Hello World! Can you hear the music?
We are proud to announce a pianissimo (soft) launch of Beethoven X.
Similar to our release of the 9 variations in C-minor for piano back in 1782, it has been a long practice with the orchestra, co-composing with the community, and now finally we are ready for the first exposition and for the music to calmly unfold.
Our adagio unfolds with stable and weighted pools. With pools like “The Classic Trio”, “The B and E Major”, “Fantom Sonata”, “Dance of The Degens”, we open with music for everyone. Like any other amazing composition, it will unfold over time and we’ll continue to compose next level crypto-classics using our unique pool mechanisms and liquidity design principles. (read more details here).
While we are incredibly excited and proud of this important milestone — we want to be open and transparent about the inherent risks of using Beethoven X.
Adding Liquidity
Many of our weighted pools still have very shallow liquidity, making it impossible to arbitrage. This means that the ratios in the pool may not properly align with current pricing. Please be very careful when adding liquidity to these pools.
It is in your best interest to add liquidity exactly in line with the weighted ratio of assets in a pool. During this period of low liquidity, if you deposit only one asset into a pool of two or more assets you may suffer significant losses.
The Balancer Contracts
Beethoven X uses the Balancer V2 contracts verbatim. While the Beethoven X contracts have not yet been audited, the Balancer V2 contracts have completed multiple full audits and have a comprehensive feature bug bounty program.
General risks
We want to remind any potential liquidity providers that participating in DeFi protocols always carries a certain level of risk. Do not invest more than you are willing to lose. Remember, go in Adagio (slow) & Pianissimo (soft).
The BEETS Token
We will not be launching the BEETS token today, as we want to take the next week to monitor the stability of our node infrastructure. You can read up on our proposed tokenomics here.
The journey to this day has been incredibly challenging and rewarding. We would like to thank all the co-composers, violinists and directors from the incredible Fantom community that have helped us along the way — you know who you are!
