The Music Adapts with Changes to Emissions
Dear friends and fellow Ludwigs,
It was a stormy and windy night in Vienna, we had our most prized possession in a bag as we fought our way through the cold winter snow. It was 1807 and the bag was Piano Concerto in D major Opus 61. We arrived at the Burgteater and started the rehearsal with the orchestra, the first movement unfolded and then we noticed something — a slight dissonance, a voice that did not fit — it was the horns — it did not match the strings. It had to be changed.
Like voices, segments and phrases in music, our mutually beloved protocol evolves. Because of your feedback and competent suggestions for improvement. Wonderful harmonic collaboration. And with this in mind we want to announce a trifecta of changes taking place in the next days:
- Emissions of Symphony №10 — The emissions for the pool named after the last unfinished symphony of Beethoven are now ending — a fitting end. The emissions of the Symphony №10 (BEETS — USDC) pool will be set to 0% at approx 18 UTC on 21.12.2021.
- Global reduction of BEETS emissions — Since launching, the average block time on the Fantom Network has been consistently below 1 second. As the emissions curve assumes an average blocktime of 1s, we are approximately 8.8% ahead of our emission schedule. Therefore, we will reduce the emissions by approximately 10% in order to adhere more closely to the planned emissions schedule. The reduction is being absorbed by the BEETS-USDC farm removal, so overall farming APRs should be minimally impacted.
- OHM Bonding — For the time being, 5% of farm emissions are being redirected to the DAO approved bonding program for protocol owned liquidity. The emissions will be used to issue bonds via OlympusPro in exchange for The Late Quartet BPTs. We expect the bonding program to go live in early 2021. The program is subject to a trial period of 1 month.
- Farm adjustments — The Liquidity Committee continues to strive for optimizing for TVL and fees. With this in mind, we will be implementing several farm emission adjustments. These will be updated in the docs tomorrow, once the changes go live.
In the medium term, the plan is to consolidate BTC and ETH liquidity into fewer select pools. The goal is to increase the attractiveness by ensuring deep liquidity and best fee performance across the board.
If you have questions, please reach out on discord and you can also join our AMA on Thursday at 19.00 UTC.
We deeply appreciate the voices from all of you, and we look forward to continuing the dialogue to continuously improve the music and our mutual protocol, Beethoven X.