Greetings all, we’ve been looking to create a new Balancer pool for some time now (See #735, #742, and #727), but it’s become apparent that it is cost prohibitive to do this on the main Ethereum chain. As such we are looking at two options for moving off chain:
- Polygon, the sidechain formerly known as Matic.
- Arbitrum, the optomistic L2 from Offchain labs.
These options were selected primarily because of the availability of our needed tools there. Both options have support for:
- Gnosis Safe (our multisig)
- Balancer which we use for our Seed pool
- RAI, a stable coin we align with to provide Seed stability
- Zodiac Tools, the DAO tools we plan to use in the future
As far as I’m aware, these are the only non-main chain options that support all of these tools. Once we decide which chain we want to work on, we will make a new Gnosis Safe there(controlled by our main-chain one) and create our new V2 Balancer pool there. We are also formulating a plan to distribute Seeds there, by minting them on main-chain, then bridging them over and distriubting them on the chosen chain. We also have long term plans to set-up our DAO governance on the chosen chain with Zodiac Tools. (One reason we like this is it will allow us to make our Discord votes actionable on-chain)
The primary differences between the two options; Polygon and Arbitrum are cost and Ethos.
Polygon has nearly zero gas fees (fractions of a penny per transaction), but it is it’s own chain. It’s a chain run by “trusted validators” that is EVM compatible but not actually part of Ethereum or it’s Ethos.
Arbitrum still has gas fees, around $5 for a transfer and $7-10 for a token swap, but it is designed to be a “Layer 2” that just sits atop main-chain and bundles transactions for easier and faster execution. As such it is dependent on Ethereum and more inline with it’s Ethos.
Feel free to discuss here or on Discord, and make sure you vote on Discord!