Concerto Programme — 102

Beethoven X
5 min readFeb 5, 2024

Rise and Shine Maestros,

Welcome to another beautiful week at BEETS. Funkadelically FRESH and always insightful, let’s dive into the weekly Concerto Programme.

Protocol Sweep

Maestros, bringing you the protocol revenue results for the month of January:

At the time of collection, fees totalled $38.4k

🔵 $4.2k (11.0%) of the fees were generated on Fantom
🔴 $34.2k (89.0%) were generated on Optimism

Compared to November results:

⬇️ Fantom fees decreased by 34.8%
⬇️ Optimism fees decreased by 2.56%

Collected fees were deployed in the following way:

Held on Optimism

  • $27.0k was used to buy OP to be paired with our Optimism grant and used as incentives
  • $1.6k was used to buy OP to use as Roast Beets incentives under BIP-52

Treasury

  • $2.9k was converted to 4802 Fantom Layer of the Opera BPTs and sent to Fantom treasury
  • $2.5k will be used to acquire vlAura

maBEETS voting incentives

  • $4.4k was used to obtain 7125 Fantom Layer of the Opera BPTs to be used as Fantom gauge vote bounties.

As a reminder, December and January bounties cover a total of 5 gauges, so January bounties are split:

  • 20% for Feb 1st gauge vote (on top of the December values).
  • 40% for Feb 15th vote.
  • 40% for Feb 29th vote.

Governance

This week a momentous proposal passed through both the Beethoven X and Stader governance systems.

The BIPs will see the Beethoven X DAO take over ownership and running of Stader Labs’ Fantom LST, sFTMx. After a governance vote in November 2023, Stader opted to wind down its operations involving sFTMx. Acknowledging the pivotal role sFTMx plays in the Fantom DeFi ecosystem, contributors from Beethoven X initiated discussions with Stader. These discussions culminated in an agreement, facilitating the transfer of sFTMx management to Beethoven X.

And keep your eyes peeled maestros, it’s almost time to make some noise on the timeline.

Gauge vote

May the force BEET with you!

Another wave of the bi-weekly Gauge Vote has been completed and the votes are in. This round, over 6000 Fantom Layer of the Opera BPTs were offered as BEETS bounties.

Check out the final results for Round 55 below.

Music Director’s Gauge Delegation Service

It’s time for some Gauge Vote updates!

As we’ve mentioned previously, with the move to Hidden Hand it was decided that both Votehoven and its delegator would be sunset.

Therefore, this week’s Gauge Vote will be the final vote in which this delegator address votes.

Now, we understand that all you Ludwigs run busy lives and don’t always have the time to vote. So with that in mind, say hello to…

Music Director’s Gauge Delegation Service

Here’s how it works:

  1. Users may delegate their maBEETS voting power to the MD gauge delegation wallet (0x641e10cd6132d3e3fa01bfd65d2e0afcf64b136a)
  2. Delegated voting power will be used to vote in gauge votes only — the delegation service wallet will not vote in other governance proposals.
  3. 80% of the voting power will be directed proportionally to bounties
  4. The remaining 20% of voting power will be directed according to the MD’s discretion with the aim of serving the good of the protocol.
  5. Any and all bounties received for voting go to the wallet holding the maBEETS (the delegators), with these claimable through Hidden Hand.

Hold tight maestros, this feature will be added to the Beets UI ASAP!

New Pool — Staked Duet

Just walked past Frank Stakenatra singing an absolute banger about a next-gen yield-bearing stablecoin and an $ETH liquid-staked token.

I joined in and added some $BAL-ance to those smooth swinging $stERN / $wstETH melodies 🎶

BEETS DA-DA-DA DATA

The BEETS data series is running strong.

Light work and easy reading these little gems are meant to keep you up to date with the most essential performance metrics at Beethoven X.

Dive into episode #43 below.

Live Events

Bring back da alpha!!

We’re re-kicking off Tech Thursdays — a weekly space in which we dive into the technical brilliance of Balancer Tech.

Sprinkled with alpha drops, this weekly chat is as chilled as it gets. Rock up, listen in, and join the convo (if you want to). This week we’re hopping on at 1 PM UTC.

See ya there.

Outro

The sun is shining Ludwigs and the weather is sweet! We hope everyone out there is still groovin’ to the BEETS. More challenging times out there for sure but we’re out here building and fully committed to the mission. There is plenty in the pipeline to look forward to and we’re stoked to have you all here with us!

Have a great week and stay FRESH maestros!

Beet X

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