Concerto Programme — 77
Rise and Shine Maestros,
Welcome to another beautiful week at BEETS. Funkadelically FRESH and always insightful, let’s dive into the weekly Concerto Programme.
Gauge Vote
The weeks are just flying by and the next round of the Beethoven Gauge Vote is just on the horizon.
Don’t miss the opportunity to have your say in BEETS emissions for the period of the 10th–23rd of August.
50% of the BEETS farm emissions are decided by the maBEETS gauge and the next round will start this Thursday!
Governance
Last week we welcomed concentrated liquidity to Beethoven X. So this week, it's time to get stuck in.
The latest governance proposal, BIP-48, grants Music Directors the ability to move treasury assets to Gyroscope E-CLPs on Optimism. As we mentioned last week, the Beethoven X governance framework denotes that new protocols must first be approved before DAO funds can be deposited.
The proposal also includes a first action of moving 53 ETH (~$100k) of the DAO Treasury ETH to the Gyroscope E-CLP wETH-wsETH position on Optimism and staking the resulting BPT on Aura Finance in order to gain boosted BAL, and AURA emissions.
And remember, this is just the start of our endeavor to get the DAO treasury back to its full earning potential!
Social Science Lab
JUST IN: A hot new article has escaped from the Lab!
The trust saga continues. Join 0xSkly in an exploration on formal verification, trusting code over humans, and the potential ways to reduce the need for human trust in DeFi.
This is the second article in a five-part series on ‘Trust in Defi’, so keep your eyes peeled. Up next we’ve got ‘A Secure Base: Building Confidence Instead of Trust’.
And for a little behind-the-scenes: Josey and the social science crew are working flat out on a large-scale masterpiece. The Identity Fusion study. Preliminary interviews have just wrapped up in the Beethoven X and OATH communities with more planned over at Optimism. This is not one to be missed!
Pool Vulnerability
Beethoven X has identified an issue with the previous iteration of the Dollar Dollar Bills (ERN / bb-rf-USDC / bb-rf-USDT) pool on Optimism.
The issue identified is isolated, with no other pools on the DEX affected. It is also unrelated to the current Vyper re-entrancy issue on Curve pools.
Unfortunately, this solitary issue has resulted in a malicious actor removing $79k in liquidity from the old pool. We wholeheartedly empathize with all users affected and want to assure all that the DAO is evaluating all options to ensure the most seamless outcome of this event.
We will release any new information as ongoing investigations unfold, and again want to assure users this is an isolated issue. The latest iteration of the pool, as well as all other pools on the DEX, are unaffected.
Hot Topic
Put your concentration hats on Ludwigs, it's time to check out some E-CLP stats.
Launching roughly two weeks ago we’ve already witnessed Gyroscopes E-CLP $wstETH / $ETH pool working its magic. With a TVL of around $1.32M, the pool has already facilitated a whopping $2.03M in volume. Talk about capital efficiency!
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 #17.
Live Events
DeFi is brimming with new stuff, all the time. It’s fast, it’s fun and it’s oh-so complicated — or is it? Come join us on Thursday in Discord for a mellow jam session on the technical innovations from Beethoven X and Beyond!
Everyone is welcome, simply tune in and get those questions popping.
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.
