Dear Friends and Fellow Ludwigs,
Its all about EVOLUTION this week and we’ve most definitely been evolving. Growth is a beautiful thing and it is such a privilege to be out here riding these waves with you all. There is a lot shaping up on the horizon and some major moves are about to go down, Beethoven X style. Let’s get stuck in!
So what’s on the Concerto programme this week?
Tech / Development
This is how we… Dev!
The Gangstarrs are back on the attack and bringing it to y’all live and direct. No messin’ just straight devvin’. Hard.
With the proposal for the implementation of The Reliquary just passed, there is a lot to get organised for. Time for a new roadmap maybe? With some major changes on the horizon, here is a sneak peak of whats to come.
First things first, more BOOSTED POOLS. With the first batch of pools deployed on Optimism, Fantom is next. The devs will be rolling out the flagships in the following weeks. Everything is set and ready to rock. Prepare for the boosted revolution.
Once the new pools are released its on to Reliquary. There is still a little bit of code review to be performed, but in general the foundations have been prepped and the UI is in the works.
Overall its pretty exciting times for the evolution of our music and you can expect some major tunes to be dropped over the next month or so.
Governance
It’s been a busy month for the Beethoven X Governance and Treasury departments. A couple of major proposals were put to vote and have passed in favour of their implementation. Here is a quick recap for the essentials.
Proposals passed
- Reliquary: The locking of fBEETS has been a long-awaited event. DeFi is constantly evolving and we must ensure that the decisions we make as a protocol are not only current but oriented towards placing Beethoven X in the best place for a successful future. After in-depth consideration, analysis, and debate, this proposal puts forward a proposition to utilize the Reliquary model instead of the previously proposed vote escrowed (ve) tokenomics for fBEETS.
- Beethoven X DAO Framework: With the growth of the protocol over the past year it was only a matter of time before the Beethoven X DAO framework was due for a review. This proposal looks to formalise a framework around which the DAO operates and covers the following topics; Framework, Governance Proposals ,Voting, Emergency Vote Procedures. The goal with this initiative is to adopt a base for a more streamlined governance process.
Finance — Protocol Fee Distribution
Another month has come to a close and that can only mean one thing, it’s time to revisit the music from Fantom and Optimism.
Here is the breakdown of the monthly protocol fees and its distribution for September:
- In total we collected $32.8k (at the time of collection), $29.5k from activity on Fantom and $6.35k from Optimism. That brings total fees collected for the year to a little over $1.5m
- In addition, 199k $BEETS, valued at $8.7k was bought off the open market!
The $32.8k was deployed today in the following way:
- Optimism: 50% of the Optimism Protocol Fee or approx. $1.6k remained behind for future incentives
- Treasury: 50% of the remaining Protocol Fees was deployed as $14.8k to the Steady Beets pool on Optimism. As per BIP 28, $0.8k was sent to Ethereum in order to acquire veBAL, auraBAL and vlAURA
- Team: 18% or approximately $5.6k will be transferred to the team, this is used in part to cover the monthly costs for salaries
- Ecofund: 2% or approximately $0.6k is going to the X Fund to negate any environmental impact Beethoven X has.
- Remaining: 30% or approx. $9.3k will be distributed as voting incentives for gauges taking place in September.
We look forward to seeing how the newly launched boosted pools perform in October.
Hot Topics
There is a lot going down in the Beethoven X household and it can be hard to keep up to speed. That, combined with how fast DeFi evolves and the rate at which the technology is being developed makes it almost impossible to stay on top of the ball. Fear not, aspiring maestros, we have got you covered!
Jump in and learn all about the beauty of interest bearing pools and the underlying flexibility of Balancer V2.
Gauge Vote
BEETS are back at it again!! Another wave of the bi-weekly Gauge Vote has been completed and we would love to give a big shoutout to everyone who participated. The emission updates for pools will be implemented this Wednesday and the final results for Round 20 can be found in the Tweet below.
BOTB
Battle of the Beets is steady underway. The competition has been fierce and the talent is simply off the charts. Keep up to date with all the gossip and the recent highlights:
Live Events
There is so much music out there it’s hard to listen to it all! We try our best to keep it all lined up; here are the gigs scheduled for this week:
Tech Tuesdays: Back by popular demand, Tech Tuesdays is slowly becoming a household name. Sit back, relax and join us for a down-to-earth chat with the team on all things TECH. There is no structure to these conversations, just an informal back and forth with yours truly! Bring your questions to the table, big and small, we love to hear your thoughts. Tune in on our Discord this Tuesday at 18:00 UTC.
Weekly Community breathe: Feel like it’s all getting a little too much? Or perhaps you just want to take things to the next level — elevate! The breath is central to many inner practices and plays a major role in the regulation of our nervous systems. From general well being to focused inner work, a consistent breath work practice is almost certainly going to add value to your journey. Join us on Wednesday at 09:00 PM UTC for a community breathwork session with Yogi Astralnaut.
Outro
Another one maestros, another beautiful week lined up in CryptoTown. Its always such a pleasure to be out here building for a better future and this week is no exception. The sights have been set and Vienna is one step closer. Onward we say, Onward!
Have an amazing day and we’ll see you all in the next one!
Beethoven X
