Dear Friends,
Welcome to another beautiful week on planet BEETS. Where the music never stops and the fantabulous sounds of DeFi fill the air.
Cruising through the Cryptoverse at giga speed spreading kindness and creativity wherever we may be. Re-imagineering Defi as we go, bringing you all the most potent tech stack the world has ever seen.
Feels like we’ve stepped into a time warp accelerator. 2023 has only just begun and there has been so much action already. Fast paced, fun and always exciting — just how we like it.
Let’s dive into the Concerto Programme for this week.
Vulnerability Disclosure
Last Friday a vulnerability was disclosed from the Balancer team that affects some of the pools on our platform.
There were 3 nested pools for which the best course of action to take was to ask LPs to remove their funds to avoid any potential loss of funds.
The following Pools that required this action are:
Optimism
- It’s Mai Life: https://op.beets.fi/pool/0x1f131ec1175f023ee1534b16fa8ab237c00e238100000000000000000000004a
- Smells Like Spartan Spirit: https://op.beets.fi/pool/0x479a7d1fcdd71ce0c2ed3184bfbe9d23b92e8337000000000000000000000049
Fantom
- Tenacious Dollar: https://beets.fi/pool/0xa10285f445bcb521f1d623300dc4998b02f11c8f00000000000000000000043b
Since the release of the disclosure approx 90% of the combined TVL (2.8M) in the pools has been removed.
We would like to say thank you to everyone for aiding in this process of awareness and removal thus far. No user funds have been lost in the process and we are grateful for the community’s collaboration.
As there are still user funds remaining across the 3 pools mentioned above, we continue to urge liquidity providers to remove funds asap.
The Balancer Labs engineers are currently working on a fix and we will update the community with more information as things progress.
For now, we have done our best to ensure that users are aware of these changes and will continue to do so until all deposits have been removed.
We have released statements on our Twitter and Discord as well as relevant messaging on our UI. We have stopped the farm emission to the aforementioned pools and all of the Boosted Pools across our DEX’s have also been put into recovery mode. All this means is that the pool with no longer take a protocol fee, pretty simple.
A link to the vulnerability thread from the Balancer team is below:
Tech
Tuh tuh tuh techkkkkkkin it out!
New Year, New Me. Always striving to make things better, the Devs have their sights set high for 2023.
With the recent vulnerability disclosure released, the launch of the Boosted Revolution will have to go on hold for now.
Dannnngit, we were so close. Fret not dear Ludwig, sometimes things are outside of our control and the only thing left to do is to just go with the flow. Security and user safety are the number one priority and so it really is a no brainer to wait until we have the all clear.
Revolutions take time, and safety is critical. For now, the engineers over at Blabs are meticulously working on a fix, as soon as we get the go ahead we will launch a full scale attack.
It will rain Boosted Pools and it will be beautiful.
In the meantime, this opens up some time and space for the Launch of Reliquary. The finishing touches are being prepared and we are almost ready to let this holy container loose upon the world.
The marketing team are busy preparing for the great migration and as soon as the comms are prepped and ready the transition will begin. In the wake of the halt of the Boosted Revolution, it’s looking like a launch for early Feb.
DeFi re-imagineered. It’s what we do!
Marketing
Awareness, intention and imagination, are the holy trifecta of marketing manifestation. Add in a slice of creativity and you’re off to the races.
With the New Year underway, the goal of the marketing team is to make sure we’re doing our best in terms of educating our users about the tech and all that is going on at BEETS.
The Docs are kinda like the Beethoven X Bible — sacred to all Ludwigs everywhere. As they hold so much reverence it’s only right we give them the RESPECK they deserve. Ladies and gents, prepare yourselves because it’s about to get funkaay…
Docs V2 are about to hit a shelf near you!
We’ve been bashing away at these for quite some time now and they are almost ready for their big reveal. The last little bit of design needs to be applied but big things are coming. Look out!
Another focus for the very near future will be related to Reliquary. As the transition takes place we are your faithful guides, shepherding all willing Ludwigs to the other shore — to a land of promise, hope and all out badassery.
Beyond Reliquary we are working on a couple cool initiatives and are looking forward to dropping the goodies soon!
Hot Topics
This week’s topic of conversation — LSD!
It’s an epidemic — all over town and spreading out of control. Blowing the minds of many, Liquid Staked Derivatives are hot on the scene.
Red pill, Blue pill, Orange pill?! The choice is yours!
Dive on in Ludwigs, but be warned, it’s not for the faint of heart.
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. Emission updates for pools will be implemented this Wednesday and the final results for Round 27 can be found in the Tweet below.
While we are at it did you know that the Beethoven X Gauge Vote just turned 1. That’s right, a full year of music, madness and straight up magic.
It’s been beautiful and we have enjoyed every moment. Reminisce with us over some of the highlights of what has been one hell of an adventure.
The thread also hints at some of the changes that will be coming with the Reliquary integration!
Live Events
Tech Tuesdays: Tech, Tech and a little bit more Tech! DeFi is brimming with new stuff, all the time. It’s fast, it’s fun and it’s oh-so complicated — or is it? Come join us for a mellow jam session on the technical innovations from Beethoven X and Beyond! Everyone is welcome, simply tune in and get those questions poppin! This session will be taking place in our Discord at 12:00 UTC on Tuesday.
Weekly Community breathe: Feel like it’s all getting a little too much? 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 Thursday at 08:00 UTC for a community breathwork session with Yogi Astralnaut.
Outro
The journey continues…
We press onward into the unknown, scouring the Cryptoverse in search of a brighter future for all. Music is our weapon of choice and we have no problems blastin’ at full volume. Resonating symphonies and sonorous harmonies, we’re on a mission to re-imagine DeFi. Powered with love and fuelled with hope, we’re certain this year is going to be one to remember.
Until the next one, maestros, have an amazing week.
P.S ICYMI, check out this awesome conversation with 0xSouvlaki and Prof. Crypto Banana.
