BIP-83: Sonic Expansion – Amend the Beets Operating Agreement to Enable Governance on Sonic

Voting ended about 1 year agoSucceeded

Proposal

To prepare for the upcoming Sonic transition, this proposal seeks to amend the Beets operating agreement to enable governance for maBeets Reliquary NFTs on Sonic. This will be accomplished by amending the terms “Network” and “Smart Contract” in the operating agreement approved by BIP-39 (https://snapshot.box/#/s:beets.eth/proposal/0x2beacc4b68113f4e6fefe2db0319563add4d984526b97bbf74b682d309f9fde2). The approved operating agreement is available here: https://docs.beets.fi/operating-agreement

The changes will take effect upon the launch of the Beets protocol on Sonic and the deployment of the maBeets Reliquary NFT smart contract on Sonic.

The adjusted Quorums for governance votes for the Sonic transition were already approved by governance through BIP-78: Week 1: 160,000 votes (4% of the usual quorum). Week 5: 1,760,000 votes (44% of the usual quorum). Week 11: 4,000,000 votes (restoring the standard quorum).

This proposal seeks to change the term “Network” as used in the operating agreement to the following: “‘Network’ means the Sonic Mainnet block chain bearing chain id 146 and its consensus mechanism.”

This proposal also seeks to change the term “Smart Contract” to the following: “‘Smart Contract’ means the smart contract located on the Network at address __.”

As we did originally with BIP-39, the smart contract address is blank in this proposal because it has not yet been deployed on Sonic.

The new address will be announced to the community and included in the Beets operating agreement as soon as reasonably possible following its deployment on Sonic.

Motivation

Governance has already approved or is in the process of voting on a number of BIPs to prepare Beets for the transition from Fantom to Sonic: see BIP-77, BIP-78, BIP-79, BIP-80, and BIP-81.

The operating agreement and its definitions were originally drafted in a way that contemplated a possible transition to a new blockchain network. Article III.1 provides, “If a Governance Resolution changes the Network, . . . [or] the address of the Smart Contract . . ., this Agreement shall be amended in accordance with the specification and execution plan prescribed therein.”

The only terms that have to be adjusted are “Network” and “Smart Contract”. By modifying these terms, we will automatically update how they are incorporated throughout the operating agreement, such as in the definition of “Token”, “Token Holder,” “Governance Resolution,” “Proposal,” “Quorum” (voting thresholds already adjusted in BIP-78), and “Voting Mechanism”.

Risks

No new risks - this is simply the next step in ensuring governance for maBeets Reliquary NFT holders on Sonic. The Reliquary weighted voting strategy will remain the same on Sonic.

## Impacts There is no anticipated negative impact for the contributors, contractors, treasury, tokenomics, Music Directors, Guide Tones, or other committees recognized by the DAO. Many of the other Sonic transition issues have already been addressed through BIP-77, BIP-78, BIP-79, BIP-80, and BIP-81.

Conclusion

This is the next logical step to transition governance to Sonic Mainnet and update the terms of the operating agreement accordingly.

## Specification On the Sonic Network, the DAO will deploy the maBeets Reliquary NFT smart contract and implement the Snapshot weighted strategy already identified as the Voting Mechanism in the operating agreement.

Effective upon the Sonic deployment of the protocol and the maBeets Reliquary smart contract, the terms “Network” and “Smart Contract” in the Beets operating agreement will be changed to the following:

“Network” means the Sonic Mainnet block chain bearing chain id 146 and its consensus mechanism.

“Smart Contract” means the smart contract located on the Network at address __.

The new address will be announced to the community and included in the Beets operating agreement as soon as reasonably possible following its deployment on Sonic.

As was originally authorized by BIP-39, include the following acknowledgement when minting, on Sonic Mainnet, a Reliquary NFT from the UI and include an upgradeable description in the NFT smart contract that incorporates and points to the operating agreement and Governance Resolutions.