We’d like to thank the community for all of the engaging and meaningful discussions we’ve had this week. Together we are co-composing a beautiful symphony.
Of specific interest has been the release of our token, BEETS, and the tokenomics behind it. We’re so excited for the upcoming Liquidity Bootstrapping Event, and the excitement that everyone in the community has shown over the last several days reinforces our belief that we are on a good path.
We’ve also enjoyed the critical questions and comments around our initial tokenomics document, as it shows us that the community is engaged and cares about the project. We’ve compiled the community feedback we’ve received and have completed another iteration on our tokenomics document that we believe more closely aligns with our core team values, and helps us to better communicate our steadfast belief in the long term success of Beethoven X.
Let’s go through the changes:
1. Team Fund Vesting Schedule
We’ve reworked the team token vesting schedule to better align with our long term vision. The vesting schedule has been extended from 1 year to 4 years, and all team tokens have been moved to a linear vesting schedule. This means that team tokens will not follow the same emissions curve as the farm emissions. Instead, the team token vesting rate will be consistent for the entirety of the 4 year schedule. We believe this is more in line with our core team values. We are in it for the long run. Last time we were alive we composed more than 650 pieces between 1770 and 1827.
2. Strategic Partnership Fund
The engagement we’ve received from other projects in the ecosystem has highlighted the importance of a fund to facilitate the growth of Beethoven X. For this purpose, we’ve allocated 7% of the total maximum supply of BEETS to a Strategic Partnership Fund.
Beethoven X commits itself to never use any of the funds in the Strategic Partnerships Fund to pay or reward any of its team members or employees. This fund is exclusively for partners, integrators and other teams in general that contribute to the Beethoven X ecosystem. Any use of these funds will be presented to the community prior to execution.
As an additional layer of assurance, the Strategic Partnership Fund will be placed into a 2/3 multisig wallet. Only 1 signer will be from the Beethoven X team, the remaining two signers will be independent and well known community members. We’ve started engaging with community members that fit this description, and will post an update as soon as we’ve identified the two signers. This process will be completed prior to the BEETS Liquidity Bootstrapping Event.
From history we know that even great composers can go deaf, and we want to make sure that we are held accountable, and continue to listen to you,The Ludwigs, the community, the orchestra.
For the full document, please refer to our tokenomics documentation:
https://docs.beethovenx.io/beets/tokenomics
