Rise and Shine Maestros,
Welcome back to another beautiful week at BEETS — where the vibes are high and the music is soul bustlingly good. With the transition into spring, things are feeling fresh. There is plenty moving in the pipeline and the team are excited to be building towards a better DeFi for everyone. Viva la revolution!
From Boosted Pools to new partnerships and more, it’s all going down in the BEETaverse.
Without further ado, let’s dive into the shenanigans for this week
Governance
Together we stand united.
With the shift to Reliquary some important points have been raised in regards to the sustained operation of an effective voting system for the Beethoven X DAO.
Currently the quorum is defined as a fixed number: 4 million votes, which was perfect before the introduction of maBEETS. Since the launch of maBEETS however, the share of votes is now weighted and reaches 100% only after 11 weeks of non-diluted investment. The reality here is that due ongoing updates to maBEETS positions , the full 100% will never be reached.
As a result a way to adjust the quorum to the maximum number of votes must be created. The first stages for a proposal have begun on the Discord server and the review / discussion period begins Monday, April 10, 2023 3:00 PM and ends Thursday, April 13, 2023 3:00 PM
BEETS x Byte Masons
Builders gonna build.
It’s been an exciting time for the builders over at the Byte Masons. Last week we saw the release of a new primitive — Ethos and the launch of their new stable coin — ERN. Combine that with the recent LGE for the Grain token and you most definitely have all the ingredients you need to get creative in the kitchen.
3 new pools have dropped on the platform this week and it’s all about leveraging collaboration.
- A souped-up decentralised stablecoin graces the Optimism sound waves. Get jiggy with “ Proof of Reserves”.
- Have you been working out? Make some gains with “All aboard the GRAIN train!”
- A pool for the Byte Mason maxis! “Cross your heart and swear to ERN.”
Note: For pools with low liquidity, please enter proportionally to ensure your position doesn’t incur high price impact on entry (edited) Gauge vote
BEETS WARS
In a galaxy far, far away…
Round 34 of the prestigious Gauge vote is about to commence!
It’s been just about 6 weeks since the launch of Reliquary and the transition to maBEETS. With over 2825 Relics minted and 4.64 million dollars in TVL locked things have really started to heat up.
Users are beginning to make their way through the BEETronix maturity curve as we approach the halfway mark for the first time. Remember Ludwigs, that voting power is also affected as result of time spent in a Relic and increases as your maBEETS position matures.
Here are a couple of key takeaways to keep in mind when you vote:
- As maBEETS are being utilised, the snapshot to determine your voting power will no longer take place at a random time.
- The Snapshot for every gauge vote will now be taken at 00:00 UTC on the Wednesday of the week of the gauge.
- The voting period will be from 07:00 UTC Thursday — 17:00 UTC Sunday.
- Fee contribution calculations will be based on the previous 28 days from the snapshot time (so based on 15th Mar— 11th April for this vote).
- The deadline for requesting new pools will also be 00:00 UTC Wednesday.
For more detailed information on maBEETS and the Gauge, check out the Docs.
BEETS DA-DA-DA DATA
Keeping things fun, funky and FRESH is part of what we do.
Last week saw the launch of a new data series that we plan to be releasing on a weekly basis. Short and to the point the series aims to highlight key performance metrics for the protocol and present them in a bite size, digestible manner. Keep up to date and never miss a BEET.
ICYMI, the first episode in the series check out the following link and the next episode will be coming out later this week!
Weekly Wisdom
Educate and then Elevate.
With the Boosted Revolution looming once again, it’s a good moment to refresh your memory on all of the BOOMTASTIC benefits that boosted pools have to offer. Boosted pools will play an important role in the evolution of BEETS moving into the future and we’re super proud to see that they are beginning to get the recognition they deserve.
Dive into the following thread for an OG Boosted 101!
The unBEETables
Show stopping, hero popping. Be unBEETable.
Embrace the journey within. The unBEETables is an initiative that focuses on building an active community through a series of Quests centred around learning, creativity and social engagement
Level up as you progress through the different stages on your journey in the hope of one day joining the UnBEETables and rocking an exclusive BEETS superhero NFT!
Learn more about the unBEETables here.
Multichain Bridge Closing
Check yourself, before you wreck yourself.
The Multichain Luna bridge to Fantom will be closing this week. The proposed date for closure is this Wednesday 12.04.23. If any users still have UST / Luna on the platform and want to use this bridge then please do so before then. 24 hours and counting.
Outro
It’s all shaping up rather nicely. The beats are bumping and the music is flowing. What more could an undead composer want?
As we push forward into the unknown it’s been a joy to watch the evolution of protocol over the past 18 months. The memories and the milestones. Speaking of milestones we recently just pushed past 50 million mark in TVL on OP which is a huge achievement. We wanted to take this opportunity to send out a heartfelt thank you to everyone in the BEETS family for making this possible. It truly means the world.
On that note, have a wonderful week and we’ll catch you all real soon!
