第四季度有所增加，比第三季度增加了5%。Balancer的分散式交易所（DEX）交易量市场份额从第三季度的3.6%增加到第四季度的4.1%。它在今年第一季度以2.1%的交易量份额开始。
平衡器的利润率，即每单位交易量所支付的费用金额，在第四季度再次下降。稳定池通常比加权池（通常为0.1%至1%）收取更低的费用（0.04%或更低），使其成为低利润产品。稳定池在Balancer上的交易量占比越来越大的原因可能是以下几点的结合。
Boosted pools是Balancer独有的。它们由线性池组成，管理用于交易的原生币和代币的收益率收据（借给Aave或押注）之间的稳定币的利用。线性池的再平衡增加了数量。第四季度，许多新的资金池使用bb-a-USD作为稳定币对，而不是简单的稳定币。
在第三季度，staBAL3占交易量的32%，bb-a-USD占30%。在第四季度，份额急剧转移到13% staBAL3和49% bb-a-USD。StaBAL3有0.005%的费用，而bb-a-USD有0.001%的费用。
在第四季度，由于veBAL液体衍生品使用Balancer稳定池竞争流动性，veBAL战争凸显出来。主要竞争对手是Aura和Tetu，其稳定池包括BAL/wETH 80/20 BPTs和auraBAL或tetuBAL。对这些池子的激励措施推动了数量和活动。
由于其他资产的价格急剧下降，稳定币在市值中的份额已经增长。
稳定币池日益增长的主导地位并不是Balancer独有的现象，这也是所有DEX应该考虑的问题。Balancer可能有最明确的策略来面对这个问题，他们有独特的助推池策略和DAO获得收益份额的先例。
在第四季度，平均每天，LPs赚取27,779美元的交易费，veBAL储户获得16,232美元，DAO获得5,411美元。收入的主要变量是代币价格和DEX交易活动。两者的下降导致Balancer在2022年出现了下降的趋势，从第一季度超过10.8万美元的日费到第四季度的4.9万美元。
在整个连锁店中，收益率从1.13%下降到0.74%，因为BAL奖励增加了TVL的粘性，但不能激励交易活动。这个衡量标准没有考虑到从提升的资金池产生的收益率，这将增加LP的收益率数字。虽然各实例的交易量为+/-6%，但TVL的变化更为剧烈。在以太坊上，TVL下降了10%，但在Polygon、Arbitrum和Optimism上，TVL从9月30日至12月31日分别增加了42%、71%和20%。第2层的TVL粘性很大程度上要归功于外部激励，主要来自Lido和Rocket Pool，他们的资金池占Arbitrum和Optimism上TVL的大约50%，APR接近10%。最初推出后，第三季度的数字不可持续，这在很大程度上导致了Optimism收益率的下降。
尽管活动下降，稳定池的收益率从第三季度攀升到第四季度。稳定池的交易量在本季度相当平稳，而以太坊和Polygon的稳定池TVL从5.17亿美元下降到3.5亿美元，下降36%。然而，加权池的交易量略有下降，而TVL只下降了16%（在以太坊和Polygon）。Balancer的大部分提升池是稳定池，包括bb-a-USD和b-steth-stable（wstETH/wETH）。因此，总的LP收益率将大于仅仅是交易费。
交易员的观点
Balancer上的TVL可能受益于Boosted Pools，从BAL的通胀激励中吸引了稳定币流动性。2022年，Balancer上的TVL跌幅小于竞争对手Uniswap（-61%）、Sushiswap（-90%）和Curve（-84%）。在第四季度，TVL在Balancer的所有L2实例上都有所增加，但在Ethereum上有所下降。
Balancer上最大的三个池子现在占Balancer上TVL的40%，为4.6亿美元，高于第三季度初的33%和第四季度初的39%。由stETH/ETH组成的b-steth稳定池在第四季度收到了Hidden Hand上超过50%的贿赂（约280万美元），以激励veBAL投票者并增加流动性。bb-a-USD稳定池的运动收益率高于大多数，因为使用Aave借贷池的资本效率提高。BAL/wETH 80/20池保持了TVL，可能是由于获得了更高的费用，以及锁定平衡器池代币以换取投票权和收入份额的能力。
特色池分析
为了获得veBAL的治理权，并直接获得BAL的激励奖励，用户必须通过存入BAL/wETH 80/20池创建一个Balancer Pool Token（BPT）并锁定BPT。这个机会有助于使这个Balancer成为按TVL计算的第二大池子。有趣的是，这个池子也成为协议收入的一个关键驱动力。veBAL池的协议收入份额已从22年第二季度的15%上升到22年第三季度的22%和22年第四季度的23%。
veBAL
第四季度veBAL持有者的收入再次下降，但这并没有导致锁定为veBAL的BAL减少。不同的经济激励会导致veBAL锁定者的收益率下降，无论锁定者是为BPT的价格升值而游戏，还是愿意接受较低的收益率以换取对BAL激励的控制。相反，veBAL持有者的较低收益率意味着BAL的较高倍数，使激励对LPs更有价值。
80/20 BAL/wETH池的所有平衡器池代币的96%被锁定为veBAL。截至12月31日，这占所有未完成的BAL代币的48%（5400万当前供应）。锁定为veBAL的BAL的较高部分使BAL价格对收益率的变化更加敏感。在相同的要求收益率下，更多的BAL被锁定为veBAL，导致BAL的价格上涨。
为了优化veBAL锁定的BPT的投票权，持有人必须锁定更长的时间（最长为一年）。目前，锁定为veBAL的BPT数量预计变化很小，因为超过90%的veBAL被锁定超过九个月。
值得注意的是，veBAL的持有量仍然相对集中于顶级持有人。这种集中的一个重要来源是Aura，它是为veBAL提供流动性包装的协议之一。11月，Aura通过了一项提案，将增加Aura在治理投票中的投票权（但不是量表投票），使其成为一个投票块而不是个人投票者。以前，vlAura的持有人可以用他们的投票权份额在治理中投票。改变后，所有的Aura投票权将被用于获得vlAura持有者最多投票的决定。这巩固和增加了Aura在治理中的投票权。
BAL可能总是以veBAL储物柜的收益倍数进行交易。目前，BAL的交易价格是第四季度年化LP收入的11倍。高倍数对Balancer来说既是好事也是坏事。一方面，激励措施（BAL通胀奖励）对LP非常有价值，这应该导致TVL的更大粘性。另一方面，它为理性的经济参与者创造了更大的激励，将BAL分配给自己，而不是分配给创收池。
Tetu是一个Polygon-native协议，也提供了一个veBAL液体包装。为了增加其包装物的流动性，Tetu在Balancer上为BAL/wETH 80/20 BPTs和tetuBAL代币创建了一个池。鉴于其小股东的基础，但大量的通货膨胀奖励份额，这个池子成为本季度DAO讨论中的一个关键部分。作为和平条约的一部分，最大的投票者已经同意接受这个池子的17.5%的计价限制。
从veBAL持有人的角度来看，当奖励被分配到每单位TVL赚取大量收入的池子时，奖励是最有效的分配。在上面的图表中，这将是右下角的象限。目前，上述措施不包括来自收益率的收入，这很重要，因为第四季度大部分BAL奖励都流向了稳定的池子（可能是由第二季度实施的新测量框架帮助）。显然，tetuBAL-BPT稳定池是这里的一个异类，在第四季度获得了最多的奖励（近260万美元）。除了这个池子，BAL的最大接受者在第四季度都为Balancer带来了至少45000美元的交易收入。
财政部
追踪Balancer国库钱包，可以了解DAO的燃烧率。金库的资金主要来自于协议收入和与Fjord Foundry（以前的Copper）的合作。Fjord为流动性引导池提供动力，在流动性充足的时候（牛市）更常见。国库的其他收入来自与其他DAO的互换，像在Fei Protocol的投资的退款，以及早期分配给Balancer Labs的回报。DAO最大的成本是服务提供商，尽管DAO也将资金分配给合作伙伴和投资。
定性分析
为veTokenomics辩护
许多人吹捧说，中本聪的突破不是在技术或区块链方面，而是博弈论和协调。十多年后，Balancer宣布它将实施投票代币经济学，以使代币持有人和协议用户（流动性提供者）协调一致。
自该公告以来，许多人将该实验视为证明该机制失败的案例，特别是在第四季度DAO和veBAL鲸鱼Humpy之间发生的戏剧性事件之后。
资本主义是一种经济游戏，资本持有者有主权权利按照他们认为合适的方式进行分配。它为正数投资创造了机会，并从群众的智慧中获益，如果平均分配能使生产力的提高超过资本成本。加密货币独特地实现了数字经济中的资本主义。其目的是有机会从集体中受益，并提高生产力收益的速度。
大多数其他DEX没有这样的设计。现有的商业模式，将资本分配给智能或高效的建设者或分配者来做出这些决定，也可以发挥作用，正如他们在我们现有的系统中多年来所做的那样。建立一个产品，并为其收取费用。一个久经考验的机制。
另外，veTokenomics是一种不同机制的尝试。通货膨胀不是向用户征税以奖励资本分配者，而是向被动持有者征税，以换取积极参与者通过有效分配蛋糕的努力，作为奖励；自由乘坐者以通货膨胀的形式支付，而积极参与者有机会受益。此外，使用加密货币和创新，如二次投票（如果sybil抵抗成功实施），其好处可能是一个更有效的资本主义形式，减少复利造成的财富分配不均的影响。
veTokenomics的一个已知问题是，将控制通货膨胀奖励分配的代币锁定者与协议收入保持一致是非常困难的。部分原因可能是意图问题：veTokenomics最初是作为资金池创建者的引导机制，以激励他们使用某种DEX为其代币创造流动性。
自成立以来，Balancer一直在为保持储户的一致性而奋斗。从New Gauge框架来限制操纵小池子的能力，到最后在第四季度的和平条约，DAO没有简单的方法来保持对齐。
这凸显了加密货币和去中心化的一个独特痛点。为了 “越过驼峰”，达到利用该系统的成本过高的程度，该协议可以从拥有更多的集中控制中受益。Balancer强调了权力下放，留下了最小的控制点，包括一个6-11的multisig来执行已批准的提案（有一个新的TimeLock Authorizer来保证安全）和一个5人治理委员会，负责为定义明确的提案创建快照投票。因此，它被要求 “达成协议”，在短期内可能不如能够审查一个成员对DAO有利。
对许多协议来说，去中心化是一个过程。也许对于veTokenomics来说，这是一个应该慢慢进行的过程，直到协议的市值达到一个点，积累大量头寸的成本过高。或者控制权不应该被分散，直到有强大的Sybil阻力和有效的二次投票来类似地削弱鲸鱼。否则，鲸鱼可以以不利于DAO整体的方式使用激励结构。
在小市值的情况下，大玩家可以非常容易地使用这个系统而不给它任何回报。通过接受较低的收益率，因为他们的收入是以BAL激励的形式，他们阻止了新的锁定者参与现在被高估的系统。一旦陷入鲸鱼的包围之中，就很难扭转方向。
然而，如果该协议能够达到逃逸速度，那么该设计就会非常有效。较高的代币价格通常意味着储户的收益率较低，但对LP的激励较强。然而，储户的收益率越高，BAL的倍数就越低，因此对LP的激励就越弱。一个关键的变量是锁定的流通BAL的百分比。
到目前为止，对veTokenomics的批评已经得到了验证。有一些大型的、擅长的玩家没有得到适当的激励来促进协议收入或流动性增长。对Balancer来说，幸运的是，DAO能够与这些玩家达成协议。新的工具，如数字标识符（DID）和其他抵制虚假信息的机制，可能有助于防止未来出现类似的问题。Balancer对助推池的创新以及与Aave的合作将为奖励储户提供真正的机会，并从协议的tokenomics中获益。
在2021年，veTokenomics是区块上最热门的想法。在2022年，它倒下了，对所有实施它的人来说，看起来是一个巨大的错误。当我们转向2023年时，DAO将面临挑战，以适应失败和从迄今为止的经验中吸取的教训。
增压池、GHO和2023年的前景
通用助推池是Balancer为流动性提供者提供的一项独特创新。Boosted Pools为LPs提供了同时从交易费和利息中赚钱的机会，适用于任何ERC-4626兼容的包装代币。目前正在努力使这些池子也能利用任何可用的Aave借贷池。
Boosted pools对Balancer的未来很重要，原因有二。
◉ 它们是为LPs提供的差异化产品，应该产生更高的收益率。
◉ 它们在流动性激励和协议收入之间建立了明显更直接的联系。
对于希望引导代币流动性的资金池创建者和DAO来说，他们可以使用bb-a-USD资金池或特定的稳定币线性资金池（如bb-a-USDC）来奖励LPs的交易费和稳定币段的借贷收益率，而不是创建TKN/稳定币资金池。如果资金池创建者使用b-stETH-稳定币作为ETH腿（wETH和wstETH的线性资金池），使用ETH作为对可以实现类似的效率。
该协议收取从收益池中获得的50%的收入。7月，Balancer投票决定为veBAL投票者创造额外的激励措施，将奖励分配给 “核心池”，也就是有息代币的池。这项创新使DAO有机会大大提升通货膨胀奖励支出的效率，因为流动性增加对协议收入的预期影响将更加可预测。
11月，Aave通过了一项提案，使一些流动性池代币（LPT）被允许作为借贷平台的抵押品。该提案还批准了与Balancer的直接整合，作为Aave提议的稳定币GHO的启动工具。这个机会显示了Balancer-Aave合作关系的深度，以及Balancer在推出后的巨大收入前景。
Aave将在Balancer上为其GHO稳定币与其他稳定币（可能是bb-a-USD的助推池）创建一个流动性池。利用国库中来自国库互换的BAL，Aave将创建一个veBAL头寸，并投票激励其新创建的池中的流动性。在其借贷平台上，Aave将接受他们创建的池子的平衡器池代币（BPT）作为抵押品，以换取GHO。这样做，他们可以创造一个激励机制，让用户从他们的平台上借入GHO和其他稳定币来创建BPT，并获得BAL奖励。飞轮是互利的，是2023年上半年值得关注的一个令人兴奋的发射。
管理池是另一项预计在2023年推出的创新。管理池是Balancer的一个长期目标，应使池子创建者能够使用Balancer创建正载重指数基金。换句话说，资金池创建者可以创建一个固定权重的代币池，用户可以将资产存入其中，并从交易费中获得持有资产的收入，而不是支付管理费。
2021年8月，费尔南多分享了他的愿景：Balancer的价值是建立在它之上的东西。广义助推池、GHO和管理池都是这个愿景实现的例子。责任仍然在建设者执行和DAO投票者身上，他们对协议和DAO的未来有重大影响，因为他们控制着Balancer的tokenomics提供的重大激励。
闭幕总结
Balancer继续创新，并为其他人创造解决方案，随着与Aave合作关系的不断加强，通用的助推池和管理池也即将推出。该协议在2022年保持其TVL比所有领先的同行更好，可能是由于其独特的产品提供以及其投票-escrow tokenomic设计。然而，这种设计在DAO中造成了一场艰难的战斗，因为激励分配可以达到各种目的。一个统一的DAO很可能有助于集中投资和简化实验结果，但达到这个阶段是很困难的。该协议和DAO期待着2023年有希望的产品发布和合作。
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