The veBAL and Gauge system is designed to promote long-term token-holder alignment, decentralize Liquidity Mining allocation, and facilitate fair protocol revenue distribution. This system is based heavily on Curve's veCRV system.
Gauges are a class of contracts that determine how Liquidity Mining (LM) is allocated.
There are a few Gauge Types to handle a few scenarios; some Gauge Types require voting with veBAL to give specific Gauges a higher weighting, while others are fixed-amount distribution channels. These per-Gauge-Type amounts can be changed by Governance vote.
Voting with veBAL: Allocating LM to specific Ethereum mainnet pools
Fixed-Amount: Amounts designated for the LM Committee to allocate as they see fit