Concerto Programme — 59. What a crazzzyyyy week! Carnage and… | by Beethoven x | Mar, 2023
What a crazzzyyyy week! Carnage and chaos, euphoria and elation.
Stables slid, symphonies soared, banks bust and the raucous roared!
The music has been blaring and we’ve been Jammin’ the whole time. Bustin’ and Ballin’, the BEETS ecosystem has bopped to the usual beat.
Tech
With the Reliquary deployment behind us, our debonair devs are in full Boosted mode. And with new linear pool factories and rebalancer contracts deployed, the anticipated boosted launch is grinding into gear.
The revolution is primed to unfold and we are prepping everything to ensure we stand at the forefront of this shift in Liquiudty Mining efficiency. Wen?! Soon. Fresh and funky new Liquidity Pools are almost ready to grace the Optimism and Fantom stage.
This new rollout will mark a monumental step forward in our narrative as a DEX. Over the past few months, it has become evident that Balancer technology is the most effective and efficient piece of infrastructure for Interest Bearing pools. Alongside the rise in LSD narratives, we believe that the future of DeFi is interest-bearing and are looking to place ourselves in the centre of this movement.
Our underlying tech stack offers protocols a hub of interconnected liquidity at the onset, an extremely efficient base layer for liquidity providers, and offers traders low slippage with a plethora of token trading pairs. Put your headphones in, and turn up the volume, it’s about to get FUNKY out here!
It’s time to drop the ballot! Round 32 of the Gauge vote has commenced and marks an important milestone for the protocol.
This upcoming Gauge vote won’t use your fBEETS position for voting power and will instead implement a maturity-adjusted vote through your maBEETS positions.
How does this change from the previous model?
As your position increases in maturity, it boosts the underlying voting power relative to the maturity curve. Whereas previously, 1 fBEETS was equal to 1 vote, you will have to wait till week 11 before achieving this same relationship. Here is a simple overview of how fBEETS scale into maBEETS for voting alongside maturity:
- 100 fBEETs at Week 1 = 4 maBEETS
- 100 fBEETS at Week 7 = 50 maBEETS
- 100 fBEETS at Week 11 = 100 maBEETS
With voting power now being dictated by your maBEETS position there are a few key changes that have taken place:
- As maBEETS are being utilised, the snapshot to determine your voting power will no longer take place at a random time.
- The Snapshot for every gauge vote will now be taken at 00:00 UTC on the Wednesday of the week of the gauge.
- The voting period will be from 07:00 UTC Thursday — 17:00 UTC Sunday.
- Fee contribution calculations will be based on the previous 28 days from the snapshot time ( 15th Feb — 14th March for this vote).
- The deadline for new requesting new pools will also be 00:00 UTC Wednesday.
Check out this article for a full rundown on Maturity Adjusted voting:
Superhero Spotlight
Above and beyond, the UnBEETables continue to SOAR!
This week’s superhero spotlight is featuring the mighty cam33ss.
Dive into the process and the benefits of creating a maBEETS position from the perspective of a treasured BEETS community member. Truly a work of art.
Hot topics
What a WEEK! In a market often dictated by emotion, volatility can skyrocket!
On Fantom, our Steady Beets Act 2 pool experienced quite the volume surge during the USDC mania.
In fact, it hit almost 400% utilisation rate 🤯
Dynamic fees for the win!
What in the BEET is a Subgraph?! Our very own Franzns breaks it down for you.
Outro
It’s still a wee bit crazy out there, maestros.
Evidently, it’s not only crypto bros that like to hone their inner degen… Big banks are bustin, emotions are elevating, and unfortunately, real people are hurting.
Who knew that money printing could have such a crippling effect on the economy…
It has been a bonkers month and a MENTAL year, to say the least. You have certainly earned your crypto stripes.
It’s times like these when it’s super important to come together, speak our minds and share our stories. Come hang out in the discord, chat with some fellow Ludwigs, whack on some tunes and enjoy the bangers and beetaliscious vibes.
We’re as confident and excited as ever, a lot is yet to come in the Beetaverse, and these events only highlight the power of the industry we operate in.
Let’s get it!
Love as always,
From the Beet X Team
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