Dear Friends, and Fellow Ludwigs, It is time for a gauge vote.
Community pools are being added to the ballots. Aspiring rock stars assembling backstage as the crowd roars them on. It is time.
It is time to reach the next major milestone in the development of the Beethoven X platform and the journey to ensure the community holds the power of farming incentives.
It is time for a gauge vote.
Currently the BEETS farming incentives allocation are determined by the Liquidity Committee, but the time has come to decentralise the decision making process and increase the utility for fBEETS.
Starting this Week
Starting this week, 30% of total farming emissions allocation will be decided by fBEETS holders in votes every two weeks through a snapshot vote. (This 30% allocation percentage might increase in the future if the program proves successful)
fBEETS holders will have the ability to allocate a percentage of rewards to pools. The aggregate distribution from all votes will be used to determine BEETS incentives for the next epoch lasting for two weeks. It will be conducted as a weighted vote on Snapshot with fBEETS snapshot taken at a random block. The farming weights will be adjusted on Mondays the week after each vote.
fBEETS holders can also request to add a community pool to the gauge vote, upon security checks and approval by the liquidity committee. These pools must meet the following minimum requirements:
- TVL above 50k
- Maximum weight discrepancy 80/20
- Pool must be either permissionless or,
- be owned by the multisig 0xCd983793ADb846dcE4830c22F30C7Ef0C864a776
- Tokens included in the pool must be “legit” (well distributed, no transfer tax etc)
The liquidity committee reserves the right to reject a pool for any reason and to kill any pool’s allocation if deemed malicious
So what do you do now?
If you wish to submit a pool to the liquiditee committee you can do so until Thursday January 6th 00.00 UTC; if you want to get more voting power, accumulate beets and stake them in fBEETS.
And then you vote! Now you claim your right as a citizen and musician of the Beethoven X orchestra and you take your fBEETS and vote,
The first vote begins on Thursday January 6th at a random blocktime.
What comes next
It is our dream that Beethoven X is fully owned and controlled by a thriving, healthy orchestra, with a massive treasury and a sustainable revenue model that can continue to grow over time. It is our dream that all fBEETS holders decide on 100% of the farming incentives. It is our dream that the orchestra commits to this voting power as citizens of the community by locking their fBEETS for an extended period.
So, the gauge vote thursday january 6th is just the first movement of yet another wonderful opus. Maybe this is something with oboe. Like Mozarts oboe concerto in C Major. Something wonderful that calls for more. https://open.spotify.com/track/1YaRs2I2Qzxykq0YSwG2NE?si=86e819eda2a24cd3
