Dear Friends and Fellow Ludwigs,
We’re back, Baaabay!
First off, let’s start with a bit of an introduction — Welcome everyone, to another beautiful week on planet earth. We hope you are all as stoked as we are to be out here, breathin’, buildin’ and beetin’!
We’ve had a little bit of a hiatus with the Concerto Programme publications, and “boy” have we missed you! It’s been eventful to say the least and there is plenty to catch up on.
Back into full swing, we are excited to share with you the latest updates, events and developments taking place at the Beethoven X HQ.
Without further ado, let’s take a look at what’s on the agenda this week.
Tech / Development
Mic check, Mic check. It’s a technical revolution. The Devs have been cracking at the code and things are looking gooooooood!
The Boosted revolution on OP is in full effect and the new Boosted Pools have certainly done their job. Innovative, sustainable and efficient; ain’t that a sight to see?!.
With our foot firmly on the OP shores it’s time to look at the plan for FTM. Wen Boosted Pools? Wen Reliquary?!
The Boosted Pool deployments for FTM are receiving their final upgrades as we speak. A last minute decision to add in a protocol fee configurability mechanism has resulted in a slight delay but it provides the protocol with the capacity to set different protocol fees for gauge pools vs community pools. A major plus in the long run and well worth the wait.
Souped up and packing a serious punch, we’re super excited to drop these bad boys in the veeeery near future. Viva la revolution!
Once these have been deployed and the flywheel is firmly established, it’ll be all systems go for the launch of Reliquary. The Devs / Finance teams have been working hard to make sure everything is in place so that a drop before the end of the year is on the cards.
As always, it’s safety over speed and we’re doing our best to make sure our technical products are as secure as they are innovative.
Soon frens, soon!
What has been cooking over on the Governance front? A whole bunch of goodness; It’s smellin sweeet! Since the last CP, some fundamental proposals have passed, let’s get into it!
We are now stepping into a future in which our Ludwigs play an ever more pivotal role! The synergetic wheels are churning with the Beethoven X DAO in full swing. We welcome all Ludiwg’s with open arms to become even more intertwined in the decisions we make at Beethoven X. Jump on board maestros; it’s gonna be an adventure!
We are all passionate and confident that Beethoven X has a unique product market fit within DeFi. No matter the markets, we continue to build. To evolve. To push the boundaries of what we can achieve. Community, social science, sustainability. We are here to stay. We have so much belief that in July, the team took a 50% pay cut to ensure we had ample runway for at least a year.
Unfortunately, that pay cut began to take a toll on some team members. Last week, we proposed that the Treasury could support some of the costs in the form of $25k per month in $USDC. We are beyond thankful that the proposal was accepted graciously and passed with 100% of the vote. We want to put a heartfelt thank you to all the Ludwigs. Love and kindness!
Guide Tone elections
The DAO is in motion! The first few Ludwigs have put their name forward to become ever more intertwined within the DAO framework. Guide Tones will analyse, break down and upload governance proposals to snapshot. They are the most harmonically important notes of the chord and will play a vital role in the decision-making process at Beethoven X.
We would like to say a MASSIVE thank you to SunFire, S0meone, SuRa, CatDad and Netrim for putting their names forward. They are already a huge addition to the Beethoven community, they are gonna kill it! Nothing but kudos and love. There are still a couple more spaces for new Ludwigs to put their name forward. Are you interested? Jump into the discord to find out more.
Finance — Protocol Fee Distribution
October has come and gone. It’s time to hit the repeat button on the jukebox and revisit the music from Fantom and Optimism.
Here is the breakdown of the monthly protocol fees and its distribution for October:
At the time of collection, fees totalled $34.3k. The activity split was $26.3k (77%) on Fantom and 8k (23%) from Optimism. This brings our total fee fees for the year to $1.6m.
The $34.3k was deployed today in the following way:
- Held on Optimism: $4k held for liquidity mining incentives.
- Treasury: $17.8k was added to Steady Beets, Boosted (Optimism) and $2.8k was used to acquire vlAura
- fBEETs voting incentives: $8.4k (227k BEETs) will be distributed as voting incentives for gauges taking place in November.
As part of the above allocation, a total of $8k (207k Beets) was bought off the open market!
Please note, not included in the numbers above is the Balancer portion ($8k) of the Optimism fees. They have elected to make that full amount available for Optimism liquidity mining incentives, increasing the total available for that initiative to $12k.
There is a lot going down in the Beethoven X household and it can be hard to keep up to speed. Fear not, aspiring maestros, we have got you covered. Let’s take it one hot topic at a time.
In the spotlight this week we have a composition dear to our undead hearts. SUSTAINABILITY.
Learn all about how we have bootstrapped TVL on OP, effectively, efficiently and most importantly of all sustainably.
Say what?! Round 23!
For more information on the Gauge and how you can get involved check out the following Medium article:
Beethoven X Gauge Vote: Maximising Your Melody.
Dear friends and fellow Ludwigs,
There is so much music out there it’s hard to listen to it all! We try our best to keep it all lined up; here are the gigs scheduled for this week:
Community Town Hall: Ahh.. it’s that time again, the Town Hall gathering is upon us. Come join us as we break down the last months shenanigans and highlight some of the major events taking place at Beethoven X. From an in-depth review of October’s performance to important innovations in the space, the Town Hall is packed with alpha. Definitely one to be watched!
Weekly Community breathe: Feel like it’s all getting a little too much? The breath is central to many inner practices and plays a major role in the regulation of our nervous systems. From general well being to focused inner work, a consistent breath work practice is almost certainly going to add value to your journey. Join us on Wednesday at 09:00 PM UTC for a community breathwork session with Yogi Astralnaut.
Bi-Weekly Conscious Conversations: Grab a cup of tea / coffee and come hang out with the community in our bi-weekly conscious conversations session. This is an open space to catch up, share and be seen. No expectations, no agenda, simply show up and be present. We would love to have you there. Join us on Thursday at 12:00 PM UTC over on our Discord.
It feels good to be back composing, making music for the masses. Creativity is where we feel most at home and the juices are flowing.
It’s been a journey that’s for sure but it feels like everything is coming together. The vision has been clear since day 1 and we’re most definitely gaining momentum. Vienna is just around the corner and the excitement is building.
We love what we do and we are so stoked to have you all onboard.
Keep the vibrations high, and frequencies steady BEETing!
Have an amazing week!