Beethoven X
5 min readMay 26


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 $69,571,501

🔵 On FTM, TVL is $29,255,329

🔴 On OP, TVL is $40,316,172


The total volume for the previous week is $28,067,781

🔵 On Fantom, Volume totaled $16,282,359

🔴 On Optimism, Volume totaled $11,785,422

There is a considerable jump in volume on the 24th of May that comes down to the recent Multichain drama. On that day, the Steady Beets, Act 2 USDC DAI pool facilitated $4 million of swap volume.

Liquidity Providers

What about our BEETiful Liquidity providers?

During the past week, Liquidity Providers have earned $22.71K in swap fees and $9.37K in BEETS incentives across both Fantom and Optimism. Again, due to this significant increase in volume, LPs saw a considerable increase in swap fees on the 24th May.

Pool Performance


On Fantom, the A Late Quartet (wBTC/wETH/FTM/USDC) has generated 33.4% of the weekly swap fees totaling $6,239.


On OP, the Bonded Oath Token pool has pulled in the most swap fees for liquidity providers, generating a total of $1,169 for the week.

Protocol Revenue

During this past week, the protocol generated $22,709 in Swap fees, up $1,764 since last week.

$18,192 has been captured from Yield Bearing tokens hosted on the protocol, of which, $8,779 flowed to the protocol as revenue.

Total protocol fees for the week came in at $15,305, down $26 since last week.

With the recent addition of Yield Bearing fees accounted for, Beethoven X is cashflow positive!

In fact, our Protocol Fee to BEETS ratio ends the week at 1.69! Meaning for every $1 emitted in BEETS incentives, the protocol has generated $1.69 in protocol fees.

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.

In the recent gauge vote, over 137,000 BEETS have been offered as BEETS bounties.


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.


On Fantom, the DAO currently holds $1,917,785 in the Treasury wallet.

72.85% of this is actively farming in LP positions.

Top DAO Farming positions on Fantom

  • A Late Quartet (BTC/ETH/FTM/USDC) on Beethoven X — $393,172
  • Steady Beets (USDC/DAI) on Beethoven X — $288,438
  • A Late Quartet (BTC/ETH/FTM/USDC) on LiquidDriver — $262,762


The Beethoven X DAO holds $1,159,929 in Treasury assets on Optimism.

Please note that the treasury has staked in the latest gauge, and as Debank is yet to list the position, $317,590 is not shown on the graphic below.

The majority of assets held on the Optimism treasury wallet is the remaining OP grant ($680,455). This OP grant is continuously paired with a portion of generated protocol fees to incentivize LPs on Beethoven X.

Besides the OP, over $433,831 is actively deployed in LP positions.

Top DAO Farming Positions on Optimism

  • Rocket Fuel (rETH/ETH) on Beethoven X — $317,590
  • Optimistic Steady Beets (USDC/DAI/USDT) on Beethoven X — $84,101
  • Here comes the Sonne (USDC/DAI/USDT) on Beethoven X — $32,139


The Treasury also holds over $110,674 of assets on Ethereum.

Top DAO Farming Positions on Ethereum

  • AURA locked as vlAURA on Aura Finance — $48,812
  • veBAL on Balancer — $34,094
  • auraBAL in the auraBAL auto-compounder on Aura Finance — $27,122

This brings the Treasury’s total holdings to over $ 3,202,557 (down 4.52% since last week)

($ 2,183,389 not including BEETS and OP tokens)


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,




Beethoven X