Concerto Progamme Week 31

Dear Friends and Fellow Ludwigs,

Welcome to another magic week in the land of defi.

Welcome to Week 31 in the Year 2022.

Exactly 200 years ago we began the composition of our masterpiece Symphony №9. A piece that took us years to complete. A piece that left us hungry for more. Like that: hungry, we show up. Every day thinking in years. Always hungry for more.

Even if you think in years, and even when you are here for the long run it is nice to know what is happening in the present moment. What is happening in-the-now. Week 31 in the year 2022.

Let’s dive in! What is on the programme this week? What is happening behind the scenes — or actually on the scene — on Beethoven X?

From the Devs

Since you’ve been following along you already know what’s about to go down — BEETS V2.

Most dev attention is going here and we are getting close. Very close. You might — just might — see something this week.

No pressure on the Devs. As always it is ready when it is ready, but oh my. So close.

And just repeating last week’s plug, our new blog series — “Inside Balancer Contracts” — from none other than our very own @Skly.

https://medium.com/@0xSkly/inside-balancer-contracts-basepool-bfe1196732ac

Alongside integration into the veBAL gauge, the dev team is finalising reviewing code for upgraded factory pools.

Learn more here:

https://twitter.com/beethoven_x/status/1550518849216421891?s=20&t=ebJs0398YEcMg9dRu5byVw

Live events

The big event you should have in your calendar is the upcoming community town hall on the 9th of August. As always we go through the last month’s financial performance and transparently share facts, insights and reflections.

This week we invite you to take a deep breath with us. Join us on Wednesday at 12:00 PM UTC for a community breathwork session with Yogi Astralnaut. In such a fast paced space, it always helps to slow down. Breathing is good. (Yes this is as factually sound as our financial performance reports.)

The breathwork session will be hosted on Zoom and all the relevant links / information can be found in the 🌷︲lotus-room on Discord

Finance

As another month comes to a close it’s time to appreciate the music that came from both Fantom and Optimism and as mentioned above you are invited to join, listen and engage in the presentation of the monthly performance next week.

We have already distributed the July monthly protocol fees, here is the breakdown:

In total, we collected $80.3k, $58.8k from activity on Fantom and $21.5k from Optimism.

That brings total fees collected for the year to $1.45m.

In addition, 216k $BEETS, valued at $18k was bought off the open market!

The $80.3k was today deployed in the following way:

Remained on Optimism: 50% of the Optimism Protocol Fee or approx. $10.7k remained behind for future veBAL gauge incentives

Treasury: 50% of the remaining Protocol Fees or approx. $35k was deployed; 50% to Steady Beets, Act II and 50% to Fantom of the Opera

Team: 18% or approximately $12.5k will be transferred to the team, this is used in part to cover the monthly costs for salaries, etc.

Ecofund: 2% or approximately $1.4k going to the X Fund to negate any environmental impact Beethoven X has

Remaining: 30% or approx. $20.8k will be distributed based on the governance proposal — see below. It will either be distributed to fBEETs holders randomly throughout the month or it will be used as voting incentives in the gauge.

Governance

The beauty of the orchestra lies in the harmonies. The harmonies created by multiple voices and instruments. Like perspectives, arguments, decisions they flow and form.

The Beethoven X community has put forward an exciting new proposal.

Currently, 30% of BeethovenX’s protocol fees are distributed to fBEETs holders.

The proposal hopes to change the method of distribution to one around gauge vote incentives, initially applied equally to Fantom of the Opera (FoTO) and Late Quartet (LQ).

https://snapshot.org/#/beets.eth/proposal/0xe1489639baffe5bb8117da677349a67e80197ab6d34d5efb1b49786ca76cf83a

Engage in community discussion:

https://discord.gg/NPj3UZJX

The proposal has two days left for voting.

A new proposal coming later this week.
There is beauty to symbiosis. A coming together of two wonderful systems to create something even more powerful. This week, a treasury proposal was put forward to cement a bond between LiquidDriver and Beethoven X.

The proposal states that a percentage of BEETS within the treasury would be swapped with LQDR. Beethoven X would lock the LQDR up for xLQDR, and LiquidDriver would pair the BEETS with FTM and stake for fBEETS.

The proposal hints at an innovative, mutually beneficial relationship that allows both parties to direct token emissions to pools without emitting their own token. Music is always better with friends.

We can’t thank the community enough for your engagement.

Every one of you makes the music even more magical.

Gauge Vote

Round 16 is cranking the music up to 11, building up to that drop. You can feel the build-up. You want it, you crave it! You crave to participate in the rave. The rave that is the Gauge vote!

Don’t miss the opportunity to have your say in 30% of the BEETS emissions for the weeks of July, 25 and Aug 01.

Voting will be conducted via Snapshot and will go live at some point this Thursday.

For more information on the process behind the Gauge and how you can get involved check out the following Medium article:

https://beethovenxio.medium.com/beethoven-x-gauge-vote-maximising-your-melody-fbeb10e5711b

Outro

Thank you for reading, and thank you for being you.

Thank you for waking up hungry for moore and for being part of a movement and a journey that is pushing the edges of ingenuity and innovation. Similar to when we began the composition of our Symphony №9 200 years ago, we show up every day, every week, every month, for years, hungry for more.

With love,
Beethoven X

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