E-minor sonata Op. 90 — on Protocol Fees

Dear Ludwigs,

Once upon a time in Vienna, repeatedly in 1824 and specifically March of 1825, we had a few rather unpleasant run-ins with the bureaucrats, pencil pushers and tax men. The audacity of them to accuse us of obfuscating our fiduciary duties! Therefore, my friends, we are so happy to see how much you have learned and can teach us now. The power of the community aligning behind common goals is just wonderful — What a time to be undead!

Thank you to all Ludwig's for participating in our first governance vote regarding protocol fees and their use to maximize the impact and longevity of our shared symphony. In the last weeks several things became apparent:

  • Holding BEETS needs an improved value proposition
  • A portion of protocol revenue should be directed to BEETS Investors
  • A large diversified treasury can act as a solid tailwind for future growth

The vote by the community, which ended yesterday, saw the acceptance of following proposal for the use of protocol fees:

  • 50% of protocol fees will be re-invested into LP’ing on Beethoven-X, controlled by the DAO treasury.
  • 30% will be used to buy BEETS off the market and distribute to liquidity providers.
  • 18% goes to the team to cover salaries and infrastructure costs.
  • 2% will go to The Beethoven Climate Fund (details to be announced)

Using Protocol Fees to invest into Liquidity Pools

By allocating 50% of the protocol revenue to liquidity providing, we strive to build a diversified treasury with ecosystem exposure while maximizing the liquidity on Beethoven-X in-line with the vision of the DAO treasury.

The following guidelines will be used when selecting which pools treasury funds will be reinvested into:

  • Limit IL: Prefer pools which are comprised of tokens which can be expected to show comparable volatility and maintain high TVL
  • Yield: Prefer pools that have shown the highest 7-day average swap APR

Beets Buybacks

30% of protocol fees will be redistributed to 80/20 BEETS liquidity providers. This happens by means of a SushiBar (xSUSHI) variation, let’s call it the BeethovenOrchestra. Liquidity providers’ of The Fidelio Duetto (80/20 BEETS/FTM) will be able to stake their LP tokens in the BeethovenOrchestra and receive “fBEETS” (or “fresh BEETS”) these represent their LP position, which will grow over time the longer they stay in the BeethovenOrchestra. A new farm will be created for fBEETS and emissions of the current BEETS/FTM farm will be redirected to this new farm. Once a week, the protocol fees are collected and 30% will be put into the BEETS/FTM pool. The received LP tokens will then be transferred into the BeethovenOrchestra (the SushiBar) increasing the value of the fBEETS token. This process is a manual effort for the time being but will be automated with a contract as soon as possible.


In addition we will be using the 18% of the protocol fee to pay part of the team’s salary. We are very excited to be able to do this after our first successful month post-launch. We would like to take this opportunity to thank the entire team for their incredibly hard work which has gone unpaid for many months. We will be moving BEETS from the team wallet to cover the remainder until we have salaries and infrastructure costs fully covered by protocol fees. All time spent between June and October is seen as an up front investment by the team in making the Beethoven X Symphony №10 a reality.

Updated Roadmap

We have also updated our thoughts of the music we would like to compose in the coming months. Make sure to check https://docs.beethovenx.io/roadmap-v.-0.2 to see where we are going and join the discussion on Discord.

Thank you to all Ludwigs for your assistance, creative inputs and wise guidance. An undead composer could not be happier to see what new heights await us in November!

Why the E-minor sonata Op. 90?

We once took a loan from our publisher Sigmund Anton Steiner to cover expenses relating to the illness of our brother, and to pay our tax bill. As we were unable to repay the loan, we promised Steiner a new and unpublished piano sonata, with a guarantee for exclusive rights. In the end, we selected the E-minor sonata Op. 90 to pay our debts!

Our Tax Declaration from 1818 for 1500 florins




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