Dear Ludwigs, honoured friends,
It feels like it is calling us. The freshness, the scent of beets. The calling, like music, sounds, high pitch voices, singing, mesmerizing, hypnotizing, connecting, overriding reason, pushing our curiosity to the edges of sanity, bursting with love, with excitement, we must have it, we must, it is precious, sooooo precious. And fresh.
Firstly; You, Ludwigs, the community, passed the first ever governance vote at the end of October on the use of protocol fees including the redistribution of 30% of the protocol fees via buy backs to BEETS liquidity providers. We have now implemented this and are calling it fresh Beets, or fBEETS
- Read below for details on what fBEETS are and how to get and stake fBEETS
- Farm emissions will start on the new farm at 07:00 UTC tomorrow the 27th of November 2021.
- 16% of farm emissions will shift from BEETS / USDC (Symphony Nr. 10. Opus 138.) to the fBEETS farm. 100% of farm emissions from BEETS / FTM (The Fidelio Duetto) will shift to the fBEETS farm.
- All auto-compounders have been informed but will not initially support fBEETS. Please reach out to your favourite auto-compounder to accelerate their implementation of fBEETS.
What are freshBeets, or fBEETS?
When we first laid eyes on fBEETS we knew and felt that it was something truly special. Something rewarding and precious. The implementation of fBEETS is based on the proven and battle-tested SushiBar contract.
fBEETS sole purpose is to showcase our commitment to the core of our community, the liquidity providers for BEETS. These special Ludwigs steer where we go and create the exquisite music that drives us. fBEETS holders will earn triple yield:
- Swap fees earned as a Liquidity Provider (LP)
- Farm incentives
- 30% of the Protocol Revenue
You receive fBEETS for staking your Fidelio Duetto BPT in the BeetsBar. The fBEETS token can in turn be staked in the fBEETS farm to receive farming incentives. 30% of Beethoven X protocol revenue will be used to buy BEETS/FTM 80/20 off the open market and will be redistributed as Fidelio Duetto BPT to holders of fBEETS.
fBEETS will continue to accrue value over time from protocol revenue, so one fBEETS token will always be more valuable than one Fidelio Duetto BPT. Can you feel how your heartbeet goes up when you read this. Precious. Remember, the fees for trading vary depending on the pool (lower for stables and higher for more volatile assets) and 15% of all the collected fees are diverted to the protocol. The other 85% go directly to liquidity providers in the respective liquidity pools. From these 15%, 30% are used for rewarding fBEETS holders.
The buyback with the accrued fees will initially occur once a month. The rewards will be distributed periodically and randomly throughout the month to fBEETS holders via the staking pool.
How to get and stake fBEETS?
Firstly, navigate to the new “Stake” tab
If you are already staking your BPT tokens in one the Fidelio Duetto farm, you will have to withdraw your BPT tokens from the farm.
Alternatively, you can invest your BEETS & FTM into the Fidelio Duetto pool
You can now stake your Fidelio Duetto BPT Tokens and mint “fBEETS” tokens
You can then stake your fBEETS in the fBEETS farm by depositing themIt is fresh. It is BEETS. It is fBEETS.
To Withdraw follow the steps in reverse order.
It is fresh. It is BEETS. It is fBEETS.