Curtain call for LBP coming up!
Dear friends and fellow Ludwigs,
We are now 2 hours away from the closure of the Liquidity Bootstrapping Pool Event.
So far the music came with such force and such heart that we are blown away with the kindness and community’s trust in Beethoven X.
In the first 22 hours of the event, more than 1,000,000 USD has been deposited into the LBP — safe to say, liquidity has been bootstrapped. This liquidity will make its way into the new Symphony Nr. 10 Opus 138. (BEETS / USDC Pool) investment pool.
And the event is not over yet. We still have more bars to come and notes to play.
What happens next?
Let’s go through what you can expect in the transition between the second movement, the LBP event, and the third movement: Farming. So that you are prepared, comfortable and relaxed.
The music (schedule) for the next hours of Beethoven X:
The farms are open (except BEETS /USDC) and you will be able to start depositing LP Tokens from any of the weighted investment pools created by Beethoven X (not users pools) into the farms.
At 14:00 UTC the LBP will end. Curtain call. Thereafter, the USDC fund from the LBP will automatically be migrated into the incentivized BEETS / USDC Pool. By locking the USDC generated in the LBP Event we ensure that you will always have sufficiently deep liquidity for trading your purchased or farm-earned BEETS.
Some time later @ FTM Block number 18618000 (Currently 19:15 UTC)
At Block 18618000 farming will be turned on and you will begin to earn farming rewards. Use this time to make a coffee and listen to some Beethoven. Then go and deposit your LP token at your leisure into the farms.
(We expected farming to start a few hours after the end of the LBP event, however due to the unusually long and uncertain block times (we love all the capital pouring into FTM) this block will roll around a little later than anticipated.)
Simple, Pianisimmo, Adagio!
If you are still unsure… read on…
So what do I do to farm my BEETS? (only possible after the LBP Event at 14:00 UTC)
Deposit your Beets from the LBP into the Symphony Nr. 10 Opus 138 Pool (BEETS / USDC) by navigating to the “Invest” Tab after the end of the LBP Event at 14:00 UTC.
Select the amount of Beets and USDC you would like to invest into the Symphony Nr. 10 Opus 138 Pool. Connect your wallet and click invest.
Deposit your LP Tokens for (Symphony No 10. Beets / USDC) from the LBP into the Symphony Nr. 10 Farm by navigating to the “Farm” Tab.
Deposit your BPT Tokens into the Symphony Nr Opus 138 Farm. Start harvesting your beets once farming starts.
FAQ: What happens with my BEETS when the LBP ends? Can I take my BEETS out of the pool? Can I still swap my BEETS?
Answer: Yes, of course. The BEETS you have acquired during the LBP event (and / or after) are yours to keep, trade, stake, swap.
After the LBP you simply go to the Swap tab and exchange your tokens at any time.
Thanks for the last 22 hours.
As we said in the beginning of this blog post, we are deeply appreciative of the community and we wish to live up to the trust you are placing in us. Let’s listen to the last 2 hours of this amazing composition together and then smoothly transition towards the next part of the journey.
As always if you have questions, you can always reach out to us on Twitter or Discord.