Monthly Performance Report — April 2022

Beethoven X
4 min readMay 21, 2022

Ludwigs, near and far

The fireplace is warm, and the music is sweet. Sit with us and enjoy the live band. Once again, it is time to review the financial performance of April.

This report aims to define the metrics of success for Beethoven X in a fun, simple and easy to understand manner as well as offer insight and transparency to you, our users. Based on the presentation given during the Monthly Community Town Hall AMA this report is a way that users can stay up to date with the more quantitative aspects of the protocol.

This article will cover the following topics:

  • Highlights
  • Protocol Performance
  • Top Performing Pools
  • BEETS performance
  • Balances and Metrics


During this month, the crypto ecosystem experienced turbulence, carrying over from last month. However, Beethoven as a protocol has navigated the storm quite well. Highlights include:

  • Exceeded $1.15bn in Volume for the month
  • Exceeded $1.2m in Swap Fees for the month
  • TVL performance was better than top competitors and the network
  • Protocol Fees for April amounted to over $129k
  • $38k distributed to fBEETS holders during this month
  • Introduction of financial metrics

Protocol Performance

Total TVL decreased by 19% in the month, bringing our April closing balance to $252m. Looking across other major dex’s and fantom’s total TVL, this performance was second best with Curve experiencing a slight increase in TVL.

Looking at revenue, our swap volume for the month was $1.15bn, 9% lower than March while swap fees for the month was $1.2m. Swap Fee decrease was driven by a decrease in swap counts and overall macroeconomic headwinds, which include international conflicts, liquidation of large networth individuals, and the folding of Fantom’s incentive program.

Fortunately, the silver lining here is that our performance, when benchmarked to other protocols’, has performed well.

Top Performing Pools

Amongst the top 10 pools with the highest swap fees, A Late Quartet and the Fantom of the Opera are our largest earners, generating $241K and $220K swap fees respectively. If you’d like to learn more, Beethoven also publishes a weekly Symphony of the Week, and we do our very best to examine interesting pools and provide in-depth analysis.

BEETS Performance

Since March, the challenging market conditions have continued to impact the BEETS price. We opened the month at $0.72 and closed the month at $0.21.

This price movement had a similar impact on our market cap and the graph shows that April was difficult for the network in general.

It is important to note that the BEETS token is a more volatile asset. In times of positive market sentiment (Jan and Feb), our price performs disproportionately well against competitor tokens. What this also means unfortunately is that the price also swings the other way during times of negative market sentiment.

Balances and Metrics

The tables below show the breakdown of our TVL and treasury assets. Looking at protocol TVL, our boosted pools are spinning up quite nicely, with boosted pool TVL now greater than Stable pool TVL and comprising 34% of month end TVL. Total TVL is still predominantly owned by liquidity providers, with <1% of TVL owned by the protocol.

Next, looking at our treasury assets, 69% of treasury’s assets are currently held in wallet, 21% are earning swap fees on Beethoven, and 10% are held on other protocols.

Finally, this month we have introduced two new metrics: Revenue to Emissions Ratio and Revenue to TVL Ratio.

The revenue to emissions ratio takes the total swap fees divided by the total emissions directed to pools for that time period. Essentially, this ratio shows the dollar amount generated per dollar of emissions.

Next, the Revenue to TVL Ratio takes the annualized swap fee and divides it by the average TVL during the period. This ratio shows the dollar amount generated per dollar of TVL.

When examining the ratios in the table below, April metrics are trending below YTD figures, which are driven by a 9% decrease of total trade volume. Also, Weighted Pools experienced a larger dip in Revenue to TVL Ratio due to its larger share of the decrease in volume.


Despite being a rainy month, April also showed harbingers of growth– we performed well relative to the rest of Fantom, and better yet, a vote to deploy on a new blockchain was passed!

Thank you to those who attended the AMA, and for those who were not able to attend, we hope you join us in our next one.

Not Financial Advice

Investors should remember that the value of $BEETS, $fBEETS and the income from them, can go down as well as up and that past performance is not a guarantee of future returns. You may not recover what you invest.