Concerto Programme — 132
Rise and Shine Maestros,
Welcome to yet another stupendous week at BEETS!
We are feeling freshly FUNKADELIC, insightful as ever, and prepared to unveil what’s popping in the wondrous Weekly Concerto Programme.
Governance
Under the passing of BIP-69, the following components of Beethoven X on the Fantom network (DEX, LST, and Validator) will be migrated to the Sonic network. This redeployment offers an opportunity to reevaluate certain immutable aspects of the protocol. Three key areas for consideration are:
- Staking System: This includes the Masterchef, Reliquary, and Voting Escrow mechanisms.
- Tokenomics: Specifically, a shift to per-second emissions and the removal of the maximum supply in favor of a configurable inflation rate.
- Migration and Initial Phase on Sonic: Encompassing token migration, additional incentives, Protocol Owned Liquidity (POL), and a potential airdrop.
Another critical area for discussion is the tokenomics of the BEETS token. With the transition to Sonic, a new version of the BEETS token will be deployed, along with a migration path from fantomBEETS to sonicBEETS.
Given the deployment of a new token contract, we are afforded the opportunity to amend certain parameters. A primary consideration is the shift from block-based BEETS emissions to a per-second emission model, addressing the challenges associated with the current system. Following extensive internal discussions, the Music Directors have further identified the following options for potential adjustments to the new token contract on Sonic:
- Emission Rate Adjustment: The current Masterchef contract emits BEETS per block, resulting in inconsistent emission rates due to block time fluctuations. We propose transitioning to a per-second emission model to ensure consistency.
- Inflation and Emission Schedule: The existing BEETS emission schedule is set to conclude on October 6th, 2025. Given the importance of liquidity incentives to the protocol, we propose introducing a governance-controlled, configurable inflation rate for the BEETS token. This adjustment would eliminate the hardcoded maximum supply in favor of a flexible inflation rate, with a proposed minimum of 0% and a maximum to be determined by governance.
Beethoven X invites all areas of the community to engage in this discussion as it is vital to reiterate that the general consensus collectively determines the best path forward for Beethoven X on Sonic.
For more details, hit the link below:
Gauge Vote
Maestros, Round 71 of the Gauge Vote is upon us!
This vote is to decide where 50% of BEETS farm emissions flow to from the period of 18th September — 1st October 2024.
Stay tuned in Discord, and keep your eye on Hidden Hand for all the latest updates on gauge bounties and more.
BeethovenX Hidden Hand Marketplace
Hidden Hand incentive marketplace for BeethovenX
hiddenhand.finance
Hot Topic
The alliance is growing, Ludwigs; the $sFTMx Coalition is singing for all to hear!
Protocol participants who pair their native token with $sFTMx will see 50% of all sFTMx revenue flow to them as rewards. Ultimately, this will see a collective growth among the community!
As of the past week, $sFTMx has welcomed new recruits, such as $BEER and $fantomANGELS.
BEETS DA-DA-DA DATA
As we know, numbers play a crucial part in the evolution of our ecosystem.
The data drop keeps us moving in flow, meaning we are synchronizing in rhythmic fashion!
Take a dive into episode 73:
Outro
Well, Ludwigs, until next week, it is here we must close our book of symphonies at $BEETS.
With excitement, we are attentive in our ambitions to help grow the world of $BEETS, we just hope you continue to grow with us.
Love always,
Beethoven X
