Beethoven X Gauge Vote: Maximising Your Melody.

Dear friends and fellow Ludwigs,

It has been such an incredible start to the year for Beethoven X. We have come such a long way since we began our journey into DeFI and we couldn’t have done it without the love and support from all of our beloved Fresh BEETS holders!

The gauge vote began in the beginning of January and is an initiative that gives holders of our $fBEETS governance token the ability to decide on the allocation of 30% of our farming emissions into various liquidity pools every 2 weeks.

You can read more about the origins of the gauge vote here.

It has been so exciting to watch the development of the gauge vote since its conception and in many cases it has exceeded our expectations in terms of its adoption into the ecosystem. We have seen an incredible amount of support and engagement from all levels of our community which has truly allowed the gauge vote to flourish into a being of its own.

With the gauge vote evolving at such a rapid rate we know it can be a little overwhelming for newer members of the community and so we have put together this article to guide users through the what, the why and the how of the gauge vote.

What we will cover in this article:

  • A detailed examination of the round 4 results
  • A brief history of how the gauge vote has evolved
  • The benefits for protocols and fBEET stakers
  • 10 things every fBEET holder should know
  • How to buy and stake fBEETs for new users

Summary of Round 4

As we approach the next round of the Beethoven X gauge vote, let’s pause for a moment’s reflection and take a closer look at the previous round of the gauge vote in a little more detail.

Round 4 of the bi-weekly gauge vote garnered a record of thirteen protocols offering bribes to fBEETs holders. Approximately $892,000 in cumulative bribes were offered enticing over 33MM total votes! As we inched closer to the end of the vote, we watched on with eager anticipation as numerous protocols continued to up the ante, supercharging the bribe incentives, in the hopes of shifting the scales in their favour.

Following such positive momentum in Round 4 of the vote, we were met with a plethora of questions from existing and prospective fBEET holders.

In this article, we hope to answer your FAQs around voting and detail how one can most effectively maximise opportunities when participating in the next round of the gauge vote.

We’ll start by discussing three basic, but important topics around how we got here.

The evolution of the Gauge Vote

DAOs, governance and bribes

Let’s start by paying a little homage to to the concept of protocol governance tokens, DAOs and their evolution.

The emergence of DeFi 2.0 was met with the rapid expansion of protocols transitioning to Decentralised Autonomous Organisations (DAOs).

This meant token holders were no longer simply HODLers. Instead, being an fBEETs holder means you are an active community member, voting influencer, and have a say in protocol decisions. DAOs, like Beethoven X, seized the opportunity to give power to their community. Our wonderful Ludwigs!

One of the many important aspects of DAOs is decision decentralisation. Possessing fBEETs, the governance token from Beethoven X, enables token holders to participate in protocol decisions by voting on community proposals. Accordingly, this means that fBEET holders have a voice in the protocol’s long-term trajectory.

Importantly, this framework opened the door for additional monetary benefits for fBEETs holders. With the influence of your governance tokens, each vote cast affects the direction of the BEETs token reward emissions on Beethoven’s pools, (weighted gauges), on a bi-weekly basis. This set the stage for protocols seeking those emissions to influence each vote using bribes. And, with that, we have the origin of the BeetWars.

For more information on DAOs and how their framework can facilitate DeFI governance check out the following articles here.

Why are protocols offering bribes?

30% of all new BEETS emitted by Beethoven X are allocated to liquidity pools bi-weekly. Protocols have determined that an effective way to influence allocations of these emissions is to incentivize fBEETs holders to vote for particular pools by offering bribes.

Thanks to voting governance, each fBEET holder has the right, (nay, duty), to distribute voting power among pools of their choice. Ultimately, this voting allocation decides the amount each pool receives from the 30% of BEETS emissions during the following two-week period.

In short, by offering bribes as an incentive, protocols are battling to maximise the reward emissions distributed to its pool.

What’s at Stake With Each fBEET Vote?

For protocols:

A share of the 30% bi-weekly BEETS rewards allocated to LP pools. In round 3, the BEETS gauge vote yielded almost a 10x ROI (reward APR) to participating protocols per $1,000 allocated for bribes.

For stakers:

Protocols incentivize fBEET voters with air-dropped bribes, in the form of tokens, in exchange for your governance voting influence directed towards a particular pool.

Visualising the Gauge Vote and Incentive Process

In the latest round, “The Lonely Mountain” pool, by OneRing Finance received 11.88% of the total vote. The pool gathered around 3.9MM total votes. As a result, The Lonely Mountain pool stands to receive roughly 178,200 BEETS in the form of reward emissions APR over the next 2 weeks.

Incentivizing fBEETs holders to choose The Lonely Mountain pool, OneRing offered 28,000 RING tokens, plus 6,000 additional RING tokens for every 1% they captured beyond 10%. This means with 11.88% of total votes, 39,280 RING tokens would be airdropped, pro-rata, to Lonely Mountain voters. In addition, they included 3 Ludwig NFTs, 3 Magicat NFTs and 1 8Bit Land NFT.

Simple Math of the Airdrop

An fBEETs voter holding 50,000 fBEETs, who voted 100% for The Lonely Mountain, is entitled to .013% of the 39,280 RING tokens that will be air dropped by OneRing — so, in this example, 497.6 RING.

For the complete breakdown of the Round 4 gauge vote check out the snapshot vote here.

So, how do you join the Orchestra?

Participation is simple — you must be an fBEETS holder or have fBEETS staked on the platform.

Here are 10 important gauge vote details every Ludwig should know:

  1. Farming incentive gauge votes happen on a bi-weekly schedule.
  2. Prior to the next voting round, a random snapshot will be taken that whitelists the wallets holding fBEETs.
  3. The snapshot timing is NOT announced publicly. This is to uphold the integrity of the voting system.
  4. Your fBEETs must be held in either your wallet, or staked on the Beethoven X staking page.
  5. fBEETs staked in the Fidelio Duetto pool are included in the snapshot.
  6. fBEETs staked in auto compounding protocols (or elsewhere) are NOT included in the snapshot.
  7. Each round of voting begins on Thursday and closes on Sunday of the same week.
  8. You can split your votes amongst multiple pools using the + button — weighting to 100%
  9. You CAN change your vote, even after you’ve voted. Simply return to the voting page and change your vote accordingly. Make sure you sign for the new vote in Metamask.
  10. All bi-weekly voting proposals can be found on Beethoven’s snapshot page: https://snapshot.org/#/beets.eth

Just so you know — The next round of voting, Round 5, will open on Thursday 3rd of March.

How to buy and stake fBEETs as a new user

Getting hold of some fBEETS is as easy as DO — RE — ME. Follow this simple 3 step process to get set up and ready to play.

Step 1

In order to get your hands on fBEETS you will first need to have some BEETS. You can buy BEETS effortlessly on the beets.fi site using the “Swap” function at the top of the homepage.

From there navigate to the “Stake” page and scroll down to “Invest your BEETS into the Fidelio Duetto pool”. Click on “Invest” to load up the investment page. Make sure that the “Deposit” tab is highlighted green to signal its selection.

NB — You’ll want to hold 80% BEETS and 20% FTM in your wallet (or a close ratio).

The next step is to deposit your FTM and BEETS tokens into the Fidellio Duetto pool. You can use the “optimise” button to automatically allocate the perfect 80/20 ratio of BEETS / FTM or manually choose the amounts you wish to deposit. To deposit the desired amount of tokens click on “ Preview” for a summary of the investment and when you are satisfied continue the process by selecting “Invest”. You will then be prompted by Metamask to confirm the transaction on the blockchain.

STEP 2

Once deposited and the investment has been confirmed you will need to return back to the “Stake” page!

You will be met with the following message to let you know that you have unstaked BPTs:

If you stake your BPT, you will receive fBEETS and be eligible to earn a portion of Beethoven X Protocol Revenue.

You can now stake your Fidelio Duetto BPT Tokens and receive “fBEETS” tokens. Complete Step 2 by clicking on “Max” and minting your fBEETs. You will again be prompted by Metamask and will need to confirm the transaction.

Step 3

You can now deposit your fBEETS into the fBEETS farm. To do this simply select “Max” and then “Deposit fBEETS”. You will be prompted for the last time by Metamask to confirm the transaction.

It’s OFFICIAL you are now a BONYFIDE LUDWIG. On top of being able to contribute to the governance decisions of the protocol you can also bask in the glory of the Fidellio Duetto.

For up to date info on this liquidity pool check out the link here.

Once deposited you can always check on your investment by clicking the “My Portfolio” section in the top right hand corner of the homepage.

Take note — If you ever need to withdraw your fBEETS from the Fidelio Duetto you can simply follow the 3 step process outlined above in reverse.

It is important to remember here that your fBEETS do NOT need to be staked in order for your eligibility in the gauge vote, however you must have fBEETS held in your wallet at the time of the snapshot.

You are now all set for the next snapshot and ready to rock’n’roll!

Coda (Outro)

We have been overjoyed by the success of the gauge vote. The Fantom protocols who have partnered with Beethoven X have gone above and beyond to incentivise fBEET holders’ votes. Their mission to maximise the potential bi-weekly BEETs rewards is clear and the ROI seemingly undeniable. Additionally, the power of the fBEETs governance token has been an incredible success for our community. As we look to the future, we have our sights set on continuing to expand the reward opportunities for our amazing Ludwigs as well as developing the infrastructure around voting in general. We have a couple really interesting developments in the pipeline but more to come on that soon.

We hope that you found this article helpful and are now as excited as we are for the upcoming Gauge vote. We have an incredible community on our Discord where we drop exclusive alpha surrounding the gauge as well as up to date coverage of any voting incentives from other protocols.

Together, our symphony will only grow louder and we are super stoked to have you all on board!

Love and Kindness from yours truly,

Beethoven X

Disclaimer: The information in this article is for educational purposes only and is NOT intended as financial advice. Beethoven X will not be liable for any Investment/Trading activity of users.

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