Concerto Programme — 78
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, Ardordo’s back to present you the protocol fee results for the month of July.
As a disclaimer, the following happened in July that make the results difficult to compare with June:
- Multichain bridged assets on Fantom lost their peg.
- The distribution of Optimism fees changed mid-month in line with BIP-46.
- With the change in the fee collection process on Optimism, we essentially had 1.5 months of fees included in June numbers.
Now back to the numbers:
At the time of collection, fees totalled $27.7k
🔵 $13.2k (48%) of the fees were generated on Fantom
🔴 $14.5k (52%) were generated on Optimism
Collected fees were deployed in the following way:
Held on Optimism
- $9.9k was used to buy OP to be paired with our Optimism grant and used as incentives.
Treasury
- $9.2k is currently kept in treasury as a combination of lzUSDC on Fantom and USDC on Optimism.
- $3.0k will be used to acquire a combination of veBAL, vlAura, and auraBAL.
maBEETS voting incentives
- 436k BEETs ($5.8k) will be distributed as bounties in the following gauges.
- As part of this allocation, a total of 410k BEETS ($5.3k) was bought off the open market.
- July and August incentives will cover a total of 5 gauge votes. The bounties will be split as follows.
July:
- 40% for Aug 3rd gauge vote.
- 40% for Aug 17th gauge vote.
- 20% for Aug 31st vote.
August:
- 20% for Aug 31st vote (on top of the July values).
- 40% for Sept 14th vote.
- 40% for Sept 28th vote.
July was one of the craziest months we’ve had, but we will keep on working for a brighter and calmer future!
Gauge Vote
May the force BEET with you!
Another wave of the bi-weekly Gauge Vote has been completed and the votes are in.
The final results for Round 42 can be found on Snapshot below.
Tech
The Beethoven X tech wizards are at it once more!
Aura Finance is a liquidity layer built atop Balancer that provides boosted yields and efficient voting markets. To unlock its supercharged powers you simply need to stake your Aura-enabled pool BPTs on their protocol.
So, to make things a little easier, our devs have now marked all eligible pools with a funky new Aura tag. Within the pool, a link can now also be found which will take you right to the Aura UI itself.
Never miss out on those boosted yields again!
Pool Vulnerability
Following on from the previously identified issue with the foregoing iteration of the Dollar Dollar Bills (ERN / bb-rf-USDC / bb-rf-USDT) pool on Optimism, the Beethoven X team has conducted an in-depth post-mortem analysis to evaluate risk and implement a path moving forward.
Although the issue identified was isolated, with no other pools on the DEX affected, we wanted to be thorough in our post-incident process and provide transparency to our users.
Hot Topic
What’s that I hear? Optimized opportunities on $OP!?!
In line with BIP-362 and BIP-46, the fee structure on our Optimism deployment just got a fresh lick of paint. It’s now streamlined, supercharged, and more efficient than ever.
For the full run down, check out the thread below.
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 #18.
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.
