[BIP 15] Beefy’s ve(3,3) decision – What should Beefy do with the NFT?

Background: Andre Cronje created a new protocol (Solidly). The initial ownership distribution was in the form of an NFT given to the highest TVL protocols in the Fantom ecosystem. Solidly is AMM, each NFT can use the NFT voting power to vote on incentives for certain pairs. There is benefits to voting on highly traded pairs as more rewards will come to those voters. Since this is another layer of operational oversight, other protocols have decided to partner with convex like upstarts.

Here are some AMA snippets from both Solidex and 0xDAO. More in depth detail can be found on their medium articles and in the Beefy #AMA section.

Option 1: Partner with Solidex Solidex will basically allow Solidly LPs to earn boosted SOLID emissions by using it. Remember, similar to how Curve and CRV works, Solidly LPs will be earning SOLID emissions for providing liquidity in pools. That earned SOLID can then be vote locked into veSOLID (for a max of 4 years), the longer you lock, the greater rewards and benefits. It's designed to reward long term users of a protocol. In the case of Solidly, veSOLID lockers earn trading rewards from the protocol, as well as voting power to direct future SOLID emissions. So where does Solidex fit into all this? Well we have different use cases for different type of users

• If you have SOLID tokens that you wish to lock SOLID, Solidex allows you to earn a larger share of trading fees and rewards, as well as a share of boosted SOLID emissions received by liquidity providers in exchange for you providing boost to the protocol.
• If you want to be a Solidly LP, using Solidex means you earn boosted SOLID rewards without having to lock SOLID for several years yourself, as well as additional SEX rewards.
• If you wish to maximize your voting power and influence over SOLID emissions and, Solidex ensures veSOLID is always max locked in order to maximize voting power. It is locked continuously for four years and extended. Solidex has a 20% team share.

Option 2: Partner with 0xDAO But some key points that pertain most to Beefy, is that partner protocols who lock their NFT with us receive: -Solidly trading fees -Bribe rewards -Solid emissions shared from protocol LPs -OXD emissions

The final and most important piece is that you will receive non-dilutive oxSOLID, which is proportional to your (beefys) share of votes The reason the non dilutive portion is important is you will keep your % share of votes, forever. So say beefy has 5% of votes, you'll keep that 5% forever. This is a mechanic inherent to Solidly which we are passing on to lockers To summarize the solidly feature, every week veNFT holders can call a function which makes their veNFT worth more SOLID and its relative to how much SOLID was emitted that weekThis means these veNFTS worth 25% of votes, are worth that 25% forever regardless of how much SOLID is emitted. Assuming that veNFT holders call the function every week (and dont give it to a convex that dilutes them) 0xDAO has no team share but some of the founding protocols have been farming 0XD and already have a position.

Option 3: Beefy Keeps the NFT Entrust in the Beefy Core team and devs to utilize the NFT in the best way to benefit Beefy users and BIFI holders. Some options include:

• Using the voting to incentivize new product liquidity
• Use it incentivize partnerships pairs
• Use it to enable bribes and distribute bribe rewards
• Allow the Beefy devs to develop more product offerings around the NFT

Option 4: Sell the NFT Since the NFT is highly sought after, it will come with a large price tag. This could help boost the Beefy treasury and remove the operation focus of the Solidly platform.