Beethoven X
6 min readApr 19, 2024

Bust a move and get your groove on.

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


Total TVL across both networks is sitting at $31,808,147 (-17.94% compared to last week)

🔵 On FTM, TVL is $13,202,433 (-21.62%)

🔴 On OP, TVL is $18,605,714 (-15.11%)


The total volume for the previous week is $27,186,414 (+38.96% compared to last week).

🔵 On Fantom, Volume totaled $8,902,533 (+66.60%)

🔴 On Optimism, Volume totaled $18,283,881 (+28.57%)

Liquidity Providers

What about our BEETiful Liquidity providers?

During the past week, Liquidity Providers earned $21.92K in swap fees and $13.27K in BEETS incentives across both Fantom and Optimism.

Pool Performance


On Fantom, ‘Fantom Layer of the Opera’ (wFTM/lzUSDC) has generated 12.6% of the weekly swap fees, totalling $2,001. This was followed by ‘Layered & Staked Fantom Opera’ (sFTMx/lzUSDC) which generated $1,713.


This week on OP, ‘Happy Road’ (wETH/OP/USDC.e) has pulled in the most swap fees for liquidity providers, generating a total of $1,093 for the week. This was followed by ‘Ethereum Triplets’ (wstETH/sfrxETH/rETH) with $940.

Yield Capture

Across both chains, ‘Ethereum Triplets’ (rETH/wstETH/sfrxETH) has captured users the most in Yield fees, bringing in $4,218 for the week. The second highest fee generator of the week is ‘Gyroscope ECLP wstETH/WETH’ bringing in $2,222.

Protocol Revenue

During this past week, the protocol generated $21,918 in Swap fees. $12,236 was also generated via Yield Bearing tokens hosted on the protocol, of which, $5,700 flowed to the protocol as revenue. In total, $12,496 flowed to the protocol as revenue.

This week our Protocol Fee to BEETS ratio rounds out at 0.75.

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.

With evolutions and optimizations, the BEETS WARS has slowly taken a new form — BEETS WARS 2.0. Check out the following article for everything you need to know on the Beets gauge vote.

In the last gauge vote, over $18,000 of incentives were offered as Beets bounties.

Check out the latest round here:


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


On Fantom, the DAO currently holds $1,340,552 in the treasury, down $223,951 compared to last week. $614,694 is held in liquid tokens whilst $725,858 is actively deployed in farming positions.

Top DAO Farming positions on Fantom

  • Layered & Staked Fantom Opera (sFTMx/lzUSDC) on Beethoven X — $246,795
  • Fantom Layer of the Opera (wFTM/lzUSDC) on Beethoven X — $217,597
  • Trio of the Stables (lzUSDC/axlUSDC/USDC.e) on Beethoven X — $120,317
  • Staked Fantom & Circle Symphony (USDC.e/sFTMx) on Beethoven X — $62,418
  • sFTMx/BEETS liquidity pool on Equalizer — $59,416


The Beethoven X DAO holds $1,940,085 in treasury assets on Optimism, down $401,429 compared to last week.

The majority of assets held on the Optimism treasury wallet are the remaining OP grant funds ($682,284). This OP grant is continuously paired with a portion of generated protocol fees to incentivize LPs on Beethoven X.

Besides the OP, $1,135,339 is actively deployed in LP positions.

Top DAO Farming Positions on Optimism

  • Rocket Fuel (rETH/ETH) on Beethoven X (Staked in Aura) — $544,151
  • Roast Beets (rETH/lzBEETS) on Beethoven X — $290,037
  • Gyroscope E-CLP (wETH/wstETH) on Beethoven X (Staked in Aura) — $165,577
  • Native Stable Beets (USDC/USDC.e/USDT/DAI) — $135,572


The Treasury also holds over $895,340 of assets on Ethereum, down $48,281 compared to last week. This is predominantly in stablecoins ($405,963), although there is also $107,505 actively deployed in farming positions.

Top DAO Farming Positions on Ethereum

  • AURA locked as vlAURA on Aura Finance — $59,613
  • veBAL pool (BAL/ETH) on Balancer — $47,716


This brings the Treasury’s total holdings to over $4,175,977 (Down 13.89% compared to last week)

($2,926,486 not including BEETS and OP tokens)


As of the 15th of February 2024, the Beethoven X DAO is now officially the new owner of Fantom’s no. 1 LST, sFTMx. Combined with the yield-bearing native Beets tech stack, Beethoven X is now positioned as THE yield-bearing hub of the Fantom blockchain.

For all the juicy details dive into the article below:

Currently, 13,565,446 FTM is staked (+12.43% compared to last week), with 774,303 FTM in the free pool. This brings the total to 14,339,749 FTM (+5.73%), with an overall value of $10,135,049.


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,