DA WEEKLY DATA DROP — #30

Beethoven X
5 min readNov 3, 2023

Bust a move and get your groove on.

It’s time to get down with da weekly BEETS da-da-da-data!

TVL

Total TVL across both networks is sitting at $26,338,832 (+5.78% compared to last week.)

🔵 On FTM, TVL is $5,984,268

🔴 On OP, TVL is $20,354,564

Volume

The total volume for the previous week is $9,303,440

🔵 On Fantom, Volume totaled $2,254,613

🔴 On Optimism, Volume totaled $7,048,828

This week, a spike in volume can be seen from Fantom on Nov. 1st after the Multichain bridge was momentarily and unexpectedly reopened. This led a high number of swaps going through the ‘A Late Quartet’ pool as many attempted arbitrage trades — buying devalued multichain assets to bridge back to their native counterpart.

Liquidity Providers

What about our BEETiful Liquidity providers?

During the past week, Liquidity Providers earned $12.48K in swap fees and $4.37K in BEETS incentives across both Fantom and Optimism.

Pool Performance

Fantom

On Fantom, ‘A Late Quartet’ (multiUSDC/wFTM/multiWBTC/multiETH) has generated almost half (61.8%) of the weekly swap fees totaling $5,766.

Optimism

This week on OP, the new ‘Ethereum Triplets’ pool (rETH/wstETH/sfrxETH) has pulled in the most swap fees for liquidity providers, generating a total of $523 for the week.

Yield Capture

Across both chains, ‘Gyroscope ECLP wstETH/WETH’ has captured users the most in Yield fees, bringing in $2,176 for the week. The second highest fee generator of the week is ‘Rocket Fuel’ bringing in $1,616.

Protocol Revenue

During this past week, the protocol generated $12,478 in Swap fees. $5,041 was also generated via Yield Bearing tokens hosted on the protocol, of which, $2,391 flowed to the protocol as revenue. In total, $6,244 flowed to the protocol as revenue.

This week our Protocol Fee to BEETS ratio rounds out at 1.67.

So, where does all protocol revenue flow?

Two directions.

  1. Gauge Bounties
  2. Treasury

Gauge Bounties

A portion of all Beethoven X protocol fees flows back to our #maBEETS holders as Gauge Bounties on Fantom.

Following a recent proposal, gauge vote bounties will now be set as Fantom Layer of the Opera BPTs. Dive into the thread below for all the details.

In the latest gauge vote, over 2,000 BPTs have been offered as bounties.

Check out the results below:

Treasury

The remaining protocol revenue is utilized to build a sustainable Treasury to ensure Beethoven X’s longevity. To ensure diversification, Beethoven holds treasury assets across 3 different chains.

Fantom

On Fantom, the DAO currently holds $457,290 in the Treasury wallet. This is considerably lower than the previous week after 10,759,000 BEETS ($107,842) were bridged to Optimism using the new LayerZero bridge. These funds will be used for two purposes: 2.85M will be used to seed the new migration contract as per BIP-49, and the remaining will be used to seed the new Roast Beets pool as per BIP-52.

On Fantom, the DAO currently has $238,133 actively deployed in farming positions.

Top DAO Farming positions on Fantom

  • Fantom Layer of the Opera (FTM/USDC) on Beethoven X — $220,960
  • BEETS Liquidity Pool on Tarot — $11,342
  • Locked LQDR pool on Liquid Driver — $5,830

Optimism

The Beethoven X DAO holds $1,201,743 in Treasury assets on Optimism.

The majority of assets held on the Optimism treasury wallet are the remaining OP grant funds ($501,118). This OP grant is continuously paired with a portion of generated protocol fees to incentivize LPs on Beethoven X.

Besides the OP, $549,522 is actively deployed in LP positions. This week the Optimistic Steady Beets position was closed. The resulting treasury stablecoins, except for 10K USDC, were then entered into a new stablecoin farm, ‘Native Stable Beets’.

Please note: lzBEETS are not currently showing on deBank.

Top DAO Farming Positions on Optimism

  • Rocket Fuel (rETH/ETH) on Beethoven X (Staked in Aura) — $320,522
  • Gyroscope E-CLP (wETH/wstETH) on Beethoven X (Staked in Aura) — $96,459
  • Native Stable Beets (USDC/USDC(Bridged)/USDT/DAI) — $132,540

Ethereum

The Treasury also holds over $982,515 of assets on Ethereum. This is predominantly in stablecoins ($634,376), although there is also $84,696 actively deployed in farming positions.

This week, 11 wETH was sent from the Ethereum Treasury to the Optimism treasury and converted to rETH, ready to be used to seed the new ‘Roast Beets’ pool.

Top DAO Farming Positions on Ethereum

  • AURA locked as vlAURA on Aura Finance — $70,312
  • veBAL pool (BAL/ETH) on Balancer — $24,125

Totals

This brings the Treasury’s total holdings to over $2,641,548 (up 1.8% compared to last week)

($1,980,745 not including BEETS and OP tokens)

Outro

Beetin’ and Bustin’

Did you groove to the data?

Until next week, you can keep up to date / interact in real-time with the two analytic platforms below:

Love as always,

BEET X

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